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2007 Legislation

Senate Bill 1112

OPERS 60-Day Notice to Retire Waiver Procedure

This amends the statute that deals with the 60-day notice required to retire from OPERS. The former law permitted the Board of Trustees to waive the notice at its discretion. The amendment will permit the Executive Director of OPERS to grant waivers of the 60-day notice “for good cause shown” as defined by the Board. The Board can still review denials of waiver requests.

Medicare Gap Benefit Change

This amends the Medicare Gap benefit statute. Under the former law, most OPERS members can select this benefit which gives them a slightly higher retirement benefit until they reach Medicare age. The member then sees an actuarially reduced benefit for the rest of his or her life to pay for the higher benefit. Under the former law, the reduction in benefits after age 65 takes place "in January of the year following the member's 65th birthday." The amendment starts the reduction in the "month following" the 65th birthday. The change in law will have no application to those who retired prior to the effective date of SB 1112.

Legislative Update 

COLA Being Studied for 2020
The 2019 regular session of the Oklahoma Legislature adjourned without passing any legislation which directly impacts members of OPERS. However, HB 2304 and HB 2485 were both referred to the legislative actuary as required by the Oklahoma Pension Legislation Actuarial Analysis Act. This means the bills will be studied over the interim and could be voted on by the legislature in 2020. The major provisions of the two bills propose a cost of living adjustment (COLA) for retirees.
HB 2304 proposes a two percent (2%) COLA for members who were retired as of December 31, 2018, and still receiving a benefit as of January 1, 2020.
HB 2485 proposes a four percent (4%) COLA for members who were retired as of December 31, 2018, and still receiving a benefit as of January 1, 2020.

For more information on interim studies, visit the websites below.

Click on the links below for past legislation.

2018 Legislation

2017 Legislation
2016 Legislation
2015 Legislation
2014 Legislation
2013 Legislation
2012 Legislation
2011 Legislation
2010 Legislation
2009 Legislation
2008 Legislation
2007 Legislation
2006 Legislation

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