OK SB782

Changes the deadline for submitting actuarial investigations of retirement bills from November 1 to December 1 of the same year the request is made.

Eliminates standardized financial reporting requirements that previously mandated retirement systems use a 7.5% rate of return, 2% cost-of-living adjustment assumption, and 30-year amortization period in their annual reports.

Requires all state retirement systems to adopt a cost-of-living adjustment actuarial assumption in their annual actuarial valuations.

Removes the requirement for the Oklahoma State Pension Commission to receive standardized financial information from retirement systems using specified assumptions.

Becomes effective September 1, 2011.