OK HB1005

Amends 70 O.S. 2011, Section 17-116.2 regarding benefit computations for the Teachers' Retirement System of Oklahoma

Changes the tax treatment classification of employee contributions from "picked up" to "not picked up" under IRC Section 414(h)(2) for comprehensive university groups established on or before July 1, 1998, subject to IRS approval

Applies specifically to comprehensive university groups whose employee contributions were consistently treated as not picked up as of July 1, 1998, and at all times thereafter

Determined to be a nonfiscal retirement bill with no fiscal impact to the retirement system according to actuarial analysis dated December 22, 2014