OK SB584

Modifies the Oklahoma Law Enforcement Retirement System (OLERS) to comply with Internal Revenue Service regulations regarding minimum distributions and qualified rollover provisions.

Allows nonspouse designated beneficiaries to make direct rollovers to Roth IRAs effective for distributions after December 31, 2006, and permits direct transfers to inherited IRAs established in the deceased member's name.

Changes the effective date for certain distribution provisions from January 1, 1993 to January 1, 2002, and updates treatment of after-tax member contributions in rollover distributions.

Clarifies that the System complies with Section 401(a)(9) of the Internal Revenue Code through reasonable and good faith interpretation, effective September 8, 2009.

Declares an emergency, making the act effective immediately upon passage and approval.