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OK HB1927
Bill
Status
2/4/2013
Primary Sponsor
Dale DeWitt
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AI Summary
HB 1927 Summary
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Provides one-time $500 benefit increase for retired Teachers' Retirement System (OTRS) members with gross income at or below applicable federal poverty level, effective July 1, 2013
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Limits eligibility to members who retired before July 1, 2012, with minimum 15 years of creditable full-time service, initial annual retirement benefit of $750 or less, and other income not exceeding $750/month or $9,000/year
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Directs Board of Trustees to authorize Executive Director to develop application process and oversee administration of benefit increase
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Creates Teachers' Retirement System Stipend Accumulation Fund as continuing, non-fiscal year fund to provide payment source for authorized benefits
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Declares emergency effective date of July 1, 2013
Legislative Description
Public retirement systems; Teachers’ Retirement System of Oklahoma; stipend; qualifications; Teachers’ Retirement System Stipend Accumulation Fund; effective date; emergency.
Retirement
Last Action
Second Reading referred to Economic Development and Financial Services
2/5/2013