HB 1950 Summary

• Provides a 4% increase in retirement benefits for current beneficiaries of the Oklahoma Public Employees Retirement System (OPERS) as of June 30, 2010.

• Benefit increase becomes effective July 1, 2011, applying to all individuals who continue receiving benefits on or after that date.

• Creates new codified law in Oklahoma Statutes as Section 930.11 of Title 74 to authorize the cost-of-living adjustment.

• Declares the legislation an emergency measure to take effect immediately upon passage and approval.

• Classified as a nonfiscal retirement bill under the Oklahoma Pension Legislation Actuarial Analysis Act.