Summary of ENGR. S. B. NO. 733

• Amends the Oklahoma Public Employees Retirement System (OPERS) to require participating employers to provide specific retirement information to the System no later than the fifteenth day of the month of retirement, including: last day physically on the job, last day on payroll, and final unused sick leave balance.

• Establishes employer responsibility for timely submission of retirement information; employers must reemploy or retain members on payroll for up to two months if errors result in disqualification of retirement eligibility.

• Modifies final average compensation calculation for members whose first participating service occurs on or after July 1, 2013, changing from highest three years to highest five years of the last ten years of participating service.

• Updates death benefit procedures and probate waiver thresholds, increasing the amount that can be paid without probate intervention from $10,000 to $25,000.

• Takes effect July 1, 2013, with an emergency clause declaring immediate necessity for preservation of public peace, health and safety.