HB 1091 Summary

• Modifies death benefits for Oklahoma firefighters by establishing a minimum benefit equal to total employee contributions minus retirement benefits already paid to the member's estate or last surviving beneficiary.

• Changes the interest rate for members who withdraw and later rejoin the system from 5% to 10% annual interest on repaid contributions.

• Allows members to purchase transferred credited service from other retirement systems and prior military service credit through multiple payment methods including trustee-to-trustee transfers, direct rollovers, or certified checks.

• Permits amortized payments over up to 60 months for service credit purchases and requires payment to be received prior to benefit commencement, with specific provisions for prorated credit if payments cease.

• Caps the maximum credited service used in benefit calculations at 30 years and extends military service credit eligibility to volunteer members, with detailed rules and procedures to be adopted by the State Board.