Loading chat...
OK HB2952
Bill
Status
3/8/2012
Primary Sponsor
Randy McDaniel
Click for details
AI Summary
-
Increases employer contribution rate to the Oklahoma Law Enforcement Retirement System (OLERS) from 10% to 11% of employee compensation.
-
Increases employee contribution rate to OLERS from 8% to 9% of compensation.
-
Removes the provision allowing members with statutory salaries to receive retirement benefits based on the greater of statutory compensation or final average compensation, effective for new participants after November 1, 2012.
-
Maintains existing retirement benefit formulas (2.5% of final average salary multiplied by years of service) for current and existing members.
-
Becomes effective November 1, 2012.
Legislative Description
Public retirement systems; Oklahoma Law Enforcement Retirement System; employer contribution rate; employee contribution rate; retirement benefit computation; effective date.
Retirement
Last Action
Motion expired
4/25/2012