HB 1649 Summary

• Authorizes a two-percent benefit increase effective July 1, 2015, for retirees of six Oklahoma public retirement systems: Firefighters Pension and Retirement System, Police Pension and Retirement System, Uniform Retirement System for Justices and Judges, Law Enforcement Retirement System, Teachers' Retirement System, and Public Employees Retirement System.

• Applies the increase to persons receiving benefits as of June 30, 2014, who continue receiving benefits on or after July 1, 2015.

• Requires offsets to the two-percent increase for certain beneficiaries based on prior statutory benefit increases received after June 30, 2008 (or June 30, 2015, for Law Enforcement Retirement System).

• Provides a special benefit amount of $7.68 per year of credited service (maximum 30 years) for certain Firefighters Pension System beneficiaries receiving benefits under Section 49-101.

• Takes effect July 1, 2015, with an emergency declaration allowing immediate implementation upon passage and approval.