OK HB2494

Establishes the "Retirement Dividend Act" providing a one-time $1,000 distribution effective December 1, 2016 to retired members age 70 or older in six Oklahoma public retirement systems: Public Employees, Teachers, Justices and Judges, Police, Law Enforcement, and Firefighters

Retired volunteer firefighters receive $100 instead of $1,000 under the distribution

Appropriates $48,869,000 total from the Special Cash Fund for FY 2017 to fund the distributions: $28,058,000 for Teachers, $17,104,000 for Public Employees, $1,981,000 for Firefighters, $1,047,000 for Police, $513,000 for Law Enforcement, and $166,000 for Justices and Judges

Restricts future retirement benefit increases after January 1, 2017 to require concurrent funding and limits distribution frequency based on funded ratio: every 2 years if funded ratio is 85% or greater, every 4 years if below 85%

Distributions do not confer any ongoing property right to retirement benefit increases beyond the specific authorization enacted