SB 1118 Summary

• Modifies the definition of "normal retirement date" for Oklahoma firefighters: members whose first service began before July 1, 2013, require 20 years of credited service; members whose first service begins after July 1, 2013, require 22 years of credited service.

• Increases member contribution rates from 8% to 9% of gross salary for firefighters in municipalities with paid fire departments.

• Increases employer (municipality) contribution rates from 13% to 14% of total payroll for firefighters, effective July 1, 2013.

• Increases the state's allocation of insurance premium tax revenue to the Oklahoma Firefighters Pension and Retirement Fund from 34% to 38% of collected premiums.

• Declared an emergency measure, effective immediately upon passage and approval to address funding and eligibility requirements for the pension system.