OK SB330

Allows retired teachers who selected the maximum retirement benefit plan to make a one-time election to choose Option 2 or 3 and name a new spouse as designated beneficiary if they marry after retirement, with elections made by July 1, 2011, or within one year of marriage, whichever is later.

Requires the retiring member to provide proof of good health through a medical examination conducted by a licensed physician and approved by the Medical Board before the Board of Trustees permits a change to Option 2 or 3.

Requires proof of age for the new designated beneficiary, and mandates the Board of Trustees adjust the monthly benefit to the actuarially equivalent amount based on the new beneficiary's age.

Authorizes the Board of Trustees to promulgate rules to implement the provisions allowing post-retirement remarriage benefit modifications.

Becomes effective July 1, 2015, with an emergency declaration for immediate implementation.