OK HB1889

Directs the Oklahoma Firefighters Pension and Retirement Board and Oklahoma Police Pension and Retirement Board to implement cost-of-living benefit adjustments effective July 1, 2026, for "Tweener" retirees—members who retired between May 1983 and 1989/1990 without qualifying for existing COLA provisions

Provides 100% restoration of purchasing power lost to inflation by calculating a Target COLA Benefit based on the Consumer Price Index (CPI-U) from the member's initial benefit date compared to July 1, 2026

Defines eligible "Tweener" firefighters as those not retired with 20 years of service as of May 26, 1983, who retired before November 1, 1989; eligible police officers are those who retired before June 30, 1990

Amends the Oklahoma Pension Legislation Actuarial Analysis Act (62 O.S. Section 3103) to classify these benefit adjustments as "nonfiscal retirement bills," exempting them from standard actuarial impact analysis requirements

Contains an emergency clause for immediate effect upon passage and approval, with alternative effective dates of October 1, 2026 (statutory amendments) and November 1, 2026 (benefit provisions) if the emergency clause is not approved