SB706 Summary

• Amends 11 O.S. 2011, Section 48-101 regarding municipal retirement funds and systems for city and town employees.

• Clarifies language by replacing "said" with "the" when referring to the retirement system that municipalities may establish.

• Allows municipalities to establish retirement systems as delayed compensation to encourage continuous and meritorious service by employees.

• Permits retirement allowances and benefits for municipal employees, their surviving spouses, and surviving children through either municipal funding or joint employee-employer contributions.

• Effective date: November 1, 2013.