OK HB1617

Increases death benefits for retired members of the Teachers' Retirement System of Oklahoma from $5,000 to $5,500 (for deaths before July 1, 2012), $6,500 (for deaths before July 1, 2013), and $7,500 (for deaths after June 30, 2013).

Increases death benefits for in-service members and amounts payable without probate using the same incremental schedule tied to July 1 effective dates.

Modifies probate waiver provisions to allow payment of death benefits and unpaid contributions up to the increased thresholds without formal probate procedures when proper documentation is provided.

Appropriates $2,500,000 from the General Revenue Fund to the Teachers' Retirement System of Oklahoma to reduce unfunded actuarial accrued liability created by these benefit increases.

Effective July 1, 2011, with emergency clause for immediate enactment upon passage and approval.