Senate Bill 1575 Summary

• Amends 47 O.S. 2011, Section 2-301 regarding the Oklahoma Law Enforcement Retirement System to clarify and reorganize existing statutory language.

• Establishes the "Retirement Medical Benefit Fund" as a subaccount of the Oklahoma Law Enforcement Retirement Fund to pay retiree health insurance premiums in compliance with Internal Revenue Code Section 401(h).

• Restricts contributions to retiree health insurance and life insurance benefits to not exceed 25% of total contributions to fund all retirement system benefits (excluding past service costs).

• Clarifies membership provisions for law enforcement officers who change positions, protecting prior qualification for system membership if individual contributions continue and membership is maintained.

• Becomes effective November 1, 2014.