§ 62-3103v3 — Definitions.

Oklahoma § 62-3103v3

• Jurisdiction: Oklahoma
• Title 62: Public Finance

Text

As used in the Oklahoma Pension Legislation Actuarial Analysis Act: 1. “Amendment” means any amendment, including a substitute bill, made to a retirement bill by any committee of the House of Representatives or Senate, any conference committee of the House or Senate or by the House or Senate; 2. “RB number” means that number preceded by the letters “RB” assigned to a retirement bill by the respective staffs of the Oklahoma State Senate and the Oklahoma House of Representatives when the respective staff office prepares a retirement bill for a member of the Legislature; 3. “Legislative Actuary” means the firm or entity that enters into a contract with the Legislative Service Bureau pursuant to Section 452.15 of Title 74 of the Oklahoma Statutes to provide the actuarial services and other duties provided for in the Oklahoma Pension Legislation Actuarial Analysis Act; 4. “Nonfiscal amendment” means an amendment to a retirement bill having a fiscal impact, which amendment does not change any factor of an actuarial investigation specified in subsection A of Section 3109 of this title; 5. “Nonfiscal retirement bill” means a retirement bill: a. which does not affect the cost or funding factors of a retirement system, b. which affects such factors only in a manner which does not: (1) grant a benefit increase under the retirement system affected by the bill, (2) create an actuarial accrued liability for or increase the actuarial accrued liability of the retirement system affected by the bill, or (3) increase the normal cost of the retirement system affected by the bill, c. which authorizes the purchase by an active member of the retirement system, at the actuarial cost for the purchase as computed pursuant to the statute in effect on the effective date of the measure allowing such purchase, of years of service for purposes of reaching a normal retirement date in the applicable retirement system, but which cannot be used in order to compute the number of years of service for purposes of computing the retirement benefit for the member, d. which provides for the computation of a service- connected disability retirement benefit for members of the Oklahoma Law Enforcement Retirement System pursuant to Section 2-305 of Title 47 of the Oklahoma Statutes if the members were unable to complete twenty (20) years of service as a result of the disability, e. which requires membership in the defined benefit plan authorized by Section 901 et seq. of Title 74 of the Oklahoma Statutes for persons whose first elected or appointed service occurs on or after November 1, 2018, if such persons had any prior service in the Oklahoma Public Employees Retirement System prior to November 1, 2015, f. which provides for a one-time increase in retirement benefits if the increase in retirement benefits is not a permanent increase in the gross annual retirement benefit payable to a member or beneficiary, occurs only once pursuant to a single statutory authorization and does not exceed: (1) the lesser of two percent (2%) of the gross annual retirement benefit of the member or One Thousand Dollars ($1,000.00) and requires that the benefit may only be provided if the funded ratio of the affected retirement system would not be less than sixty percent (60%) but not greater than eighty percent (80%) after the benefit increase is paid, (2) the lesser of two percent (2%) of the gross annual retirement benefit of the member or One Thousand Two Hundred Dollars ($1,200.00) and requires that the benefit may only be provided if the funded ratio of the affected retirement system would be greater than eighty percent (80%) but not greater than one hundred percent (100%) after the benefit increase is paid, (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) and requires that the benefit may only be provided if the funded ratio of the affected retirement system would be greater than one hundred percent (100%) after the benefit increase is paid, or (4) the greater of two percent (2%) of the gross annual retirement benefit of the volunteer firefighter or One Hundred Dollars ($100.00) for persons who retired from the Oklahoma Firefighters Pension and Retirement System as volunteer firefighters and who did not retire from the Oklahoma Firefighters Pension and Retirement System as a paid firefighter. As used in this subparagraph, “funded ratio” means the figure derived by dividing the actuarial value of assets of the applicable retirement system by the actuarial accrued liability of the applicable retirement system, g. which modifies the disability pension standard for police officers who are members of the Oklahoma Police Pension and Retirement System as provided by Section 50-115 of Title 11 of the Oklahoma Statutes, h. which provides a cost-of-living benefit increase pursuant to the provisions of: (1) Section 49-143.7 of Title 11 of the Oklahoma Statutes, (2) Section 50-136.9 of Title 11 of the Oklahoma Statutes, (3) Section 1104K of Title 20 of the Oklahoma Statutes, (4) Section 2-305.12 of Title 47 of the Oklahoma Statutes, (5) Section 17-116.22 of Title 70 of the Oklahoma Statutes, (6) Section 930.11 of Title 74 of the Oklahoma Statutes, i. which modifies the computation of the line-of-duty disability benefit pursuant to the provisions of this section and Sections 50-101 and 50-115 of Title 11 of the Oklahoma Statutes, or j. which authorizes membership in the Oklahoma Law Enforcement Retirement System for active commissioned or CLEET-certified agents of the Office of the Attorney General or the Military Department of the State of Oklahoma pursuant to Sections 3 and 4 of this act. A nonfiscal retirement bill shall include any retirement bill that has as its sole purpose the appropriation or distribution or redistribution of monies in some manner to a retirement system for purposes of reducing the unfunded liability of such system or the earmarking of a portion of the revenue from a tax to a retirement system or increasing the percentage of the revenue earmarked from a tax to a retirement system; 6. “Reduction-in-cost amendment” means an amendment to a retirement bill having a fiscal impact which reduces the cost of the bill as such cost is determined by the actuarial investigation for the bill prepared pursuant to Section 3109 of this title; 7. “Retirement bill” means any bill or joint resolution introduced or any bill or joint resolution amended by a member of the Legislature which creates or amends any law directly affecting a retirement system. A retirement bill shall not mean a bill or resolution that impacts the revenue of any state tax in which a portion of the revenue generated from such tax is earmarked for the benefit of a retirement system; 8. “Retirement bill having a fiscal impact” means any retirement bill creating or establishing a retirement system and any other retirement bill other than a nonfiscal retirement bill; and 9. “Retirement system” means the Teachers’ Retirement System of Oklahoma, the Oklahoma Public Employees Retirement System, the Uniform Retirement System for Justices and Judges, the Oklahoma Firefighters Pension and Retirement System, the Oklahoma Police Pension and Retirement System, the Oklahoma Law Enforcement Retirement System, or a retirement system established after January 1, 2006.

Legislative History

Added by Laws 2006, c. 292, § 3, eff. July 1, 2006. Amended by Laws 2007, c. 367, § 3, eff. July 1, 2007; Laws 2008, c. 3, § 32, emerg. eff. Feb. 28, 2008; Laws 2011, c. 199, § 1; Laws 2018, c. 44, § 1, eff. Oct. 1, 2018; Laws 2018, c. 245, § 2, eff. Sept. 1, 2018; Laws 2020, c. 120, § 2, emerg. eff. May 21, 2020; Laws 2021, c. 101, § 7, emerg. eff. April 20, 2021; Laws 2022, c. 306, § 1, eff. Oct. 1, 2022; Laws 2024, c. 361, § 2, emerg. eff. May 30, 2024. NOTE: Laws 2007, c. 186, § 2 repealed by Laws 2008, c. 3, § 33, emerg. eff. Feb. 28, 2008. Laws 2020, c. 121, § 1 repealed by Laws 2021, c. 101, § 8, emerg. eff. April 20, 2021. NOTE: Laws 2022, c. 306, § 1 was purportedly repealed by Laws 2024, c. 452, § 130 but without reference to Laws 2024, c. 361, § 2, which amended it.