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OK HB1221
Bill
Status
2/7/2011
Primary Sponsor
Mark McCullough
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AI Summary
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Members of the Oklahoma Firefighters and Police Pension Systems hired on or after November 1, 2011 must complete 25 years of credited service for normal retirement, compared to 20 years for those hired before that date
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The benefit multiplier for new members (hired on/after November 1, 2011) is reduced to 2% of final average salary per year of service (maximum 50% at 25 years), down from 2.5% per year (maximum 75% at 30 years) for existing members
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Employee contribution rates increase from 8% to 12% of gross salary for firefighters and police officers whose initial employment and participation begins on or after November 1, 2011
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Vesting requirements change for new members: paid firefighters and police must complete 12 years and 6 months of service to vest (up from 10 years), while volunteer firefighters must also complete 12 years and 6 months (up from 10 years)
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Members hired on or after November 1, 2011 are ineligible to participate in the Deferred Retirement Option Plan (DROP) for both the Firefighters and Police pension systems
Legislative Description
Public retirement systems; Oklahoma Firefighters Pension and Retirement System; Oklahoma Police Pension and Retirement System; multipliers; vesting; normal retirement; employee contributions; Deferred Retirement Option Plan; effective date.
Retirement
Last Action
CR; Do Pass Economic Development, Tourism and Financial Services Committee
2/17/2011