SB 1001 Summary

• Increases employer contribution rate to the Oklahoma Law Enforcement Retirement System from 10% to 11% of members' actual paid base salary, effective November 1, 2012.

• Applies the new 11% employer contribution rate to the Department of Public Safety, Oklahoma State Bureau of Investigation, Oklahoma State Bureau of Narcotics and Dangerous Drugs Control, Alcoholic Beverage Control Board, Oklahoma Tourism and Recreation Department, and State Board of Pharmacy.

• Restricts the statutory salary benefit formula to members whose first service with the System occurs before November 1, 2012; members joining on or after that date receive only the final average salary benefit formula.

• Maintains member contribution requirement at 8% of actual paid base salary, with employers continuing to pick up member contributions under Internal Revenue Code Section 414(h)(2).