OK SB794

Modifies normal retirement age for Oklahoma Public Employees Retirement System members, establishing age 62 for those whose first service occurs before November 1, 2011, and age 65 for those whose first service occurs on or after November 1, 2011.

Changes elected officials' contribution rates and retirement benefits for those first elected or appointed on or after November 1, 2011, requiring specific contribution amounts and benefit calculations under Section 919.1 and Section 915.

Adjusts early retirement eligibility and benefit percentages for elected officials, with officials elected before November 1, 2011, eligible at age 55 with 10 years of service, and those elected after November 1, 2011, eligible at age 60 with 10 years of service or age 62 with 10 years of service.

Increases survivor benefits eligibility for deceased elected officials' spouses from six (6) years of participating service to eight (8) years for those first elected or appointed on or after November 1, 2011.

Establishes November 1, 2011, as the effective date for all amendments to the Oklahoma Public Employees Retirement System statutes.