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OK HB2622
Bill
Status
4/22/2014
Primary Sponsor
Randy McDaniel
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AI Summary
HB 2622 Bill Summary
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Amends 47 O.S. 2011, Section 2-308.2 regarding the Oklahoma Law Enforcement Retirement System
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Changes the amortization period for unfunded accrued actuarial liability from 40 years to 15 years, beginning July 1, 2014
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Employer contributions to the system shall be calculated as the normal cost plus payments to amortize the unfunded liability over the 15-year period
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Effective date is July 1, 2014, with an emergency clause for immediate effect upon passage and approval
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Designated as a nonfiscal retirement bill under the Oklahoma Pension Legislation Actuarial Analysis Act
Legislative Description
Public retirement systems; Oklahoma Law Enforcement Retirement System; amortization of unfunded liability; effective date; emergency.
Retirement
Last Action
Approved by Governor 04/22/2014
4/22/2014