SB 603 Summary

• Permits municipal police officers employed by a county (either as direct employees or under agreement with their municipality) to elect to continue participation in the Oklahoma Police Pension and Retirement System effective July 1, 2015.

• Requires counties employing officers under this election to make employer contributions at the rate of 13% of actual paid base salary (matching municipal employer contribution rates).

• Officers participating under this provision must continue making required employee contributions of minimum 8% of actual paid base salary.

• Amends the definition of "participating municipality employer" to include counties that employ officers making the election, treating them the same as municipalities for pension contribution purposes.

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