SB1101 Summary: Oklahoma Firefighters Pension and Retirement System

• Modifies service credit requirements for firefighters whose first employment begins on or after November 1, 2013, increasing the threshold from 20 to 22 years of credited service for normal retirement eligibility and vesting benefits.

• Updates internal statutory references and corrects the Internal Revenue Service citation from "Revenue Rule 89-49" to "Ruling 1989-49" in the definition of governmental employees.

• Changes volunteer firefighter pension calculations for new hires after November 1, 2013, from a 1/20 formula to a 1/22 formula and reduces the paid firefighter salary credit from 1/2 to 55 percent.

• Adds provisions allowing members whose first employment occurs after November 1, 2013, to receive distributions from their Deferred Option Plan accounts no later than April 1 following age 70.5 or their actual retirement date, whichever is later.

• Declares an emergency, making specified sections effective November 1, 2013, to implement enhanced retirement requirements for newly hired firefighters.