HB 1324 Summary

• Amends Oklahoma Police Pension and Retirement System provisions to allow members with vested benefits to elect to remain in or transfer between the Oklahoma Police Pension and Retirement System and Oklahoma Law Enforcement Retirement System when appointed to positions with the Oklahoma State Bureau of Narcotics and Dangerous Drugs Control, State Bureau of Investigation, or Alcoholic Beverage Laws Enforcement Commission.

• Modifies Internal Revenue Code references in benefit limitation calculations and updates actuarial equivalence standards for different benefit commencement dates and forms of payment.

• Updates qualified health insurance premium provisions to reference Internal Revenue Code definitions for dependents (Section 152) and long-term care insurance (Section 7702B).

• Clarifies rules for permissive service credit purchases and repayments under Section 415(n) and 415(k) of the Internal Revenue Code to maintain tax-qualified status.

• Declares an emergency effective date to ensure the system remains compliant with current Internal Revenue Code requirements.