HB 2729 Summary

• Modifies normal retirement eligibility for Oklahoma Law Enforcement Retirement System (OLERS) members hired on or after November 1, 2014, requiring minimum age 50 with 22 years of participating service (instead of the previous 20-year requirement for all members).

• Increases vesting requirements for new members hired after November 1, 2014 from 10 years to 11 years of credited service to qualify for vested retirement benefits.

• Raises the percentage of insurance premium tax revenue allocated to the Law Enforcement Retirement Fund: 5.5% for fiscal year 2015 and 6.0% for fiscal year 2016 and thereafter (previously capped at 5.0%).

• Maintains existing retirement options (20 years of service or age 62 with 10 years of service) for members hired before November 1, 2014.

• Becomes effective November 1, 2014.