HB 1053 Summary

• Amends the Oklahoma Law Enforcement Retirement System to comply with Section 401(a) of the Internal Revenue Code of 1986, effective July 1, 2014, by meeting requirements of Section 414(d).

• Establishes a Retirement Medical Benefit Fund as a subaccount to pay retiree health insurance premiums in accordance with Section 401(h) of the Internal Revenue Code; upon satisfaction of all liabilities, remaining amounts must be returned to the employer.

• Requires the Board of Trustees to develop procedures for rollover distributions and adhere to I.R.S. Notice 2014-54 for determining non-includable portions of disbursements effective December 31, 2014.

• Sets the interest rate for the Deferred Retirement Option Plan at two percentage points below the system's investment portfolio rate of return, but no less than the actuarial assumed interest rate of 7.5% until the Board amends it by resolution.

• Declares an emergency, making the act effective immediately upon passage and approval.