HB 4231 amends Oklahoma's pension laws to update how retirement benefits are calculated for public employees, particularly affecting firefighters in the Oklahoma Firefighters Pension and Retirement System. The bill modifies computation factors used to determine accrued retirement benefits and disability retirement benefits, adjusts the formula for monthly retirement annuities, and increases municipal contributions to the system. It also clarifies definitions related to "nonfiscal retirement bills" and establishes conditions for benefit increases based on the retirement system's funded ratio. These changes directly impact current and future retirees, as well as local governments contributing to the pension system. The bill focuses on technical adjustments to pension calculations rather than creating new benefits or funding sources.
HB 3313 establishes a new defined contribution retirement plan for Oklahoma public employees hired on or after November 1, 2015, replacing the traditional defined benefit pension for these workers. It requires a minimum 4.5% employee contribution (with a 6% employer match), allows higher voluntary contributions up to 7%, and gives participants investment choices through 401(a) and 457(b) plan structures. The bill excludes certain employees, including district attorneys, county/city officials, and some hospital staff, from this new system. Key provisions include customizable benefit forms, employer matching based on contribution rates, and requirements for the Board of Trustees to maintain tax-qualified plan status.
SB 1795 restricts retirement benefits for certain Oklahoma public employees who face felony charges. It applies to members of four state retirement systems (Law Enforcement, Public Employees, Teachers', and Justices/Judges) who are formally charged with a felony in court. The bill requires prosecutors to notify the retirement system within 48 hours of a felony charge, at which point the system must immediately block access to retirement funds and reject any payment claims. Employees cleared of charges (found not guilty) regain full benefit access under this law. The bill takes effect November 1, 2026.
HB 3265 amends Oklahoma's police pension law to clarify disability benefit eligibility for law enforcement officers. It specifically expands the definition of "mental health specialist" to include licensed psychologists for disability certification (Section G). The bill establishes a clear benefit scale based on disability percentage (e.g., 50-74% impairment equals 75% of accrued retirement benefit) and presumes line-of-duty disability for officers exposed to hazardous substances like chemicals or blood-borne pathogens, unless proven otherwise (Section I). These changes directly affect Oklahoma police officers seeking disability benefits through the Oklahoma Police Pension and Retirement System.
HB 3332 creates a new defined contribution retirement plan for Oklahoma teachers hired on or after November 1, 2026, replacing the existing defined benefit system for these new employees. Certified teachers and school staff who start working after this date must choose between the new plan and the traditional retirement system through a one-time, irrevocable election. Under the new plan, employees and employers contribute to personal retirement accounts, with benefits based on contributions and investment returns rather than final salary. The Teachers' Retirement System will manage the plan’s trust, investment options, and account distributions, while current teachers remain in the existing defined benefit system.
SB 434 increases the maximum combined contribution rate for Oklahoma county employees' retirement systems from 18.5% to 22% of an employee's monthly compensation. This change directly affects county employees participating in retirement funds, allowing employers and employees to collectively contribute up to 22% of pay toward their retirement savings. The bill amends existing law to set this new 22% cap, effective July 1, 2025, and allows counties to adjust employer/employee contribution splits as long as the total remains at 22%. The policy change simplifies retirement funding parameters without altering benefit calculations.
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.
HB 1986 increases retirement benefits by 2% for eligible retirees in six Oklahoma public pension systems: Firefighters, Police, Judges, Law Enforcement, Teachers, and Public Employees. The benefit increase applies to those receiving payments as of June 30, 2025, and continuing after July 1, 2025, with specific calculations based on years of service (up to 30 years). The bill codifies these changes and takes effect November 1, 2025. It does not affect retirees whose benefits were already adjusted under prior provisions.
HB 1258 creates a new defined contribution retirement plan for Oklahoma teachers hired on or after November 1, 2024. Teachers must make a one-time irrevocable election to join this plan, which replaces the existing defined benefit system for them; those who don’t elect it default to the current retirement system. Employees contribute a mandatory minimum of 4.5% of salary, with employers matching 6% (increasing to 7% if employees contribute more), all managed in tax-qualified retirement accounts. The plan prevents accrual of service credits under the old system, and participation is binding for all future service with participating employers.
SB 12 would increase pension benefits by 5% for Oklahoma police officers currently receiving benefits as of June 30, 2025, who continue to receive them after the bill's effective date. This applies to most retirees, but excludes those who joined the system before January 1, 1981. For pre-1981 members, any benefit increase under this bill would be reduced by one-third of any change to the base salary of regular police officers. The bill aims to adjust pension payments based on current police salary trends while maintaining existing benefit structures. The proposal is currently under review by the Retirement and Government Resources Committee.
