OK SB671

Allows the Board of Trustees to terminate the Tax-Sheltered Annuity Program under 26 U.S.C. Section 403(b) in a way consistent with federal tax law and minimizing financial harm to participants.

Requires employers participating in the Teachers' Retirement System who maintain their own 403(b) programs to keep the current program administrator as a provider for two years to offer the same investment options to participants.

Modifies language in Section 17-105 regarding disability retirement by changing "teach school" to "perform the necessary duties to continue in his or her current position" for determining eligibility for minimum monthly retirement payments.

Removes requirement that Board of Trustees approval is needed for member withdrawal applications, replacing "approved by it" with just "System" in the withdrawal process.

Maintains all existing retirement benefits, eligibility requirements, death benefits, and benefit payment options for members of the Oklahoma Teachers' Retirement System.