OK HB1428

Allows Teachers' Retirement System members who selected Option 2 or 3 retirement benefits with a spouse as designated beneficiary to revert to full unreduced benefits if divorced after retirement

Applies to members who retired on or after January 1, 2004, and were married to the designated beneficiary at the time of retirement

Requires retired members to notify the Teachers' Retirement System in writing within 30 days after a divorce becomes final for divorces occurring after the act's effective date

Members whose postretirement divorce occurred between January 1, 2004 and the act's effective date must notify the System within 90 days of the effective date

The System will not make retroactive benefit payments based on postretirement divorce; increased benefits only begin after the System receives written notification