OK SB81

Provides a one-time $500 "catch-up" payment to retired teachers receiving benefits from the Teachers' Retirement System of Oklahoma as of June 30, 2010, who continue receiving benefits on or after July 1, 2011.

Eligibility requires 15 or more years of service, a monthly benefit of $1,000 or less as of June 30, 2010, and individual income at or below the Federal Poverty Guidelines for a single-person household.

Requires eligible members to submit written applications to the Teachers' Retirement System of Oklahoma by June 30, 2012, including financial information necessary to verify eligibility.

Authorizes the Teachers' Retirement System of Oklahoma to promulgate rules necessary to implement the benefit program and process applications.

Effective July 1, 2011, with an emergency declaration for immediate implementation.