SB 1101 Summary

• Modifies the Oklahoma Firefighters Pension and Retirement System (OFPRS) to establish different service requirements and benefits based on employment start date, effective November 1, 2013.

• For firefighters hired on or after November 1, 2013: increases normal retirement eligibility from 20 years to 22 years of credited service AND age 50; increases vesting requirement from 10 to 11 years of credited service.

• For firefighters hired before November 1, 2013: maintains existing 20-year service requirement and 10-year vesting requirements.

• Updates Internal Revenue Service references from Revenue Rule 89-49 to Ruling 1989-49 and modifies various technical statutory provisions related to plan administration, benefit calculations, and service credit crediting.

• Declares an emergency, with most provisions effective November 1, 2013, except Sections 2, 3, 4, 7, and 8 which are specifically designated to become effective on that date.