HB 1251 Summary

• Amends 11 O.S. 2011, Section 49-106.1 regarding the Oklahoma Firefighters Deferred Option Plan (DROP) to allow members with 20+ years of creditable service to defer retirement benefits.

• Allows active firefighters to participate in DROP for up to 5 years, during which employer contributions are split equally between the pension system and the member's individual DROP account.

• Enables surviving spouses and disabled members to make retroactive DROP elections under specific conditions, with participation benefits including cost of living increases and interest earned at 2 percentage points below the system's investment portfolio rate.

• Effective date is July 1, 2013, with an emergency declaration for immediate effect upon passage and approval.