SB 788 Summary

• Amends Oklahoma Firefighters Pension and Retirement System statutes to ensure compliance with Internal Revenue Service regulations under Section 401(a)(9) and related provisions of the Internal Revenue Code.

• Clarifies that the System is treated as compliant with IRS minimum distribution requirements if it follows reasonable and good faith interpretations of Section 401(a)(9), effective September 8, 2009.

• Permits nonspouse designated beneficiaries to elect direct rollover distributions to inherited IRAs and Roth IRAs effective for plan years beginning after December 31, 2009.

• Adjusts effective dates for various provisions related to severance pay and back pay treatment from January 1, 2008 to June 9, 2010, with retroactive application.

• Declares an emergency and takes effect immediately upon passage and approval.