OK HB1005

Amends Section 17-116.2 of Oklahoma statutes regarding benefit computations for the Teachers' Retirement System of Oklahoma.

Changes the tax treatment of employee contributions made after June 30, 1998, from "picked up" status to "not picked up" status under Internal Revenue Code Section 414(h)(2).

Reclassifies how employee contributions are treated for federal income tax purposes, affecting contributions to the system beginning July 1, 1998.

Designated as a nonfiscal retirement bill under the Oklahoma Pension Legislation Actuarial Analysis Act, indicating no significant fiscal impact to the retirement system.