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OK HB2046
Bill
Status
2/7/2011
Primary Sponsor
Mike Reynolds
Click for details
AI Summary
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Repeals Section 1, Chapter 46, 2nd Extraordinary Session, O.S.L. 2006 (noncodified short title for Education Employees Service Incentive Plan)
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Repeals Section 17-116.2C of Title 70 (certain benefit computation provisions for the Teachers' Retirement System)
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Provides a cost-of-living increase effective July 1, 2011 for Teachers' Retirement System members who retired prior to July 1, 2010, calculated using a point system: 1 point per year retired, 1 point per year of service (up to 10 years), and 2 points per year of service beyond 10 years
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Each point is valued at $25.50, with the total multiplied amount added to the retiree's annual benefit
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Declared an emergency measure to take effect immediately upon passage and approval
Legislative Description
Teachers' Retirement System of Oklahoma; Education Employees Service Incentive Plan; repealer; cost-of-living increase; effective date; emergency.
Retirement
Last Action
Second Reading referred to Rules
2/8/2011