OK SB194

Allows retired teachers whose spouse designated beneficiary dies to remarry and elect to change their retirement option to Option 2 or 3, naming the new spouse as beneficiary within one year of remarriage.

Requires the retired member to provide proof of good health through medical examination approved by the Medical Board and proof of age for the new beneficiary before the Board of Trustees will permit the change.

Requires the Board of Trustees to adjust the monthly retirement benefit to the actuarially equivalent amount based on the new designated beneficiary's age.

Permits the member to make a one-time election per each subsequent marriage if they remarry again after a spouse-beneficiary's death.

Requires the Board of Trustees to promulgate rules to implement these provisions for post-retirement remarriage benefit modifications.