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RBS No. 2400
1 STATE OF OKLAHOMA
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2 2nd Session of the 60th Legislature (2026)
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3 SENATE BILL 1870 By: Murdock
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6 AS INTRODUCED
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7 An Act relating to the Oklahoma Public Employees
7 Retirement System; amending 62 O.S. 2021, Section
8 3103, as last amended by Section 1, Chapter 357,
8 O.S.L. 2024 (62 O.S. Supp. 2025, Section 3103), which
9 relates to the Oklahoma Pension Legislation Actuarial
9 Analysis Act; modifying term; updating statutory
10 language; updating statutory reference; allowing
10 participating employers to enter into certain
11 agreement for certain purpose; providing for
11 codification; providing effective dates; and
12 declaring an emergency.
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14 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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15 SECTION 1. AMENDATORY 62 O.S. 2021, Section 3103, as
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16 last amended by Section 1, Chapter 357, O.S.L. 2024 (62 O.S. Supp.
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17 2025, Section 3103), is amended to read as follows:
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18 Section 3103. As used in the Oklahoma Pension Legislation
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19 Actuarial Analysis Act:
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20 1. "Amendment" means any amendment, including a substitute
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21 bill, made to a retirement bill by any committee of the House or
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22 Senate, any conference committee of the House or Senate, or by the
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23 House or Senate;
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1 2. "RB number" means that number preceded by the letters "RB"
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2 assigned to a retirement bill by the respective staffs of the
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3 Oklahoma State Senate and the Oklahoma House of Representatives when
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4 the respective staff office prepares a retirement bill for a member
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5 of the Legislature;
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6 3. "Legislative Actuary" means the firm or entity that enters
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7 into a contract with the Legislative Service Bureau pursuant to
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8 Section 452.15 of Title 74 of the Oklahoma Statutes to provide the
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9 actuarial services and other duties provided for in the Oklahoma
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10 Pension Legislation Actuarial Analysis Act;
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11 4. "Nonfiscal amendment" means an amendment to a retirement
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12 bill having a fiscal impact, which amendment does not change any
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13 factor of an actuarial investigation specified in subsection A of
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14 Section 3109 of this title;
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15 5. "Nonfiscal retirement bill" means a retirement bill:
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16 a. which does not affect the cost or funding factors of a
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17 retirement system,
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18 b. which affects such factors only in a manner which does
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19 not:
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20 (1) grant a benefit increase under the retirement
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21 system affected by the bill,
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22 (2) create an actuarial accrued liability for or
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23 increase the actuarial accrued liability of the
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24 retirement system affected by the bill, or
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1 (3) increase the normal cost of the retirement system
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2 affected by the bill,
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3 c. which authorizes the purchase by an active member of
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4 the retirement system, at the actuarial cost for the
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5 purchase as computed pursuant to the statute in effect
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6 on the effective date of the measure allowing such
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7 purchase, of years of service for purposes of reaching
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8 a normal retirement date in the applicable retirement
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9 system, but which cannot be used in order to compute
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10 the number of years of service for purposes of
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11 computing the retirement benefit for the member,
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12 d. which provides for the computation of a service-
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13 connected disability retirement benefit for members of
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14 the Oklahoma Law Enforcement Retirement System
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15 pursuant to Section 2-305 of Title 47 of the Oklahoma
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16 Statutes if the members were unable to complete twenty
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17 (20) years of service as a result of the disability,
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18 e. which requires membership in the defined benefit plan
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19 authorized by Section 901 et seq. of Title 74 of the
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20 Oklahoma Statutes for persons whose first elected or
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21 appointed service occurs on or after November 1, 2018,
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22 if such persons had any prior service in the Oklahoma
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23 Public Employees Retirement System prior to November
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24 1, 2015,
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1 f. which provides for a one-time increase in retirement
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2 benefits if the increase in retirement benefits is not
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3 a permanent increase in the gross annual retirement
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4 benefit payable to a member or beneficiary, occurs
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5 only once pursuant to a single statutory
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6 authorization, and does not exceed:
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7 (1) the lesser of two percent (2%) of the gross
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8 annual retirement benefit of the member or One
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9 Thousand Dollars ($1,000.00) and requires that
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10 the benefit may only be provided if the funded
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11 ratio of the affected retirement system would not
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12 be less than sixty percent (60%) but not greater
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13 than eighty percent (80%) after the benefit
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14 increase is paid,
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15 (2) the lesser of two percent (2%) of the gross
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16 annual retirement benefit of the member or One
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17 Thousand Two Hundred Dollars ($1,200.00) and
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18 requires that the benefit may only be provided if
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19 the funded ratio of the affected retirement
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20 system would be greater than eighty percent (80%)
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21 but not greater than one hundred percent (100%)
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22 after the benefit increase is paid,
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23 (3) the lesser of two percent (2%) of the gross
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24 annual retirement benefit of the member or One
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1 Thousand Four Hundred Dollars ($1,400.00) and
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2 requires that the benefit may only be provided if
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3 the funded ratio of the affected retirement
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4 system would be greater than one hundred percent
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5 (100%) after the benefit increase is paid, or
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6 (4) the greater of two percent (2%) of the gross
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7 annual retirement benefit of the volunteer
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8 firefighter or One Hundred Dollars ($100.00) for
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9 persons who retired from the Oklahoma
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10 Firefighters Pension and Retirement System as
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11 volunteer firefighters and who did not retire
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12 from the Oklahoma Firefighters Pension and
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13 Retirement System as a paid firefighter.
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14 As used in this subparagraph, "funded ratio" means the
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15 figure derived by dividing the actuarial value of
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16 assets of the applicable retirement system by the
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17 actuarial accrued liability of the applicable
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18 retirement system,
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19 g. which modifies the disability pension standard for
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20 police officers who are members of the Oklahoma Police
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21 Pension and Retirement System as provided by Section
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22 50-115 of Title 11 of the Oklahoma Statutes,
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23 h. which provides a cost-of-living benefit increase
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24 pursuant to the provisions of:
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1 (1) Section 49-143.7 of Title 11 of the Oklahoma
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2 Statutes,
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3 (2) Section 50-136.9 of Title 11 of the Oklahoma
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4 Statutes,
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5 (3) Section 1104K of Title 20 of the Oklahoma
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6 Statutes,
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7 (4) Section 2-305.12 of Title 47 of the Oklahoma
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8 Statutes,
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9 (5) Section 17-116.22 of Title 70 of the Oklahoma
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10 Statutes, or
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11 (6) Section 930.11 of Title 74 of the Oklahoma
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12 Statutes,
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13 i. which modifies the computation of the line-of-duty
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14 disability benefit pursuant to Sections 50-101 and 50-
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15 115 of Title 11 of the Oklahoma Statutes,
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16 j. which allows the purchase of military prior service
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17 credit pursuant to the provisions of this act section
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18 and Section 49-138 of Title 11 of the Oklahoma
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19 Statutes,
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20 k. which increases the computation factor used to
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21 calculate the accrued retirement benefit and normal
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22 disability benefit pursuant to Section 50-101 of Title
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23 11 of the Oklahoma Statutes,
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1 l. which increases the municipal contribution, employee
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2 contribution, or both for members of the Oklahoma
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3 Police Pension and Retirement System pursuant to
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4 Sections 50-109 and 50-110 of Title 11 of the Oklahoma
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5 Statutes, or
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6 m. which modifies the computation of a retirement annuity
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7 pursuant to Section 50-111.1 of Title 11 of the
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8 Oklahoma Statutes, or
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9 n. which allows a municipality currently participating in
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10 the Oklahoma Public Employees Retirement System to
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11 enter into a trust agreement, as provided for in
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12 Section 2 of this act.
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13 A nonfiscal retirement bill shall include any retirement bill that
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14 has as its sole purpose the appropriation or distribution or
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15 redistribution of monies in some manner to a retirement system for
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16 purposes of reducing the unfunded liability of such system or the
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17 earmarking of a portion of the revenue from a tax to a retirement
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18 system or increasing the percentage of the revenue earmarked from a
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19 tax to a retirement system;
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20 6. "Reduction-in-cost amendment" means an amendment to a
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21 retirement bill having a fiscal impact which reduces the cost of the
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22 bill as such cost is determined by the actuarial investigation for
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23 the bill prepared pursuant to Section 3109 of this title;
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1 7. "Retirement bill" means any bill or joint resolution
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2 introduced or any bill or joint resolution amended by a member of
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3 the Legislature which creates or amends any law directly affecting a
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4 retirement system. A retirement bill shall not mean a bill or
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5 resolution that impacts the revenue of any state tax in which a
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6 portion of the revenue generated from such tax is earmarked for the
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7 benefit of a retirement system;
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8 8. "Retirement bill having a fiscal impact" means any
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9 retirement bill creating or establishing a retirement system and any
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10 other retirement bill other than a nonfiscal retirement bill; and
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11 9. "Retirement system" means the Teachers' Retirement System of
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12 Oklahoma, the Oklahoma Public Employees Retirement System, the
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13 Uniform Retirement System for Justices and Judges, the Oklahoma
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14 Firefighters Pension and Retirement System, the Oklahoma Police
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15 Pension and Retirement System, the Oklahoma Law Enforcement
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16 Retirement System, or a retirement system established after January
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17 1, 2006.
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18 SECTION 2. NEW LAW A new section of law to be codified
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19 in the Oklahoma Statutes as Section 910.6 of Title 74, unless there
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20 is created a duplication in numbering, reads as follows:
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21 On or before December 31, 2026, participating employers of the
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22 Oklahoma Public Employees Retirement System that are municipalities
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23 with a population of two thousand (2,000) people or fewer, according
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24 to the latest Federal Decennial Census, or instrumentalities of such
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1 municipalities, may choose to enter into a trust agreement, as
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2 provided for in the Interlocal Cooperation Act, to provide
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3 retirement benefits for employees, as defined in Section 902 of
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4 Title 74 of the Oklahoma Statutes, who commence employment on or
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5 after the effective date of such trust agreement.
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6 SECTION 3. Section 1 of this act shall become effective June 1,
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7 2026.
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8 SECTION 4. Section 2 of this act shall become effective July 1,
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9 2026.
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10 SECTION 5. It being immediately necessary for the preservation
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11 of the public peace, health or safety, an emergency is hereby
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12 declared to exist, by reason whereof this act shall take effect and
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13 be in full force from and after its passage and approval.
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Req. No. 2400 Page 9Every fact on this page links to its source, starting with the official bill record.