OK SB1115

Amends 47 O.S. 2011, Section 2-303.1 to remove the requirement that the Oklahoma Law Enforcement Retirement Board adopt a cost of living adjustment (COLA) actuarial assumption in its annual actuarial valuation report.

Modifies 47 O.S. 2011, Section 2-305 to clarify retirement benefit definitions and language for the Oklahoma Law Enforcement Retirement System, including modifications to how benefits are calculated for members with statutory salaries.

Adds "or Criminalist" to the list of Oklahoma State Bureau of Investigation positions (alongside Special Agent) eligible for enhanced retirement benefits under Section 2-305.

Permits the Board to allow electronic media for providing notices and obtaining member elections and consents, consistent with federal income tax regulations, effective July 1, 2011.

Becomes effective November 1, 2013.