HB 1325 Summary

• Amends the Oklahoma Public Employees Retirement System (OPERS) by modifying definitions, reporting requirements, and retirement benefit calculations effective July 1, 2013

• Changes the final average compensation calculation for members whose first participating service occurs on or after July 1, 2013, from the highest three years to the highest five years of the last ten years of participating service

• Requires participating employers to submit specific information (last day on job, last day on payroll, unused sick leave balance) by the 15th day of the month of retirement, with penalties for failure or inaccurate reporting

• Increases the amount that can be paid without probate requirements from $10,000 to $25,000 for deceased members' estates and modifies death benefit payment procedures

• Declares an emergency to allow the act to take effect immediately upon passage and approval by the Governor