OK SB377

Modifies the Teachers' Retirement System of Oklahoma by amending definitions, including "normal retirement age" based on member's date of first creditable service.

For members whose first creditable service occurs prior to November 1, 2011, normal retirement age remains age 62 or when age plus years of service equals 80 or 90 depending on service date.

For members whose first creditable service occurs on or after November 1, 2011, normal retirement age is age 65, or when age plus years of service equals 90 with a minimum age of 60, with reduced early retirement benefits on a schedule from age 60-65.

Establishes an early retirement adjustment schedule for new members (those joining on or after November 1, 2011) ranging from 65% of normal retirement benefit at age 60 to 100% at age 65.

Effective November 1, 2011.