SB 345 Summary

• Amends Section 50-111.4 to require the Oklahoma Police Pension and Retirement Board to develop procedures for transferred credited service purchases that comply with federal tax regulations, including trustee-to-trustee transfers and direct rollovers from 403(b) annuities, 457(b) plans, 401(a) qualified plans, and traditional IRAs.

• Prohibits the use of Roth IRAs and Coverdell Education Savings Accounts for purchasing transferred credited service.

• Amends Section 50-114.2 to update rollover distribution provisions to comply with Internal Revenue Code sections, including allowing nonspouse designated beneficiaries to make direct rollovers to inherited IRAs effective for distributions after December 31, 2006.

• Requires the Board to follow IRS Notice 2014-54 guidance for determining non-includible income portions of disbursements effective for distributions after December 31, 2014.

• Declares an emergency, making the act effective upon passage and approval.