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OK HB2273
Bill
Status
5/27/2016
Primary Sponsor
Randy McDaniel
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AI Summary
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Amends definitions in the Oklahoma Police Pension and Retirement System to comply with IRS requirements for maintaining the plan's qualified tax status
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Clarifies "paid base salary" to include normal compensation, specialty pay (bomb squad, K-9, SWAT, sniper), longevity, educational allowances, and salary deferrals under various IRS code sections
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Excludes from paid base salary: overtime, accumulated unused leave payouts at termination, severance pay, bonuses, fringe benefits, uniform allowances, and payments for non-job-duty services
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Updates references from "Roth IRAs" to "Roth accounts" and permits trustee-to-trustee transfers from 403(b), 457(b), and 401(a) plans for repaying withdrawn contributions or purchasing transferred service credit
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Effective July 1, 2016, with emergency clause for immediate implementation upon passage
Legislative Description
Police Pension and Retirement System; definitions; disposition of certain contributions; modifying references to certain individual retirement accounts; effective date; emergency.
Last Action
Approved by Governor 06/06/2016
5/27/2016