OK SB1214

Amends the Oklahoma Police Pension and Retirement System to comply with Internal Revenue Service regulations by allowing System assets to be invested in collective investment funds and group trusts meeting Rev. Rul. 81-100 standards.

Authorizes the State Board to permit use of electronic media for notices, elections, and consents by members, beneficiaries, and alternate payees effective July 1, 2011.

Establishes that a Roth IRA is an Eligible Retirement Plan and allows nonspouse designated beneficiaries to directly rollover distributions to a Roth IRA effective for distributions after December 31, 2007.

Modifies Section 415 benefit limitation calculations to use updated mortality tables and interest rate assumptions from Rev. Rul. 2007-67 for annuity valuations beginning January 1, 2008 and January 1, 2009.

Declares an emergency effective date for the act to take effect immediately upon passage and approval.