OK SB667

Amends 70 O.S. 2011, Section 17-104 to modify eligible military service dates for Oklahoma teacher retirement prior service credit.

Adds two new eligible military service periods: Korean Conflict (June 27, 1950 to January 31, 1955) and service on or after August 1, 1990, with exceptions for training-only service unless discharged for service-connected disability.

Removes the requirement that the Board of Trustees determine the amount of prior service teaching credit for military service; instead grants credit for the period of Armed Forces service upon presentation of satisfactory proof and honorable discharge.

Maintains existing provisions allowing up to 5 years of out-of-state teaching credit (prior to July 1, 1943) and reinstates membership eligibility for former members with interest rates at 5% per annum (or 10% per annum effective January 1, 1990).

Committee on Retirement and Insurance recommended DO PASS on February 20, 2017.