1| STATE OF OKLAHOMA |
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2| 1st Session of the 59th Legislature (2023) |
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3|HOUSE BILL 2171 By: Ford |
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6| AS INTRODUCED |
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7| An Act relating to public retirement systems; |
| authorizing retirement benefit distribution for |
8| certain retired members of the Oklahoma Firefighters |
| Pension and Retirement System; authorizing retirement |
9| benefit distribution for certain retired members of |
| the Oklahoma Police Pension and Retirement System; |
10| authorizing retirement benefit distribution for |
| certain retired members of the Uniform Retirement |
11| System for Justices and Judges; authorizing |
| retirement benefit distribution for certain retired |
12| members of the Oklahoma Law Enforcement Retirement |
| System; authorizing retirement benefit distribution |
13| for certain retired members of the Teachers' |
| Retirement System of Oklahoma; authorizing retirement |
14| benefit distribution for certain retired members of |
| the Oklahoma Public Employees Retirement System; |
15| providing for codification; providing an effective |
| date; and declaring an emergency. |
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20|BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA: |
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21| SECTION 1. NEW LAW A new section of law to be codified |
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22|in the Oklahoma Statutes as Section 49-143.8 of Title 11, unless |
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23|there is created a duplication in numbering, reads as follows: |
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Req. No. 6117 Page 1
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1| The Board of Trustees of the Oklahoma Firefighters Pension and |
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2|Retirement System shall be authorized to provide a one-time |
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3|retirement benefit distribution subject to the following conditions: |
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4| 1. The retirement benefit increase may only be provided to a |
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5|member of the System who has been retired for two (2) or more years |
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6|as of the effective date of the benefit increase; |
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7| 2. The retirement benefit increase shall be One Thousand Five |
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8|Hundred Dollars ($1,500.00) or greater but shall not exceed Three |
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9|Thousand Two Hundred Dollars ($3,200.00); |
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10| 3. The retirement benefit increase shall not be a modification |
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11|of the final average compensation used in order to compute the |
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12|retirement benefit of the member; and |
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13| 4. The retirement benefit increase may only be computed by |
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14|using the then-applicable gross annual retirement benefit for the |
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15|member divided by the whole number twelve (12). The resulting |
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16|amount may be paid to the retired member in addition to the |
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17|retirement benefits otherwise payable to the member. |
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18| SECTION 2. NEW LAW A new section of law to be codified |
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19|in the Oklahoma Statutes as Section 50-136.10 of Title 11, unless |
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20|there is created a duplication in numbering, reads as follows: |
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21| The Board of Trustees of the Oklahoma Police Pension and |
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22|Retirement System shall be authorized to provide a one-time |
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23|retirement benefit distribution subject to the following conditions: |
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Req. No. 6117 Page 2
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1| 1. The retirement benefit increase may only be provided to a |
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2|member of the System who has been retired for two (2) or more years |
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3|as of the effective date of the benefit increase; |
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4| 2. The retirement benefit increase shall be One Thousand Five |
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5|Hundred Dollars ($1,500.00) or greater but shall not exceed Three |
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6|Thousand Two Hundred Dollars ($3,200.00); |
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7| 3. The retirement benefit increase shall not be a modification |
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8|of the final average compensation used in order to compute the |
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9|retirement benefit of the member; and |
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10| 4. The retirement benefit increase may only be computed by |
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11|using the then-applicable gross annual retirement benefit for the |
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12|member divided by the whole number twelve (12). The resulting |
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13|amount may be paid to the retired member in addition to the |
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14|retirement benefits otherwise payable to the member. |
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15| SECTION 3. NEW LAW A new section of law to be codified |
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16|in the Oklahoma Statutes as Section 1104L of Title 20, unless there |
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17|is created a duplication in numbering, reads as follows: |
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18| The Board of Trustees of the Uniform Retirement System for |
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19|Justices and Judges shall be authorized to provide a one-time |
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20|retirement benefit distribution subject to the following conditions: |
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21| 1. The retirement benefit increase may only be provided to a |
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22|member of the System who has been retired for two (2) or more years |
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23|as of the effective date of the benefit increase; |
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Req. No. 6117 Page 3
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1| 2. The retirement benefit increase shall be One Thousand Five |
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2|Hundred Dollars ($1,500.00) or greater but shall not exceed Three |
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3|Thousand Two Hundred Dollars ($3,200.00); |
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4| 3. The retirement benefit increase shall not be a modification |
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5|of the final average compensation used in order to compute the |
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6|retirement benefit of the member; and |
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7| 4. The retirement benefit increase may only be computed by |
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8|using the then-applicable gross annual retirement benefit for the |
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9|member divided by the whole number twelve (12). The resulting |
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10|amount may be paid to the retired member in addition to the |
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11|retirement benefits otherwise payable to the member. |
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12| SECTION 4. NEW LAW A new section of law to be codified |
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13|in the Oklahoma Statutes as Section 2-305.13 of Title 47, unless |
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14|there is created a duplication in numbering, reads as follows: |
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15| The Board of Trustees of the Oklahoma Law Enforcement Retirement |
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16|System shall be authorized to provide a one-time retirement benefit |
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17|distribution subject to the following conditions: |
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18| 1. The retirement benefit increase may only be provided to a |
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19|member of the System who has been retired for two (2) or more years |
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20|as of the effective date of the benefit increase; |
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21| 2. The retirement benefit increase shall be One Thousand Five |
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22|Hundred Dollars ($1,500.00) or greater but shall not exceed Three |
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23|Thousand Two Hundred Dollars ($3,200.00); |
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Req. No. 6117 Page 4
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1| 3. The retirement benefit increase shall not be a modification |
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2|of the final average compensation used in order to compute the |
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3|retirement benefit of the member; and |
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4| 4. The retirement benefit increase may only be computed by |
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5|using the then-applicable gross annual retirement benefit for the |
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6|member divided by the whole number twelve (12). The resulting |
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7|amount may be paid to the retired member in addition to the |
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8|retirement benefits otherwise payable to the member. |
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9| SECTION 5. NEW LAW A new section of law to be codified |
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10|in the Oklahoma Statutes as Section 17-116.23 of Title 70, unless |
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11|there is created a duplication in numbering, reads as follows: |
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12| The Board of Trustees of the Teachers' Retirement System of |
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13|Oklahoma shall be authorized to provide a one-time retirement |
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14|benefit distribution subject to the following conditions: |
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15| 1. The retirement benefit increase may only be provided to a |
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16|member of the System who has been retired for two (2) or more years |
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17|as of the effective date of the benefit increase; |
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18| 2. The retirement benefit increase shall be One Thousand Five |
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19|Hundred Dollars ($1,500.00) or greater but shall not exceed Three |
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20|Thousand Two Hundred Dollars ($3,200.00); |
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21| 3. The retirement benefit increase shall not be a modification |
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22|of the final average compensation used in order to compute the |
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23|retirement benefit of the member; and |
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Req. No. 6117 Page 5
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1| 4. The retirement benefit increase may only be computed by |
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2|using the then-applicable gross annual retirement benefit for the |
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3|member divided by the whole number twelve (12). The resulting |
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4|amount may be paid to the retired member in addition to the |
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5|retirement benefits otherwise payable to the member. |
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6| SECTION 6. NEW LAW A new section of law to be codified |
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7|in the Oklahoma Statutes as Section 930.12 of Title 74, unless there |
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8|is created a duplication in numbering, reads as follows: |
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9| The Board of Trustees of the Oklahoma Public Employees |
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10|Retirement System shall be authorized to provide a one-time |
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11|retirement benefit distribution subject to the following conditions: |
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12| 1. The retirement benefit increase may only be provided to a |
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13|member of the System who has been retired for two (2) or more years |
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14|as of the effective date of the benefit increase; |
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15| 2. The retirement benefit increase shall be One Thousand Five |
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16|Hundred Dollars ($1,500.00) or greater but shall not exceed Three |
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17|Thousand Two Hundred Dollars ($3,200.00); |
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18| 3. The retirement benefit increase shall not be a modification |
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19|of the final average compensation used in order to compute the |
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20|retirement benefit of the member; and |
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21| 4. The retirement benefit increase may only be computed by |
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22|using the then-applicable gross annual retirement benefit for the |
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23|member divided by the whole number twelve (12). The resulting |
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Req. No. 6117 Page 6
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1|amount may be paid to the retired member in addition to the |
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2|retirement benefits otherwise payable to the member. |
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3| SECTION 7. This act shall become effective July 1, 2023. |
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4| SECTION 8. It being immediately necessary for the preservation |
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5|of the public peace, health or safety, an emergency is hereby |
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6|declared to exist, by reason whereof this act shall take effect and |
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7|be in full force from and after its passage and approval. |
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9|59-1-6117 CMA01/16/23THOMAS E. |
|CUMMINS CONSULTING ACTUARY, INC. |
10|2512 E. 71st Street , Suite D 'b7 Tulsa, Oklahoma 74136 |
| (918) 492-9658 'b7 (918) 492- 9659 |
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|January 11, 2023 |
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|Representative Russ Ford |
16|Room 300 |
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18|Re: RHB No. 6117 |
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|RBH No. 6117 would allow the trustees of the State's retirement |
20|systems to give a one time benefit to those retired participants who |
|have been retired at least 2 years. The amount of the benefit is an |
21|extra monthly check (13th monthly payment). The amount of benfit |
|shall be at least $1,500 but not exceed $3,200. |
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23| RBH No. 6117 is a non fiscal bill as defined by OPLAAA. If a |
|benefit is given, the unfunded accrued actuarial liability will |
24|increase. |
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1|I am a member of the American Academy of Actuaries and meet the |
|Qualification Standards of the American Academy of Actuaries to |
2|render the actuarial opinion herein. |
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|Thomas E. Cummins |
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|Thomas E. Cummins, MAAA |
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