HB 2624 Summary

• Enacts the Pension Responsibility Act requiring the Oklahoma Legislature to provide actuarially required contributions to six major public retirement systems annually

• Defines "public retirement system" to include the Firefighters, Police, Judges, Law Enforcement, Teachers, and Public Employees retirement systems

• Establishes that required contributions are based on annual actuarial valuations for the fiscal year ending June 30

• Provides exception when total actuarially required contributions exceed 15% of the General Revenue Fund certification amount as determined by the State Board of Equalization

• Effective for public retirement plan years beginning July 1, 2015, and each subsequent year thereafter; becomes effective November 1, 2014