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OK HB2427
Bill
Status
2/6/2012
Primary Sponsor
John Enns
Click for details
AI Summary
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Amends 62 O.S. 2011, Section 3103 of the Oklahoma Pension Legislation Actuarial Analysis Act to modify the definition of "nonfiscal retirement bill"
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Allows cost-of-living adjustments (COLA) to be granted to retirees without triggering fiscal bill classification if the retirement system's funded status equals or exceeds 80% after the COLA is applied
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Defines "funded status" as the ratio of the actuarial value of retirement system assets divided by the actuarial accrued liability
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Takes effect July 1, 2012, with an emergency clause for immediate implementation
Legislative Description
Public finance; Oklahoma Pension Legislation Actuarial Analysis Act; definition; cost-of-living adjustment; effective date; emergency.
Public Finance
Last Action
Second Reading referred to Rules
2/7/2012