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OK HB1808
Bill
Status
2/2/2015
Primary Sponsor
Gary Banz
Click for details
AI Summary
HB 1808 Summary
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Increases death benefit for retired teachers (annuitants) from $5,000 to $5,500 upon death.
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Increases death benefit for in-service teachers from $18,000 to $18,000 (no change specified in this section).
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Modifies Oklahoma Education Lottery Trust Fund apportionment to redirect lottery revenues exceeding $5,000,000 from the School Consolidation and Assistance Fund to the Teachers' Retirement System of Oklahoma to offset liabilities from the increased death benefit.
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Effective date is July 1, 2015, with emergency clause allowing immediate implementation upon passage and approval.
Legislative Description
Public retirement systems; Teachers' Retirement System of Oklahoma; death benefit; Oklahoma Education Lottery Trust Fund; apportionments; effective date; emergency.
Retirement
Last Action
Second Reading referred to Business, Labor, and Retirement Laws
2/3/2015