OK SB782

Changes the deadline for submitting actuarial investigations of retirement bills from November 1 to December 1 of the same year the request is made.

Removes standardized reporting requirements that previously mandated state retirement systems use specific actuarial assumptions (7.5% return rate, 2% cost-of-living adjustment, RP-2000 mortality tables, 30-year amortization) when reporting financial condition to the Oklahoma State Pension Commission.

Requires all seven state retirement systems (Firefighters, Police, Justices and Judges, Law Enforcement, Teachers, Public Employees, and Wildlife Conservation) to adopt cost-of-living adjustment actuarial assumptions in their annual actuarial valuation reports.

Eliminates the requirement for state retirement systems to provide standardized financial condition information to the Oklahoma State Pension Commission using uniform assumptions.

Effective date is September 1, 2011.