SB2161 Summary

• Increases maximum health insurance benefit payments for retired teachers under the Teachers' Retirement System of Oklahoma, effective July 1, 2010, with benefit amounts doubled (e.g., from $100-$105 to $200-$205 per month depending on years of service and retirement salary).

• Requires the Legislature to annually appropriate adequate funding from the General Revenue Fund to the Teachers' Retirement System to cover the increased health insurance benefit payments based on the number of eligible retirees and benefit amounts.

• Maintains existing eligibility requirements for retired teachers and vested members to participate in health insurance plans, including those offered through the State and Education Employees Group Insurance Act and private education employers.

• Applies benefit payment increases only to funds appropriated pursuant to the new funding provision, with prescription drug coverage premiums paid first and remaining amounts applied to medical coverage.

• Declares an emergency effective date upon passage and approval to implement the increased benefit payments beginning July 1, 2010.