HB 1504 Summary

• Increases the monthly health insurance supplement benefit paid by the Teachers' Retirement System of Oklahoma (OTRS) to retired members by $25.00 per month, effective July 1, 2013.

• Modifies the maximum benefit payment schedule for retired OTRS members, raising contribution amounts across all salary ranges by $25.00 per month for healthcare coverage.

• Applies to retired persons receiving benefits from OTRS who are under 65 years old, not yet Medicare-eligible, or who are 65 and older and elected Medicare supplement coverage.

• Declares an emergency provision, making the act effective immediately upon passage and approval, in addition to the July 1, 2013 implementation date.