OK SB716

Increases the minimum member contribution rate to the Oklahoma Police Pension and Retirement System from 8% to 11% of actual paid base salary, effective July 1, 2025.

Municipalities retain the option to pay all or any part of the member's required contribution on behalf of the employee.

Contributions must be paid to the System within 10 days following each payroll period, with a 5% monthly late charge on amounts unpaid after 30 days.

Municipalities must pick up member contributions under Internal Revenue Code Section 414(h)(2), treating them as employer contributions for tax purposes while including them in gross salary for benefit calculations.

The act becomes effective July 1, 2025, with an emergency clause allowing it to take effect immediately upon passage and approval.