HB1529 Summary

• Increases death benefits paid by the Oklahoma Teachers' Retirement System in incremental steps from 2013 through 2015

• For in-service members who die: benefit increases from $18,000 to $18,000 (unchanged), with option for beneficiaries to elect retirement benefits under Option 2 plan if member had 10+ years of service

• For annuitants (retirees) who die: benefit increases from $5,000 to $5,500 (by 6/30/2013), $6,500 (by 6/30/2014), and $7,500 (after 6/30/2015)

• For probate waiver purposes: maximum estate value limits increase from $5,000 to match annuitant death benefit amounts ($5,500, $6,500, and $7,500 by the same dates)

• Becomes effective July 1, 2013, with an emergency clause for immediate implementation