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OK SB211
Bill
AI Summary
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Eliminates the Reserve for Investment Fluctuations Fund and the Membership Annuity Reserve Fund from the Teachers' Retirement System of Oklahoma, reducing the number of funds from 10 to 8.
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Modifies Section 17-108 to change fund structure and transfer procedures upon member retirement, with balance of Teachers' Savings Fund transferred to Retirement Benefit Fund upon member death.
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Requires employers to submit all required school reports and contributions within 10 days of the last day of each calendar month, replacing the previous "deposit" requirement.
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Imposes a monthly late charge of 1.5% compounding monthly on contributions and reports not submitted within 30 days of the end of the payroll month.
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Effective July 1, 2011, with an emergency declaration allowing immediate implementation upon passage and approval.
Legislative Description
Teachers' Retirement System of Oklahoma; eliminating certain funds; modifying provisions relating to transmission of certain reports. Effective date. Emergency.
Retirement
Last Action
Second Reading referred to Economic Development, Tourism and Financial Services
3/16/2011