HB 2078 Summary

• Increases normal retirement age for firefighters hired after November 1, 2013 from 20 years of service to 22 years of service plus age 50 minimum.

• Raises employee contribution rate from 8% to 9% of gross salary and employer contribution rate from 13% to 14% of gross salaries, effective November 1, 2013.

• Allows new employees hired after November 1, 2013 to participate in Deferred Retirement Option Plan (DROP) earning actual fund investment returns minus 1%, with required distribution by age 70½.

• Increases vesting requirement for new employees from 10 to 11 years of credited service to qualify for vested benefit in lieu of accumulated contributions.

• Increases insurance premium tax allocation to Oklahoma Firefighters Pension and Retirement Fund from 34% to 36%, effective for fiscal years beginning July 1, 2010 and thereafter.