Public retirement systems; cost-of-living increases; Oklahoma Firefighters Pension and Retirement System; Oklahoma Police Pension and Retirement System; Uniform Retirement System for Justices and Judges; Oklahoma Law Enforcement Retirement System; Teachers' Retirement System of Oklahoma; Oklahoma Public Employees Retirement System; codification; effective date.

HB 1986 formalizes a 2% annual benefit increase for retirees in several Oklahoma public retirement systems, effective July 1, 2025. It directly affects retirees from the Oklahoma Firefighters, Police, Law Enforcement, Teachers', and Public Employees Retirement Systems, as well as judges. The bill specifies exact dollar amounts per year of service (ranging from $7.68 to $7.99) based on prior benefit adjustments, while offsetting any existing increases from repealed provisions. This codifies existing benefit changes into law without creating new programs, with implementation set for November 1, 2025.