Senate Bill 212 Summary

• Amends the Oklahoma Police Pension and Retirement System to require refund of mistaken municipal or member contributions within one year, minus any losses but excluding earnings attributable to the overpayment.

• Clarifies that members who fail to submit required documents (including proof of military service) before retirement effective date are not entitled to benefit adjustments if documents are submitted later.

• Modifies the calculation method for vested retirement benefits by replacing "final average salary" with "annualized final average salary" in the retirement annuity formula.

• Removes the requirement that the System request an Internal Revenue Service private letter ruling opinion regarding federal income tax treatment of death benefits; death benefits remain at $4,000 (pre-July 1, 1999) or $5,000 (on or after July 1, 1999).

• Declares an emergency effective date for the act.