SB 1576 Summary

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

• Establishes the Retirement Medical Benefit Fund as a subaccount of the Oklahoma Law Enforcement Retirement Fund to pay the retirement system's portion of monthly retiree health insurance premiums.

• Limits aggregate contributions for retiree health insurance benefits and life insurance to no more than 25% of total contributions to fund all other system benefits (excluding past service costs).

• Clarifies membership provisions regarding law enforcement personnel who accept positions within covered agencies, preserving certain rights for those who previously qualified for membership.

• Effective date: November 1, 2014.