OK SB74

Amends the Oklahoma Pension Legislation Actuarial Analysis Act definition of "nonfiscal retirement bill" to allow cost-of-living adjustments (COLAs) that do not exceed cumulative increases already reflected in retirement system liabilities as of December 31, 2009 (changed from 2006).

Requires that any cost-of-living adjustment be identical in amount across all retirement systems subject to the Oklahoma Pension Legislation Actuarial Analysis Act, rather than varying by system.

Maintains that nonfiscal bills include appropriations, distributions, or revenue earmarking intended to reduce unfunded liabilities or increase tax revenue allocated to retirement systems.

Applies to state retirement systems including Teachers' Retirement System, Oklahoma Public Employees Retirement System, Uniform Retirement System for Justices and Judges, and firefighter, police, and law enforcement pension systems.

Declared an emergency measure to take effect immediately upon passage and approval.