SB 498 Summary

• Amends Oklahoma county retirement system statutes (19 O.S. 2011, Sections 952, 956, and 958) to modify references and eligibility provisions for county employees' retirement systems.

• Changes numbering format for Section 952 requirements from "(1), (2), (3)" to "1., 2., 3." and adds language allowing boards of trustees to determine "policies and procedures" in addition to "rules and regulations" for system management.

• Modifies Section 956 to replace "employee" terminology with "member" throughout and removes requirement that final two years of service must be consecutive for retirement at age 62 with 15 years of service.

• Expands military service credit eligibility to comply with the Uniformed Services Employment and Reemployment Rights Act of 1994 (USERRA) and Internal Revenue Code Section 414(u), removing the previous four-year limit on military service credit.

• Authorizes county boards of commissioners and trustees to adopt resolutions ensuring compliance with federal tax qualification requirements, with such resolutions taking precedence over statutory provisions; effective November 1, 2013.