HB 1986 Summary

• Provides a 2% cost-of-living increase effective July 1, 2025, for retired members of six state retirement systems: Oklahoma Firefighters Pension and Retirement System, Oklahoma Police Pension and Retirement System, Uniform Retirement System for Justices and Judges, Oklahoma Law Enforcement Retirement System, Teachers' Retirement System of Oklahoma, and Oklahoma Public Employees Retirement System.

• Applies to members receiving benefits as of June 30, 2025, who continue to receive benefits on or after July 1, 2025.

• For Oklahoma Firefighters Pension System members receiving benefits under Section 49-101, establishes increased benefit amounts of $7.68, $7.83, or $7.99 per year of credited service (not to exceed 30 years), depending on prior adjustment status.

• Offsets the 2% increase by any benefits previously received under certain repealed cost-of-living adjustment provisions for qualifying members.

• Becomes effective November 1, 2025.