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OK HB1873

Bill

Official Source

Status

Introduced

2/4/2013

Primary Sponsor

Lisa Billy

Click for details

Origin

House of Representatives

2013 Regular Session

AI Summary

  • Amends the Oklahoma Pension Legislation Actuarial Analysis Act (62 O.S. 2011, Section 3103) to modify the definition of "nonfiscal retirement bill"
  • Creates an exception allowing cost-of-living adjustments (COLAs) for Oklahoma Public Employees Retirement System (OPERS) retirees without requiring a full actuarial analysis
  • COLAs may be granted only if the OPERS funded status remains at or above 80% after the adjustment is applied
  • Defines "funded status" as the ratio of actuarial value of retirement system assets divided by actuarial accrued liability
  • Effective date of July 1, 2013, with emergency clause for immediate implementation upon passage

Legislative Description

Public retirement systems; Oklahoma Pension Legislation Actuarial Analysis Act; cost-of-living adjustments; Oklahoma Public Employees Retirement System; effective date; emergency.

Public Finance

Last Action

Second Reading referred to Economic Development and Financial Services

2/5/2013

Committee Referrals

Economic Development and Financial Services2/5/2013

Full Bill Text

No bill text available