Oklahoma Public Employees Retirement System; modifying separation period for retired member prior to reemployment. Effective date.

Added a new requirement for participating employers to provide written notification to the retirement system when a retiree is reemployed and when they reach the maximum compensation allowed by law.

Removed the provision that allowed employers to reemploy a member for up to two months if an error caused disqualification of retirement eligibility.

Modified the rules for calculating retirement benefits for reemployed retirees, changing the criteria to require a minimum of 36 consecutive months of reemployment for new service to count as participating service.

Added a specific timeline for employers to submit required information regarding retiring members by the fifteenth day of the retirement month.

Modified the definition of when post-retirement service credit begins to be cumulative, clarifying it starts after the date of retirement provided no distribution of contributions has occurred.