OK SB1102

Replaces "filing a written application for retirement" with "executing a retirement contract" for Teachers' Retirement System members seeking to retire at age 55, after 30 years of service, or meeting age-plus-service requirements (80 or 90 depending on when membership began)

Removes the 90-day maximum advance filing requirement for retirement applications, retaining only the 30-day minimum notice requirement

Eliminates the age-based percentage reduction schedule for early retirement (ages 60-65) that applied to members whose first creditable service occurred on or after November 1, 2011, replacing it with actuarial equivalent adjustments for all early retirees except those with disabilities

Clarifies that the earnings limit for post-retirement employment in the calendar year of retirement is calculated as one-twelfth (1/12) of the annual limit multiplied by the number of months eligible to work

Effective date: November 1, 2013