Oklahoma Public Employees Retirement System; postretirement employment; limitations; codification; effective date.
What changed between versions
Changed the bill's legal designation from 'new law' to 'amendment' and updated the title to reflect that it amends 74 O.S. 2021, Section 914.
Added specific requirements for participating employers to submit retirement information (last day on job, last day on payroll, unused sick leave) to the retirement system by the 15th of the retirement month.
Added employer liability for errors in submitted information that could disqualify retirement eligibility, requiring employers to reemploy members or retain them on payroll for up to two months to correct errors.
Added requirements for participating employers to notify the System when a retiree is employed, including the start date and when maximum compensation is reached.
Added provisions for retirees elected or appointed to state or political subdivision positions, prohibiting retirement benefits for any month they serve in such positions.
Added an option for retirees to elect not to receive retirement benefits while reemployed for a minimum of 36 consecutive months, which would count as participating service.
Added provisions requiring both employers and retirees to make contributions to the System when a retiree returns to work, with post-retirement benefits calculated based on reemployment service.