OK SB806

Establishes higher contribution rates and retirement benefit calculations for persons first elected to the Oklahoma Legislature on or after July 1, 2011, to help ensure solvency of the Oklahoma Public Employees Retirement System.

Requires new legislative members to contribute at the rate specified in Section 919.1(1)(a) rather than choosing from standard computation factors available to other elected officials.

Retirement benefits for new legislators are determined by paragraph (1) of Section 915 rather than the elected official computation factors in Section 913.4.

Limits retirement benefits for new legislators elected on or after July 1, 2011, to not exceed their single highest annual compensation received as a member of the system.

Effective July 1, 2011, with an emergency clause declaring immediate necessity for public peace, health, and safety.