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STATE OF OKLAHOMA
1st Session of the 60th Legislature (2025)
HOUSE BILL 1335 By: Humphrey
AS INTRODUCED
An Act relating to public retirement systems;
defining term; authorizing grant of retirement
benefit increase for members of the Oklahoma
Firefighters Pension and Retirement System, the
Oklahoma Police Pension and Retirement System, the
Uniform Retirement System for Justices and Judges,
the Oklahoma Law Enforcement Retirement System, the
Teachers' Retirement System of Oklahoma, and the
Oklahoma Public Employees Retirement System subject
to limitation based upon funded ratio; prescribing
conditions for retirement benefit increase;
authorizing grant of benefit increase; prescribing
date for effect of benefit increases; providing for
offset; specifying amount of increase; providing for
certain comparison of benefit increases authorized by
certain statutory provisions; providing for
codification; and providing an effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 49-143.8 of Title 11, unless
there is created a duplication in numbering, reads as follows:
A. As used in this section, "funded ratio" means the figure
derived by dividing the actuarial value of retirement system assets
by the actuarial accrued liability amount of the retirement system
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using the information reported to the retirement system by its
actuary in the annual valuation and which is computed as of a day
certain.
B. Except as provided in subsection D of this section and
except for persons receiving benefits pursuant to Section 49-101 of
Title 11 of the Oklahoma Statutes, effective November 1, 2025, the
board of trustees of the Oklahoma Firefighters Pension and
Retirement System shall grant a four percent (4%) retirement benefit
increase to the retired members of the system or their beneficiaries
if the funded ratio of the retirement system will be at least eighty
percent (80%) after the benefit increase is provided to the eligible
retirees or beneficiaries.
C. Except as provided in subsection D of this section and
except for persons receiving benefits pursuant to Section 49-101 of
Title 11 of the Oklahoma Statutes, effective November 1, 2025, if
the funded ratio of the retirement system will not be at least
eighty percent (80%) after the benefit increase prescribed in
subsection B of this section, the board of trustees shall grant a
two percent (2%) retirement benefit increase to the retired members
of the system or their beneficiaries.
D. Any increase in benefits a person is eligible to receive
pursuant to repealed Section 49-136 of Title 11 of the Oklahoma
Statutes after June 30, 2020, shall be used to offset the increase
of benefits provided in this section.
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E. Effective November 1, 2025, any person receiving benefits
pursuant to Section 49-101 of Title 11 of the Oklahoma Statutes
shall each receive an increase in benefits of four percent (4%) if
the funded ratio of the retirement system will be at least eighty
percent (80%) after a benefit increase is provided to the eligible
retirees or beneficiaries to:
1. Seven Dollars and eighty-three cents ($7.83) per year of
credited service, not to exceed thirty (30) years of service if the
person's retirement benefit was not adjusted pursuant to the
provisions of Section 49-143.7 of Title 11 of the Oklahoma Statutes;
2. Seven Dollars and ninety-nine cents ($7.99) per year of
credited service, not to exceed thirty (30) years of service if the
person's retirement benefit was adjusted pursuant to Section 49-
143.7 of Title 11 of the Oklahoma Statutes from a base amount of
Seven Dollars and sixty-eight cents ($7.68); or
3. Eight Dollars and fourteen cents ($8.14) per year of
credited service, not to exceed thirty (30) years of service if the
person's retirement benefit was adjusted pursuant to Section 49-
143.7 of Title 11 of the Oklahoma Statutes from a base amount of
Seven Dollars and eighty-three cents ($7.83).
F. If the funded ratio of the retirement system will not be at
least eighty percent (80%) after the benefit increase prescribed in
subsection E of this section, effective November 1, 2025, any person
receiving benefits pursuant to Section 49-101 of Title 11 of the
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Oklahoma Statutes shall each receive an increase in benefits of two
percent (2%) to:
1. Seven Dollars and sixty-eight cents ($7.68) per year of
credited service, not to exceed thirty (30) years of service if the
person's retirement benefit was not adjusted pursuant to the
provisions of Section 49-143.7 of Title 11 of the Oklahoma Statutes;
2. Seven Dollars and eighty-three cents ($7.83) per year of
credited service, not to exceed thirty (30) years of service if the
person's retirement benefit was adjusted pursuant to Section 49-
143.7 of Title 11 of the Oklahoma Statutes from a base amount of
Seven Dollars and sixty-eight cents ($7.68); or
3. Seven Dollars and ninety-nine cents ($7.99) per year of
credited service, not to exceed thirty (30) years of service if the
person's retirement benefit was adjusted pursuant to Section 49-
143.7 of Title 11 of the Oklahoma Statutes from a base amount of
Seven Dollars and eighty-three cents ($7.83).
SECTION 2. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 50-136.10 of Title 11, unless
there is created a duplication in numbering, reads as follows:
A. As used in this section, "funded ratio" means the figure
derived by dividing the actuarial value of retirement system assets
by the actuarial accrued liability amount of the retirement system
using the information reported to the retirement system by its
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actuary in the annual valuation and which is computed as of a day
certain.
B. Except as provided in subsection D of this section, the
board of trustees of the Oklahoma Police Pension and Retirement
System shall grant a four percent (4%) retirement benefit increase
effective November 1, 2025, to the retired members of the system or
their beneficiaries if the funded ratio of the retirement system
will be at least eighty percent (80%) after the benefit increase is
provided to the eligible retirees or beneficiaries.
C. Except as provided in subsection D of this section, if the
funded ratio of the retirement system will not be at least eighty
percent (80%) after the benefit increase prescribed in subsection B
of this section, the board of trustees shall grant a two percent
(2%) retirement benefit increase effective November 1, 2025, to the
retired members of the system or their beneficiaries.
D. Any increase in benefits a person is eligible to receive
pursuant to repealed Section 50-120 of Title 11 of the Oklahoma
Statutes, after June 30, 2020, shall be offset by the increase
provided by this section.
SECTION 3. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 1104L of Title 20, unless there
is created a duplication in numbering, reads as follows:
A. As used in this section, "funded ratio" means the figure
derived by dividing the actuarial value of retirement system assets
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by the actuarial accrued liability amount of the retirement system
using the information reported to the retirement system by its
actuary in the annual valuation and which is computed as of a day
certain.
B. The board of trustees of the Uniform Retirement System for
Justices and Judges shall grant a four percent (4%) retirement
benefit increase effective November 1, 2025, to the retired members
of the system or their beneficiaries if the funded ratio of the
retirement system will be at least eighty percent (80%) after the
benefit increase is provided to the eligible retirees or
beneficiaries.
C. If the funded ratio of the retirement system will not be at
least eighty percent (80%) after the benefit increase prescribed in
subsection B of this section, the board of trustees shall grant a
two percent (2%) retirement benefit increase effective November 1,
2025, to the retired members of the system or their beneficiaries.
SECTION 4. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 2-305.13 of Title 47, unless
there is created a duplication in numbering, reads as follows:
A. As used in this section, "funded ratio" means the figure
derived by dividing the actuarial value of retirement system assets
by the actuarial accrued liability amount of the retirement system
using the information reported to the retirement system by its
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actuary in the annual valuation and which is computed as of a day
certain.
B. Except as provided in subsection D of this section, the
board of trustees of the Oklahoma Law Enforcement Retirement System
shall grant a four percent (4%) retirement benefit increase
effective November 1, 2025, to the retired members of the system or
their beneficiaries if the funded ratio of the retirement system
will be at least eighty percent (80%) after the benefit increase is
provided to the eligible retirees or beneficiaries.
C. If the funded ratio of the retirement system will not be at
least eighty percent (80%) after the benefit increase prescribed in
subsection B of this section, the board of trustees shall grant a
two percent (2%) retirement benefit increase effective November 1,
2025, to the retired members of the system or their beneficiaries.
D. Any increase in benefits a person is eligible to receive
pursuant to subsection B, C, or D of Section 2-305 of Title 47 of
the Oklahoma Statutes, after October 31, 2025, shall be offset by
the increase in benefits provided by this section.
SECTION 5. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 17-116.23 of Title 70, unless
there is created a duplication in numbering, reads as follows:
A. As used in this section, "funded ratio" means the figure
derived by dividing the actuarial value of retirement system assets
by the actuarial accrued liability amount of the retirement system
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using the information reported to the retirement system by its
actuary in the annual valuation and which is computed as of a day
certain.
B. The board of trustees of the Teachers' Retirement System of
Oklahoma shall grant a four percent (4%) retirement benefit increase
effective November 1, 2025, to the retired members of the system or
their beneficiaries if the funded ratio of the retirement system
will be at least eighty percent (80%) after the benefit increase is
provided to the eligible retirees or beneficiaries.
C. If the funded ratio of the retirement system will not be at
least eighty percent (80%) after the benefit increase prescribed in
subsection B of this section, the board of trustees shall grant a
two percent (2%) retirement benefit increase effective November 1,
2025, to the retired members of the system or their beneficiaries.
SECTION 6. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 930.12 of Title 74, unless there
is created a duplication in numbering, reads as follows:
A. As used in this section, "funded ratio" means the figure
derived by dividing the actuarial value of retirement system assets
by the actuarial accrued liability amount of the retirement system
using the information reported to the retirement system by its
actuary in the annual valuation and which is computed as of a day
certain.
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B. The board of trustees of the Oklahoma Public Employees
Retirement System shall grant a four percent (4%) retirement benefit
increase effective November 1, 2025, to the retired members of the
system or their beneficiaries if the funded ratio of the retirement
system will be at least eighty percent (80%) after the benefit
increase is provided to the eligible retirees or beneficiaries.
C. If the funded ratio of the retirement system will not be at
least eighty percent (80%) after the benefit increase prescribed in
subsection B of this section, the board of trustees shall grant a
two percent (2%) retirement benefit increase effective November 1,
2025, to the retired members of the system or their beneficiaries.
SECTION 7. This act shall become effective November 1, 2025.
60-1-10047 CMA 10/02/24
THOMAS E. CUMMINS CONSULTING ACTUARY, INC.
2512 E. 71st Street , Suite D ∙ Tulsa, Oklahoma 74136
(918) 492-9658 ∙ (918) 492- 9659
January 7, 2025
Representative Humphrey
Room 301S
Re: RBH No. 10047
RBH No. 10047 provides a benefit increase for the retired members of
each of the State’s retirement systems. The amount of the increase
is 4 % if the funded ratio will be 80% after the increase, otherwise
the benefit increase will be 2% .
RBH No. 10047 is a fiscal bill as defined by OPLAAA.
I am a member of the American Academy of Actuaries and meet the
Qualification Standards of the American Academy of Actuaries to
render the actuarial opinion herein.
Thomas E. Cummins
Thomas E. Cummins, MAAA