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OK HB2263
Bill
Status
Passed
4/21/2016
Primary Sponsor
Randy McDaniel
Click for details
AI Summary
- Retirement application deadline extended from 30 days to 60 days before retirement date, with Executive Director authorized to waive the deadline for good cause
- Employers must submit retiring member information (last day on job, last day on payroll, unreported compensation, final sick leave balance) by the 15th of the retirement month, and bear responsibility for errors causing disqualification of retirement eligibility
- Threshold for paying death benefits and unpaid contributions without probate court intervention increased from $5,000 to $25,000
- Medical Board physicians may now be licensed in Oklahoma or the state where they reside, and the Board of Trustees may establish multiple Medical Boards
- Employers required to provide comprehensive annual compensation reports, grant reasonable access to payroll and contribution records, and cooperate with System auditors; Board may waive late fees for good cause
Legislative Description
Public retirement systems; Teachers' Retirement System; administration; effective date.
Last Action
Approved by Governor 04/21/2016
4/21/2016
Committee Referrals
Pensions3/10/2016
Business, Labor, and Retirement Laws2/2/2016
Full Bill Text
No bill text available