OK SB172

Authorizes boards of six Oklahoma state retirement systems (Firefighters, Police, Judicial, Law Enforcement, Teachers, and Public Employees) to approve 2% cost-of-living adjustments for retirees who have received benefits for one or more years

Requires the system's funded ratio to exceed 80% based on a three-year rolling average before the first COLA can be approved

Permits subsequent COLAs each time the funded ratio increases by 5% from the threshold that authorized the previous adjustment

Prohibits any COLA if granting it would cause the funded ratio to drop below the threshold that authorized the adjustment

Allows unlimited COLAs when a system's funded ratio exceeds 100%, provided the adjustment does not reduce the ratio below 100%