SB 2023 Summary

• Amends 11 O.S. 2011, Section 49-106.2 to update references to the Internal Revenue Code of 1986 regarding qualified health insurance premium limitations for the municipal firefighter pension system.

• Updates actuarial calculation methods for defined benefit plan limitations under Section 415 of the Internal Revenue Code, including interest rate and mortality assumptions for determining benefit forms.

• Modifies provisions for adjusting dollar limitations when benefits commence before age 62 or after age 65, incorporating new IRS guidance and revenue rulings.

• Authorizes the State Board to revoke a prior special election made under Section 415(b)(10) of the Internal Revenue Code and establishes new procedures for setting interest rate and mortality assumptions.

• Declares an emergency effective date for the act to take effect immediately upon passage and approval.