SB 733 Summary

• Amends the Oklahoma Public Employees Retirement System (OPERS) statutes to impose reporting requirements on participating employers regarding retiring members, including last day physically on job, last day on payroll, and final unused sick leave balance.

• Requires participating employers to submit this retirement information to the System no later than the 15th day of the month of retirement, with employers held responsible for errors or omissions that disqualify retirement eligibility.

• In cases of employer error resulting in disqualification, the employer must reemploy or retain the member on payroll for the time period needed to reach eligibility, not exceeding two months.

• Modifies final average compensation calculations for members with first participating service on or after July 1, 2013, using the highest five years (instead of three years) of the last ten years of service.

• Increases the probate waiver threshold from $10,000 to $25,000 for death benefits and unpaid contributions when members die with no living beneficiary, effective July 1, 2013.