SB 1213 Summary

• Amends the Oklahoma Law Enforcement Retirement System (OLERS) to comply with Internal Revenue Service regulations regarding retirement plan administration and eligible rollover distributions.

• Authorizes System assets to be invested in collective investment funds or group trusts that meet IRS requirements, and allows related custodial and trust agreements to be incorporated into the System.

• Permits nonspouse designated beneficiaries to directly roll over distributions to traditional IRAs or Roth IRAs (effective for distributions after December 31, 2007), with specific requirements for treating such accounts as inherited IRAs.

• Allows the Board to use electronic media for providing notices and obtaining member elections and consents regarding distributions, effective July 1, 2011.

• Clarifies annuity valuation methods and actuarial equivalence calculations for benefit forms subject to Section 417(e)(3) of the Internal Revenue Code, with different rules for various time periods between 2004-2009.