OK SB434

Increases the maximum combined employer and employee contribution rate for county employees' retirement systems from 18.5% to 22% of monthly compensation, effective July 1, 2025

Raises the maximum employer appropriation cap from 18.5% to 22% of total annual salaries for covered employees beginning July 1, 2025

Eliminates the retroactive contribution option that previously allowed employers to make lump-sum payments to cover contribution shortfalls from July 1, 2021 to June 30, 2022

Maintains flexibility for governing bodies to vary employer and employee contribution percentages as long as they meet the required total percentage

Declared an emergency measure, taking effect immediately upon passage and approval