Public retirement systems; Oklahoma Pension Legislation Actuarial Analysis Act; definition; term; retirement benefit increase; 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; limitation; funded ratio; conditions; offset; amount; codification; effective dates.

HB 1335 sets conditions for retirement benefit increases for retirees in seven Oklahoma public pension systems (including Firefighters, Police, Judges, Law Enforcement, Teachers, and Public Employees). It requires a 4% benefit increase for eligible retirees if the retirement system's funded ratio (assets relative to liabilities) remains at least 80% after the increase; otherwise, a 2% increase applies. The bill takes effect November 1, 2025, and applies to retirees not receiving benefits under specific prior provisions. It does not create new benefits but ties increases to the financial health of each retirement fund.