Oklahoma Public Employees Retirement System; postretirement employment; limitations; codification; effective date.
What changed between versions
The bill title was updated from 'An Act relating to the Oklahoma Public Employees Retirement System; authorizing postretirement employment for certain retirees' to include 'amending 74 O.S. 2021, Section 914, which relates to retirement' to clarify the specific statute being amended.
The Senate version adds detailed procedural requirements for participating employers to submit specific information (last day physically on the job, last day on payroll, and final unused sick leave balance) to the retirement system no later than the fifteenth day of the month of retirement.
New language clarifies that failure to submit required information by the deadline or errors resulting in disqualification of retirement eligibility are the responsibility of the participating employer.
The Senate version adds provisions requiring employers to notify the retirement system when a retiree is elected or appointed to a position for which compensation is paid from state or political subdivision levies or taxes, preventing the retiree from receiving retirement benefits for months in which they serve in such positions.
New language establishes that retirees returning to work must make contributions to the System and employers must do likewise, with post-retirement benefits calculated based on specific methods for service accumulated from the date of reemployment.
The Senate version clarifies that normal retirement dates cannot be before six months after the entry date of the participating employer by whom the member is employed.
