OK SB1586

Increases the retirement benefit multiplier from 2.5% to 3% of final average salary per year of credited service (capped at 30 years) for firefighters who entered the system on or after November 1, 2013, with phased eligibility based on years of service and time after the effective date

Raises the line-of-duty disability benefit calculation to 3% of final average salary multiplied by years of service (or minimum 20 years) for members who entered the system on or after November 1, 2013

Updates statutory language throughout the Oklahoma Firefighters Pension and Retirement System statutes, including replacing "Commissioner" with "United States Secretary of the Treasury" and modernizing terminology

Amends the Oklahoma Pension Legislation Actuarial Analysis Act to add Section 49-100.1 to the list of statutes for which benefit computation modifications are classified as nonfiscal retirement bills

Establishes effective dates of June 1, 2026 for the actuarial analysis provisions and July 1, 2026 for the benefit calculation changes, with an emergency clause for immediate effect upon passage