OK HB3721

Amends the Oklahoma Pension Legislation Actuarial Analysis Act to classify certain deferred option plan elections for firefighters, police, and law enforcement as "nonfiscal retirement bills" that do not require actuarial analysis

Allows established children of deceased firefighters, police officers, and law enforcement members to elect participation in deferred option plans when the deceased parent had 20+ years of service, died prior to retirement, and left no surviving spouse

Requires all established children to unanimously elect in writing within two years of the member's death to participate in the back drop deferred option plan benefit

Deferred benefit balance payments to established children are divided equally and reduced by any survivor pension benefits already being received, with present value calculations based on actuarial assumptions

Effective July 1, 2026 for deferred option plan provisions; includes emergency clause for immediate implementation upon Governor's signature