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OK HB2193
Bill
Status
2/3/2025
Primary Sponsor
Max Wolfley
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AI Summary
HB 2193 Summary
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Provides cost-of-living increases effective July 1, 2025, for retired members of six Oklahoma public retirement systems: Firefighters, Police, Judges and Justices, Law Enforcement, Teachers, and Public Employees.
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Members with gross retirement benefits below $90,000 annually receive an 8% increase in benefits.
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Members with gross retirement benefits between $90,000 and $97,199.99 annually receive an increase necessary to bring their total benefit to exactly $97,200.
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Special provisions apply to certain members of the Firefighters and Teachers' Retirement Systems, with specific per-year-of-service increases ranging from $8.13 to $8.46 per year of credited service (capped at 30 years).
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Act becomes effective November 1, 2025; prior cost-of-living adjustments received after specific dates are offset against the new increases to avoid duplication.
Legislative Description
Public retirement systems; cost-of-living increases; 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; Oklahoma Public Employees Retirement System; codification; effective date.
Last Action
Referred to Actuary pursuant to the Oklahoma Pension Legislation Actuarial Analysis Act
2/19/2025