HB 1458 Summary

• Amends 74 O.S. 2021, Section 916.1 to permit beneficiaries of Oklahoma Public Employees Retirement System death benefits to disclaim such benefits in writing.

• Allows disclaimed death benefits to be transferred to a licensed funeral director or lawfully recognized business entity licensed to provide funeral services for the deceased member.

• Requires disclaimers to be received by the transferor no more than 9 months after the later of either the day the transfer creating the interest is made or the day the disclaiming person attains age 21.

• Discharges and releases the System from all liability, obligations, and costs after paying death benefits to any beneficiary or the member's estate, without requirement to inquire into the truth of any matter or payment of tax liabilities.

• Becomes effective November 1, 2025.