OK HB1662

Increases normal retirement eligibility for new members (hired after November 1, 2011) from 20 to 25 years of vesting service, or from age 62 with 10 years of service to age 62 with 12.5 years of service

Reduces the benefit multiplier for new members from 2.5% to 2% of final average salary per year of credited service

Increases employee contribution rate for new members from 8% to 12% of actual paid base salary

Eliminates eligibility for the Oklahoma Law Enforcement Deferred Retirement Option Plan (DROP) for members whose initial employment occurs on or after November 1, 2011

Changes do not apply to current members or those hired before November 1, 2011; effective date is November 1, 2011