OK SB1096

Amends 47 O.S. 2011, Section 2-305.1C to update definitions of qualified health insurance premiums to include coverage for spouses and dependents as defined in Section 152 of the Internal Revenue Code of 1986, as amended, and qualified long-term care insurance contracts as defined in Section 7702B of the Internal Revenue Code of 1986, as amended.

Establishes that eligible retired public safety officers may elect to have direct payments made toward qualified health insurance premiums from monthly disability benefits or retirement payments, with an annual exclusion limit of $3,000.00 per calendar year.

Amends 47 O.S. 2011, Section 2-305.4 to update references to Section 415 of the Internal Revenue Code of 1986, as amended, and related revenue rulings regarding benefit limitation calculations and actuarial equivalence determinations.

Clarifies that actuarial assumptions for determining benefit equivalence shall be set by the State Board based on recommendations from independent professional advisors and published annually in actuarial valuations, effective September 1, 2011.

Updates language throughout to replace outdated references with current Internal Revenue Code citations and related guidance documents for calculating retirement benefit limitations.