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OK SB434
Bill
AI Summary
- Increases the maximum combined employer and employee contribution cap for county retirement systems from 18.5% to 22% of monthly compensation, effective July 1, 2025
- Changes the contribution percentage schedule so that July 1, 2025 through June 30, 2026 and each year thereafter the cap becomes 22% (previously capped at 18.5% starting July 1, 2019)
- Allows county commissioners to vary the percentage split between employer and employee contributions as long as the combined total equals the required percentage
- Deletes the retroactive contribution option that allowed employers to make one-time lump sum catch-up contributions for periods between July 1, 2021 and June 30, 2022
- Declares an emergency so the act takes effect immediately upon passage and approval, with the main provisions becoming effective July 1, 2025
Legislative Description
County employees' retirement systems; increasing maximum amount of total employer and employee contributions. Effective date. Emergency.
Last Action
Becomes law without Governor's signature 05/21/2025
5/21/2025
Committee Referrals
Banking, Financial Services and Pensions4/1/2025
Government Oversight4/1/2025
Retirement and Government Resources2/4/2025
Full Bill Text
No bill text available