OK SB1588

Modifies Oklahoma Firefighters Pension and Retirement System to allow electronic media for notices, elections, and consents; permits investment in collective investment funds and group trusts.

Prohibits municipalities from employing volunteer firefighters from other fire departments for compensation, and requires paid firefighters to meet physical and agility requirements.

Authorizes nonspouse designated beneficiaries to directly roll over distributions to Roth IRAs (effective December 31, 2007) and establishes inherited IRA requirements.

Updates actuarial equivalence calculations for benefit adjustments using specific interest rates and mortality tables based on IRS guidance and Revenue Rulings.

Makes conforming amendments to Oklahoma Police Pension and Retirement System and Oklahoma Law Enforcement Retirement System with identical interest rate and mortality table provisions for actuarial adjustments.