OK SB859

Allows retired teachers who chose the maximum retirement benefit plan to elect Options 2 or 3 and name their spouse as designated beneficiary if they marry after retirement.

Requires retirees seeking to change retirement options due to postretirement marriage to provide proof of good health through medical examination approved by the Medical Board and proof of age for the new beneficiary.

Authorizes the Board of Trustees to adjust monthly retirement benefits to actuarially equivalent amounts based on the new designated beneficiary's age.

Permits the Board of Trustees to promulgate rules to implement the postretirement marriage modification provisions.

Authorizes assignment of death benefits (not exceeding $18,000 for in-service members and $5,000 for annuitants) to licensed funeral directors or lawfully recognized funeral service businesses.