HB 2163 Summary

• Increases death benefit payable upon death of a retired member in the Teachers' Retirement System of Oklahoma from $5,000.00 to $7,500.00.

• Also increases the death benefit payable upon death of an in-service member who dies leaving no beneficiary from $5,000.00 to $7,500.00, or allows beneficiary to elect Option 2 retirement benefit if member had 10+ years creditable service.

• Updates probate waiver procedures to allow System to pay death benefits and unpaid contributions up to $7,500.00 without probate court intervention when member dies with no designated beneficiary.

• Becomes effective July 1, 2015, and declares an emergency so the act takes effect upon passage and approval.