An act relating to the Oklahoma Police Pension and 7 Retirement System, the official text

RBS No. 430

1                  STATE OF OKLAHOMA

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2                 1st Session of the 60th Legislature (2025)

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3 SENATE BILL 609               By: Weaver
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6                               AS INTRODUCED

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7   An Act relating to the Oklahoma Police Pension and

7   Retirement System; amending 11 O.S. 2021, Section 50-

8   111.2, which relates to transfer of credited service;

8   and allowing for credited service from certain out-

9   of-state public retirement systems.

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12 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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13  SECTION 1.     AMENDATORY   11 O.S. 2021, Section 50-111.2, is

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14 amended to read as follows:
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15  Section 50-111.2. A. A member of the Oklahoma Police Pension

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16 and Retirement System may receive up to five (5) years of credited
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17 service accumulated by the member while a member of the Oklahoma
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18 Firefighters Pension and Retirement System, the Oklahoma Law
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19 Enforcement Retirement System, the Teacher's Retirement System of
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20 Oklahoma, the Oklahoma Public Employees Retirement System, or a
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21 county retirement system created pursuant to Section 951 of Title 19
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22 of the Oklahoma Statutes, or an Oklahoma municipal retirement
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23 system, or a state, county, or municipal retirement system from a
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24 state other than Oklahoma, if the member is not receiving or
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    Req. No. 430                                              Page 1
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1 eligible to receive retirement credit or benefits from said service
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2 in any other public retirement system. The member shall decide the
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3 number of years of credited service, not to exceed five (5) years,
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4 to purchase. The State Board shall determine the amount for the
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5 purchase pursuant to Section 50-111.4 of this title. The amount may
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6 be paid through a trustee-to-trustee transfer to the Oklahoma Police
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7 Pension and Retirement System from another system designated in this
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8 section, and/or through payments made by the member. The
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9 transferred credited service of the member from another retirement
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10 system pursuant to this section shall not alter the member's normal
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11 retirement date or vesting requirements. The transferred credited
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12 service will be added after the member reaches normal retirement
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13 date or vesting date.
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14  B. The Oklahoma Police Pension and Retirement System shall

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15 transfer credited service to another Oklahoma state retirement
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16 system upon request of former members. Upon transfer, the former
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17 member shall have forfeited all rights in the Oklahoma Police
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18 Pension and Retirement System. Employee and city contributions of
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19 the former municipal retirement systems prior to January 1, 1981,
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20 are not transferable.
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22  60-1-430      RD      1/19/2025 5:39:58 AM

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    Req. No. 430                                            Page 2