OK HB1620

Modifies "normal retirement age" in the Oklahoma Teachers' Retirement System (OTRS) to include reaching age 62, achieving an age plus service total of 80 (for pre-1992 members), achieving an age plus service total of 90 (for post-1992 members), or completing 30 years of creditable service as of June 30, 2013 (for members actively employed on the bill's effective date).

Eliminates post-retirement earnings limitations for retired classroom teachers who reach normal retirement age under the 30-year service provision, allowing them to earn unlimited income while receiving full retirement benefits, but requiring a 10% employee contribution to OTRS on regular annual compensation.

Allows members within three years of reaching the 30-year service retirement milestone to purchase up to three additional years of creditable service at actuarial cost, with payment required in a lump sum prior to retirement.

Requires public school districts to make standard employer contributions to OTRS for retired members employed in post-retirement positions under the bill's provisions.

Declares an emergency effective date of July 1, 2011, making the act effective upon passage and approval.