Oklahoma § 62-3501 - Distributions to certain retired members

§ 62-3501. Distributions to certain retired members

A. As used in this section, "public retirement system" means:

1. The Oklahoma Firefighters Pension and Retirement System;

2. The Oklahoma Police Pension and Retirement System;

3. The Uniform Retirement System for Justices and Judges;

4. The Oklahoma Law Enforcement Retirement System;

5. The Teachers' Retirement System of Oklahoma; and

6. The Oklahoma Public Employees Retirement System.

B. As used in this section, "funded ratio" means the figure

derived by dividing the actuarial value of retirement system assets

by the actuarial accrued liability of the retirement system. For

purposes of this section, the rate of return on public retirement

system assets for the computation of the funded ratio shall not

exceed seven and one-half percent (7.5%) but shall be computed using

any assumed rate of return utilized by the applicable retirement

system if such rate of return does not exceed seven and one-half

percent (7.5%). The provisions of this subsection shall only be

applicable to the computation of the funded ratio for purposes of

implementing the provisions of this section and shall not be used

for any other computation or any other purpose with respect to the

actuarial assumptions used by any of the public retirement systems.

C. Effective October 1, 2018, a public retirement system shall

make a one-time distribution to its retired members if the member

has been retired for a period of five (5) or more years as of

October 1, 2018, in the amount of:

1. The lesser of two percent (2%) of the gross annual

retirement benefit of the member or One Thousand Dollars ($1,000.00)

if the funded ratio of the public retirement system would be not

less than sixty percent (60%), but not greater than eighty percent

(80%) after the distribution is made;

2. The lesser of two percent (2%) of the gross annual

retirement benefit of the member or One Thousand Two Hundred Dollars

Oklahoma Statutes - Title 62. Public Finance

($1,200.00) if the funded ratio of the public retirement system

would be greater than eighty percent (80%), but not greater than one

hundred percent (100%) after the distribution is made; or

3. The lesser of two percent (2%) of the gross annual

retirement benefit of the member or One Thousand Four Hundred

Dollars ($1,400.00) if the funded ratio of the public retirement

system would be greater than one hundred percent (100%) after the

distribution is made.

D. The Oklahoma Firefighters Pension and Retirement System

shall make a distribution to persons who retired from the Oklahoma

Firefighters Pension and Retirement System as a volunteer

firefighter, if the member has been retired for a period of five (5)

or more years as of October 1, 2018, in the amount of the greater of

two percent (2%) of the gross annual retirement benefit of the

volunteer firefighter or One Hundred Dollars ($100.00). The

provisions of this subsection shall only be applicable to persons

who retired from the Oklahoma Firefighters Pension and Retirement

System as volunteer firefighters and not as paid firefighters.

E. Increases in retirement benefits may only be provided

pursuant to a specific authorization by law.

F. Effective October 1, 2018, increases in retirement benefits

shall not be authorized to occur more frequently than once each two

(2) years pursuant to the specific authorization required by

subsection E of this section. Increases in retirement benefits

provided to members of a public retirement system who have been a

member of that system for at least twenty (20) years shall not be

less than Three Hundred Fifty Dollars ($350.00), except as set forth

in subsection D of this section.

Added by Laws 2018, c. 245, § 3, eff. Oct. 1, 2018.