Retirement & Insurance

 

SB 179 (Monson/Ervin): Allows members of the Oklahoma Public Employees Retirement System who are terminated due to a reduction in force to purchase termination credit.

SB 180 (Monson/Roberts): Adds an additional period for a hospital to withdraw from the Oklahoma Public Employees Retirement System (OPERS). It also limits eligible hospitals to those who have met their obligations to OPERS. This bill further mandates new employees of the Oklahoma Housing Finance Agency (OHFA) to become members of OPERS. Currently OHFA employees are not members of OPERS. This bill will allow current members several election options concerning whether to join OPERS or to remain on the current plan.

SB 181 (Monson/Roberts): Decreases the number of years, from ten (10) to seven (7), of service with a school district that a public school employee must have before being eligible for additional retirement allowances or compensation.

SB 186 (Monson/Roberts): Would allow certain members of the Oklahoma Police Pension and Retirement System to purchase service credit necessary to vest in the System when service is terminated in good standing within one month of vesting. (Pending in the Legislature)

SB 189 (Monson/Roberts): Allows the payment of any deferred option account balances of a Oklahoma Firefighters Pension and Retirement System member to be paid to a designated recipient upon death of the member. Currently the law only allows for the balance to be paid to the estate of the deceased when there is no beneficiary. This bill also changes the way in which appeals from the Board are made.

SB 231 (Helton/Glover): Extends disability periods for firefighters that receive burn injuries in the course of duty. It also allows the municipality to extend the disability period above the minimum period.

SB 354 (Stipe/Dunegan): Allows a retiree to continue life insurance coverage above the three-fourths (3/4) of the basic amount after retirement. The retiree will, however, have to pay the actuarially adjusted rate for such coverage.

SB 363 (Weedn/Roberts): Allows for a spouse beneficiary of an Oklahoma Public Employees Retirement System member to elect to receive a reduced retirement benefit of the member rather than one-half of the retirement benefit of the member to be paid to the spouse upon the death of the member.

SB 472 (Henry/Kinnamon): Allows justices, judges and surviving spouses to elect to recalculate their basic retirement benefit based on the average salary of the last three years of service of such justice or judge multiplied by the number of years of service and multiplied by four (4.0%) percent. This bill further deletes the provision for court clerks to make a flat ten (10.0%) percent payment of court fund money to the State Judicial Retirement Fund. All court fund money will go to the State Judicial Fund and from the State Judicial Fund money will be disbursed to the State Judicial Retirement Fund pursuant to a schedule.

SB 473 (Milacek/Reese): Increases the maximum annual amount that can be earned by a retired member of the Teachers' Retirement System of Oklahoma re employed with a public school of Oklahoma from Ten Thousand Dollars ($10,000.00) to Fifteen Thousand Dollars ($15,000.00).

SB 534 (Rozell/Culver): Allows the purchase of service credit by a state employee for the time the employee was absent on temporary total disability. This bill further allows for re employed retirants to receive their employee contributions if they terminate employment within three years of re employment.

SB 660 (Monson/Roberts: Exempts certain flexible benefits plan contracts and awards of those contracts from the requirements of the Central Purchasing Act. This bill further allows the Oklahoma State Employees Benefits Council to establish rules relating to bidding and awarding of contracts.

HB 1088 (Roberts/Ostrander): Allows the inclusion of wartime military service credit in an Oklahoma Firefighters Pension and Retirement System member's retirement benefit calculation.

 

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