Oklahoma Firefighters Pension and Retirement System; increasing monthly benefit for volunteer firefighters; modifying compensation determination.

SB 432 increases Oklahoma volunteer firefighters' monthly pension benefits to $10 per year of credited service (capped at 30 years), replacing prior benefit calculations. It clarifies that volunteer firefighters receiving annual compensation exceeding $9,939.69 (5.5 times the pension for 20 years of service) are classified as paid firefighters and must meet physical requirements. Current retirees retain their existing benefits, while new retirees after the bill's effective date receive the updated $10/year pension. The bill also updates administrative definitions in pension law to align with current practices.