SB 1115 Summary

• Amends the Oklahoma Law Enforcement Retirement System statutes relating to Board duties and actuarial assumptions, effective November 1, 2013.

• Removes the requirement for the Board to adopt a cost of living adjustment (COLA) actuarial assumption in its annual actuarial valuation report.

• Modifies definitions and clarifies language in Section 2-305 regarding retirement benefits for various law enforcement positions and disability provisions.

• Adds authorization for the Board to permit use of electronic media for providing notices and making elections and consents by members and beneficiaries under the System, effective July 1, 2011.