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OK HB1986
Bill
Status
Introduced
2/3/2025
Primary Sponsor
Trish Ranson
Click for details
AI Summary
- Authorizes a 2% cost-of-living increase for retirees receiving benefits from six Oklahoma public retirement systems as of June 30, 2025, effective July 1, 2025
- Applies to Oklahoma Firefighters Pension, Oklahoma Police Pension, Uniform Retirement System for Justices and Judges, Oklahoma Law Enforcement Retirement, Teachers' Retirement System, and Oklahoma Public Employees Retirement System
- For certain firefighter retirees under older benefit structures, increases per-year-of-service rates to $7.68, $7.83, or $7.99 depending on prior adjustments, capped at 30 years of credited service
- Offsets the 2% increase against any benefit increases members may be eligible for under previously repealed statutory provisions after June 30, 2020
- Effective date is November 1, 2025
Legislative Description
Public retirement systems; cost-of-living increases; 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; codification; effective date.
Last Action
Referred to Banking, Financial Services and Pensions
2/4/2025
Committee Referrals
Banking, Financial Services and Pensions2/4/2025
Government Oversight2/4/2025
Full Bill Text
No bill text available