SB 716: Oklahoma Police Pension and Retirement System; increasing employer contribution. Effective date. Emergency. - Oklahoma

Floor (Senate) → SB716 (3-04-26) (PAXTON) FS FA1.PDF · 3 edits

MINOR

The bill was renumbered from RBS No. 1602 to 3686 and updated to reflect the 2nd Session of the 60th Legislature. The most significant substantive change is the addition of a new contribution schedule for years 2028 through 2031, which increases the required employer contribution rate from 14% to 15% over time. The effective date for the initial rate increase was also adjusted from July 1, 2025, to July 1, 2026.

Scope change

The bill's scope regarding the Oklahoma Police Pension and Retirement System remains the same, but the applicability of the contribution rates has been extended into the future with new scheduled increases.

TIMELINE

The effective date for the first contribution rate increase was changed from July 1, 2025, to July 1, 2026.

FISCAL

New contribution rates were added for the years 2028, 2029, 2030, and 2031, incrementally raising the employer contribution from 14% to 15%.

TECHNICAL

The bill number was updated from 1602 to 3686, and the document header was updated to reflect the 2nd Session of the 60th Legislature.

Committee Substitute → Floor (Senate) · 4 edits

MODERATE

The bill was updated from a Committee Substitute version to the Senate Floor version, changing the effective date from July 1, 2025 to July 1, 2026, and adjusting the employer contribution rate to 16% for the new fiscal year. The legislative text was also reformatted with updated headers and page numbers to reflect the floor version status.

Scope change

The bill's scope remains focused on Oklahoma Police Pension and Retirement System employer contributions, but the implementation timeline has been extended by one year.

TIMELINE

Effective date changed from July 1, 2025 to July 1, 2026

FISCAL

Employer contribution rate increased to 16% of actual paid base salary starting July 1, 2025

TECHNICAL

Updated legislative headers and formatting to reflect Senate Floor Version status

Amended statutory citation year from 2024 to 2025 in Section 1

Introduced → Committee Substitute · 4 edits

MODERATE

This bill was revised from an introduced version to a committee substitute version, changing the focus from member contributions to employer contributions. The committee version increases the employer contribution rate to 16% effective July 1, 2025, and adds a new section requiring the state to make necessary appropriations to ensure retirement benefits are funded.

Scope change

The bill's scope shifted from regulating member contribution rates to regulating employer contribution rates and state funding responsibilities.

FISCAL

Employer contribution rate increased from 8% to 16% effective July 1, 2025, replacing the previous member contribution focus.

New requirement for the state to make appropriations necessary to assure retirement benefits are provided.

TECHNICAL

Bill number changed from RBS No. 1180 to RBS No. 1602, indicating a revision by the committee.

REQUIREMENT

Removed provisions about member contribution pickup by municipalities and replaced with a schedule of employer contribution percentages over time.

Oklahoma Police Pension and Retirement System; increasing employer contribution. Effective date. Emergency.

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