HB 2079 Summary

• Amends Oklahoma Teachers' Retirement System (TRS) law to modernize terminology and procedures, including introduction of "retirement contract" concept requiring execution and submission at least 30 days before projected retirement date.

• Modifies definitions in TRS law, including "regular annual compensation" to clarify what counts toward retirement benefits (salary, fringe benefits, deferred compensation, tax-sheltered annuities) and excludes items like reimbursements, unused leave payouts, and independent contractor payments.

• Changes disability retirement process to remove time constraints on application filing and adjusts early retirement benefit calculations for members joining after November 1, 2011.

• Adds definition of "retirement contract" as a document prepared by TRS incorporating member's selected retirement option that must be executed and submitted no less than 30 days prior to retirement date.

• Effective date: November 1, 2013.