Retirement; Oklahoma Pension Legislation Actuarial Analysis Act; terms; deferred option plans; election; term; benefit; effective dates; contingent effective dates; emergency.

Summary

The bill revises the Oklahoma Pension Legislation Actuarial Analysis Act by adding precise definitions for terms like “retirement bill,” “nonfiscal amendment,” and “legislative actuary.” It outlines which types of retirement legislation are considered fiscal or non‑fiscal and sets limits on one‑time benefit increases based on a system’s funded ratio. The changes aim to improve oversight of pension‑related bills and ensure they are properly evaluated.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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