OK SB2160

Retired teachers receiving benefits from the Teachers' Retirement System as of June 30, 2009, with 15+ years of service, monthly benefits of $1,000 or less, and individual income at or below federal poverty guidelines for a one-person household are eligible for a one-time $500 "catch-up" payment.

Eligible members must submit a written application to the Teachers' Retirement System of Oklahoma and provide financial information to verify eligibility, including potentially signing an affidavit.

Applications for the one-time benefit must be submitted by June 30, 2011.

The Teachers' Retirement System is authorized to promulgate rules necessary to implement the benefit program.

Effective date is July 1, 2010, with an emergency clause for immediate implementation upon passage.