OK SB323

Amends the Oklahoma Firefighters Pension and Retirement System statutes to update references to current Income Tax Regulations, Internal Revenue Code provisions, and IRS notices

Requires the State Board to develop procedures to verify that rollover contributions are valid under Section 1.401(a)(31)-1, Q&A-14(b)(2) of the Income Tax Regulations

Updates distribution rules for nonspouse designated beneficiaries, incorporating guidance from IRS Notice 2014-54 for distributions after December 31, 2014

Permits the Board to allow electronic media for notices, elections, and consents as described in Section 1.401(a)-21 of the Income Tax Regulations

Effective date of July 1, 2015, with an emergency clause declared for immediate implementation