OK SB1118

Increases member contribution to Oklahoma Firefighters Pension and Retirement System from 8% to 9% of gross salary, effective upon passage.

Changes normal retirement eligibility for members with first participating service after July 1, 2013, from 20 years to 22 years of credited service.

Increases employer contribution rate from 13% to 14% of total payroll for members beginning July 1, 2013.

Increases insurance premium tax allocation to Oklahoma Firefighters Pension and Retirement Fund from 34% to 38% of collected taxes beginning fiscal year 2010.

Declares an emergency, making all changes effective immediately upon passage and approval.