OK HB1027

Amends the Oklahoma Law Enforcement Retirement System (OLERS) to allow CLEET-certified police officers employed by the University of Oklahoma or Oklahoma State University to participate in the system, with prior service contributions transferred from the Oklahoma Teachers Retirement System

Replaces the enumerated list of specific state agencies contributing to the retirement fund with the general term "participating employers," which must contribute 11% of each member's actual paid base salary

Updates the purchase price calculation for service credit related to leaves of absence due to sickness or temporary disability, changing fixed percentages (18% and 8%) to reference the statutory employer and member contribution percentages in Section 2-304

Updates the effective date reference for commissioned or CLEET-certified agents hired by the Office of the Attorney General or Military Department from "the effective date of this act" to "July 1, 2024"

Declares an emergency, making the act effective immediately upon passage and approval