HB 2057 Summary

• Prohibits cost-of-living adjustments (COLAs) for six state public retirement systems unless the system's funded ratio equals or exceeds 85% as of June 30 preceding the legislative measure authorization.

• Applies to the Oklahoma Firefighters Pension and Retirement System, Oklahoma Police Pension and Retirement System, Uniform Retirement System for Justices and Judges, Oklahoma Law Enforcement Retirement System, Teachers' Retirement System of Oklahoma, and Oklahoma Public Employees Retirement System.

• Defines "funded ratio" as the actuarial value of assets divided by actuarial accrued liability of the applicable retirement system.

• Effective July 1, 2011, with emergency clause declaring immediate implementation necessary for public peace, health, and safety.