HB 2079 Summary

• Amends Oklahoma Teachers' Retirement System (OTRS) statutes to modify definitions, retirement application procedures, and benefit calculations.

• Replaces requirement to "file a written application" for retirement with requirement to "execute a retirement contract" no less than 30 days prior to projected retirement date.

• Adds new definition of "retirement contract" as a document prepared by OTRS incorporating the member's selected retirement option and requiring execution and submission to the System.

• Modifies "regular annual compensation" definition to specify included and excluded compensation types, including clarification on salary reduction agreements, fringe benefits, and payments for staff development.

• Effective date: November 1, 2013.