HB 1324 Summary

• Allows individuals with vested benefits in the Oklahoma Police Pension and Retirement System to elect to remain in that system (rather than transfer to Oklahoma Law Enforcement Retirement System) when appointed to positions with the State Bureau of Narcotics and Dangerous Drugs Control, State Bureau of Investigation, or Alcoholic Beverage Laws Enforcement Commission

• Permits individuals who previously entered the Oklahoma Law Enforcement Retirement System under similar circumstances to reenter and transfer their contributions back to the Oklahoma Police Pension and Retirement System while employed with these agencies

• Updates Internal Revenue Code references and modifies provisions related to benefit limitations, permissive service credit, and repayments to maintain tax-qualified status of the pension system

• Clarifies that "qualified health insurance premiums" include long-term care insurance as defined in Section 7702B of the Internal Revenue Code, allowing eligible retired public safety officers to exclude up to $3,000 annually from gross income for health insurance premiums

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