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OK HB1237
Bill
Status
2/3/2025
Primary Sponsor
Justin Humphrey
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AI Summary
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Increases the death benefit for retired members from $5,000 to $10,000 across six Oklahoma public retirement systems: Firefighters Pension, Police Pension, Justices and Judges Retirement, Law Enforcement Retirement, Teachers' Retirement, and Public Employees Retirement
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Death benefits are paid to the designated beneficiary, or if none exists, to the member's estate upon death of an active or retired member
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Maintains the $4,000 death benefit amount for members who died prior to July 1, 1999
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Classified as a fiscal bill by the consulting actuary, indicating it will have a financial impact on the state retirement systems
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Effective date of November 1, 2025
Legislative Description
Public 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; Oklahoma Public Employees Retirement System; death benefit amount; effective date.
Last Action
Referred to Actuary pursuant to the Oklahoma Pension Legislation Actuarial Analysis Act
2/19/2025