SB 194 Summary

• Amends the Teachers' Retirement System of Oklahoma (70 O.S. Section 17-105) to allow retired members whose spouse has died to remarry and potentially modify their retirement benefits

• Permits a retired member who remarries after the death of a designated spouse beneficiary to make a one-time election (per subsequent marriage) within one year of remarriage to re-select either Option 2 or Option 3 and name the new spouse as designated beneficiary

• Requires the member to provide proof of good health through medical examination approved by the Medical Board and proof of age for the new beneficiary before the Board of Trustees will permit the change

• Directs the Board of Trustees to adjust the monthly retirement benefit to the actuarially equivalent amount based on the new designated beneficiary's age and to promulgate rules implementing these provisions

• Declares an emergency, making the act effective immediately upon passage and approval