OK HB1002

State Board of the Oklahoma Firefighters Pension and Retirement System must develop procedures to verify that potential rollover contributions from other plans are valid under IRS Income Tax Regulations Section 1.401(a)(31)-1

Updates statutory language to align with current Internal Revenue Code provisions, IRS regulations, and IRS Notice 2014-54 for determining the taxable portion of benefit distributions

Distributions after December 31, 2014 must follow IRS Notice 2014-54 guidance for calculating the portion of disbursements not includable in gross income under IRC Section 72

Declared an emergency measure, taking effect immediately upon passage and approval rather than the standard 90-day waiting period

Classified as a nonfiscal retirement bill with no direct fiscal impact on the pension system