SB 734 Summary

• Changes retirement application process from requiring written application filed "not less than 30 days nor more than 90 days" before retirement to requiring execution of a "retirement contract" submitted to the system no less than 30 days prior to retirement date.

• Adds new definition of "retirement contract" as a document prepared by the Teachers' Retirement System upon member request that incorporates the member's selected retirement option and must be executed and submitted at least 30 days before the projected retirement date.

• Modifies Section 17-105 to change references from "filing a written application" to "executing a retirement contract" throughout the section governing member retirement eligibility and procedures.

• Clarifies that members must use the retirement contract process rather than simple written application, enhancing administrative procedures for the Teachers' Retirement System of Oklahoma.

• Effective date: November 1, 2013.