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RBH No. 17077
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ENGROSSED HOUSE
BILL NO. 3721 By: Kelley and Deck of the
House
and
Frix of the Senate
An Act relating to retirement; amending 62 O.S. 2021,
Section 3103, as last amended by Section 2, Chapter
361, O.S.L. 2024 (62 O.S. Supp. 2025, Section 3103),
which relates to the Oklahoma Pension Legislation
Actuarial Analysis Act; modifying terms; amending 11
O.S. 2021, Sections 49-106.1, as last amended by
Section 2, Chapter 151, O.S.L. 2023, and 50-111.3 (11
O.S. Supp. 2025, Section 49-106.1), which relate to
deferred option plans; amending 47 O.S. 2021, Section
2-305.2, as amended by Section 1, Chapter 80, O.S.L.
2022 (47 O.S. Supp. 2025, Section 2-305.2), which
relates to deferred option plans; modifying
provisions related to deferred option plans;
permitting certain individuals to make certain
election; defining term; providing for calculation of
certain benefit; providing effective dates; providing
for contingent effective dates based on outcome of
approval of the emergency clause; and declaring an
emergency.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 62 O.S. 2021, Section 3103, as
last amended by Section 2, Chapter 361, O.S.L. 2024 (62 O.S. Supp.
2025, Section 3103), is amended to read as follows:
Section 3103. As used in the Oklahoma Pension Legislation
Actuarial Analysis Act:
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1. "Amendment" means any amendment, including a substitute
bill, made to a retirement bill by any committee of the House of
Representatives or Senate, any conference committee of the House or
Senate or by the House or Senate;
2. "RB number" means that number preceded by the letters "RB"
assigned to a retirement bill by the respective staffs of the
Oklahoma State Senate and the Oklahoma House of Representatives when
the respective staff office prepares a retirement bill for a member
of the Legislature;
3. "Legislative Actuary" means the firm or entity that enters
into a contract with the Legislative Service Bureau pursuant to
Section 452.15 of Title 74 of the Oklahoma Statutes to provide the
actuarial services and other duties provided for in the Oklahoma
Pension Legislation Actuarial Analysis Act;
4. "Nonfiscal amendment" means an amendment to a retirement
bill having a fiscal impact, which amendment does not change any
factor of an actuarial investigation specified in subsection A of
Section 3109 of this title;
5. "Nonfiscal retirement bill" means a retirement bill:
a. which does not affect the cost or funding factors of a
retirement system,
b. which affects such factors only in a manner which does
not:
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(1) grant a benefit increase under the retirement
system affected by the bill,
(2) create an actuarial accrued liability for or
increase the actuarial accrued liability of the
retirement system affected by the bill, or
(3) increase the normal cost of the retirement system
affected by the bill,
c. which authorizes the purchase by an active member of
the retirement system, at the actuarial cost for the
purchase as computed pursuant to the statute in effect
on the effective date of the measure allowing such
purchase, of years of service for purposes of reaching
a normal retirement date in the applicable retirement
system, but which cannot be used in order to compute
the number of years of service for purposes of
computing the retirement benefit for the member,
d. which provides for the computation of a service-
connected disability retirement benefit for members of
the Oklahoma Law Enforcement Retirement System
pursuant to Section 2-305 of Title 47 of the Oklahoma
Statutes if the members were unable to complete twenty
(20) years of service as a result of the disability,
e. which requires membership in the defined benefit plan
authorized by Section 901 et seq. of Title 74 of the
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Oklahoma Statutes for persons whose first elected or
appointed service occurs on or after November 1, 2018,
if such persons had any prior service in the Oklahoma
Public Employees Retirement System prior to November
1, 2015,
f. which provides for a one-time increase in retirement
benefits if the increase in retirement benefits is not
a permanent increase in the gross annual retirement
benefit payable to a member or beneficiary, occurs
only once pursuant to a single statutory authorization
and does not exceed:
(1) the lesser of two percent (2%) of the gross
annual retirement benefit of the member or One
Thousand Dollars ($1,000.00) and requires that
the benefit may only be provided if the funded
ratio of the affected retirement system would not
be less than sixty percent (60%) but not greater
than eighty percent (80%) after the benefit
increase is paid,
(2) the lesser of two percent (2%) of the gross
annual retirement benefit of the member or One
Thousand Two Hundred Dollars ($1,200.00) and
requires that the benefit may only be provided if
the funded ratio of the affected retirement
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system would be greater than eighty percent (80%)
but not greater than one hundred percent (100%)
after the benefit increase is paid,
(3) the lesser of two percent (2%) of the gross
annual retirement benefit of the member or One
Thousand Four Hundred Dollars ($1,400.00) and
requires that the benefit may only be provided if
the funded ratio of the affected retirement
system would be greater than one hundred percent
(100%) after the benefit increase is paid, or
(4) the greater of two percent (2%) of the gross
annual retirement benefit of the volunteer
firefighter or One Hundred Dollars ($100.00) for
persons who retired from the Oklahoma
Firefighters Pension and Retirement System as
volunteer firefighters and who did not retire
from the Oklahoma Firefighters Pension and
Retirement System as a paid firefighter.
As used in this subparagraph, "funded ratio" means the
figure derived by dividing the actuarial value of
assets of the applicable retirement system by the
actuarial accrued liability of the applicable
retirement system,
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g. which modifies the disability pension standard for
police officers who are members of the Oklahoma Police
Pension and Retirement System as provided by Section
50-115 of Title 11 of the Oklahoma Statutes,
h. which provides a cost-of-living benefit increase
pursuant to the provisions of:
(1) Section 49-143.7 of Title 11 of the Oklahoma
Statutes,
(2) Section 50-136.9 of Title 11 of the Oklahoma
Statutes,
(3) Section 1104K of Title 20 of the Oklahoma
Statutes,
(4) Section 2-305.12 of Title 47 of the Oklahoma
Statutes,
(5) Section 17-116.22 of Title 70 of the Oklahoma
Statutes,
(6) Section 930.11 of Title 74 of the Oklahoma
Statutes,
i. which modifies the computation of the line-of-duty
disability benefit pursuant to the provisions of this
section and Sections 50-101 and 50-115 of Title 11 of
the Oklahoma Statutes, or
j. which authorizes membership in the Oklahoma Law
Enforcement Retirement System for active commissioned
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or CLEET-certified agents of the Office of the
Attorney General or the Military Department of the
State of Oklahoma pursuant to Sections 3 2-309.9 and 4
2-309.10 of this act Title 47 of the Oklahoma
Statutes, or
k. which authorizes certain individuals to make certain
election related to the Oklahoma Firefighters Deferred
Option Plan, the Oklahoma Police Deferred Option Plan,
or the Oklahoma Law Enforcement Deferred Option Plan,
pursuant to Sections 2, 3, and 4 of this act.
A nonfiscal retirement bill shall include any retirement bill that
has as its sole purpose the appropriation or distribution or
redistribution of monies in some manner to a retirement system for
purposes of reducing the unfunded liability of such system or the
earmarking of a portion of the revenue from a tax to a retirement
system or increasing the percentage of the revenue earmarked from a
tax to a retirement system;
6. "Reduction-in-cost amendment" means an amendment to a
retirement bill having a fiscal impact which reduces the cost of the
bill as such cost is determined by the actuarial investigation for
the bill prepared pursuant to Section 3109 of this title;
7. "Retirement bill" means any bill or joint resolution
introduced or any bill or joint resolution amended by a member of
the Legislature which creates or amends any law directly affecting a
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retirement system. A retirement bill shall not mean a bill or
resolution that impacts the revenue of any state tax in which a
portion of the revenue generated from such tax is earmarked for the
benefit of a retirement system;
8. "Retirement bill having a fiscal impact" means any
retirement bill creating or establishing a retirement system and any
other retirement bill other than a nonfiscal retirement bill; and
9. "Retirement system" means the Teachers' Retirement System of
Oklahoma, the Oklahoma Public Employees Retirement System, the
Uniform Retirement System for Justices and Judges, the Oklahoma
Firefighters Pension and Retirement System, the Oklahoma Police
Pension and Retirement System, the Oklahoma Law Enforcement
Retirement System, or a retirement system established after January
1, 2006.
SECTION 2. AMENDATORY 11 O.S. 2021, Section 49-106.1, as
last amended by Section 2, Chapter 151, O.S.L. 2023 (11 O.S. Supp.
2025, Section 49-106.1), is amended to read as follows:
Section 49-106.1. A. In lieu of terminating employment and
accepting a service retirement pension pursuant to Sections 49-101
and 49-106 of this title, any member of the Oklahoma Firefighters
Pension and Retirement System serving as an active firefighter in a
fire department of a participating municipality who has not less
than twenty (20) years of creditable service may elect to
participate in the Oklahoma Firefighters Deferred Option Plan and
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defer the receipts of benefits in accordance with the provisions of
this section.
B. For purposes of this section, creditable service shall
include service credit reciprocally recognized pursuant to Sections
49-100.1 through 49-100.8 and Sections 49-101, 49-101.1 and 49-101.2
of this title but for eligibility purposes only.
C. The duration of participation in the Oklahoma Firefighters
Deferred Option Plan for active firefighters shall not exceed five
(5) years. Participation in the Oklahoma Firefighters Deferred
Option Plan must begin the first day of a month and end on the last
day of a month. At the conclusion of a member's participation in
the Oklahoma Firefighters Deferred Option Plan, the member shall
terminate employment with all participating municipalities as a
firefighter, and shall start receiving the member's accrued monthly
retirement benefit from the System. Such a member may be reemployed
by a participating municipality but only in a position not covered
under the System, and receive in-service distributions of such
member's accrued monthly retirement benefit from the System.
D. When a member begins participation in the Oklahoma
Firefighters Deferred Option Plan, the contribution of the member
shall cease. The employer contributions shall continue to be paid
in accordance with subsection B of Section 49-122 of this title.
Employer contributions for members who elect the Oklahoma
Firefighters Deferred Option Plan shall be credited equally to the
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Oklahoma Firefighters Pension and Retirement System and to the
member's Oklahoma Firefighters Deferred Option Plan account. The
monthly retirement benefits that would have been payable had the
member elected to cease employment and receive a service retirement
shall be paid into the member's Oklahoma Firefighters Deferred
Option Plan account.
E. 1. A member who participates in this plan shall be eligible
to receive cost-of-living increases.
2. A member who participates in this plan shall earn interest
at a rate of two percentage points below the rate of return of the
investment portfolio of the System, but no less than the actuarial
assumed interest rate as certified by the actuary in the yearly
evaluation report of the actuary. The interest shall be credited to
the individual account balance of the member on an annual basis.
3. Effective November 1, 2013, the Oklahoma Firefighters
Deferred Option Plan account for a member whose first service with a
participating municipality of the System occurs on or after November
1, 2013, and who participates for the first time in the Oklahoma
Firefighters Deferred Option Plan on or after November 1, 2013, and
has completed active participation in the Oklahoma Firefighters
Deferred Option Plan, shall earn interest at a rate equal to the
actual rate of return of the investment portfolio of the System,
less one (1) percentage point to offset administrative costs of the
System as determined by the System.
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F. A member in the plan shall receive, at the option of the
member, a lump-sum payment from the account equal to the payments to
the account or an annuity based upon the account of the member or
may elect any other method of payment if approved by the Board of
Trustees. If a member becomes so physically or mentally disabled
while in, or in consequence of, the performance of his or her duty
as to prevent the effective performance of his or her duties that
the State Board approves an in-line-of-duty disability pension, the
payment from the account shall be an in-line-of-duty disability
payment. Notwithstanding any other provision contained herein to
the contrary, commencement of distributions under the Oklahoma
Firefighters Deferred Option Plan shall be no later than the time as
set forth in subsection B of Section 49-106 of this title and a
member whose first service with a participating municipality of the
System occurs on or after November 1, 2013, and who participates for
the first time in the Oklahoma Firefighters Deferred Option Plan on
or after November 1, 2013, must receive a distribution of the entire
remaining balance in the member's Oklahoma Firefighters Deferred
Option Plan account no later than April 1 of the calendar year
following the later of:
1. The calendar year in which the member reaches seventy and
one-half (70 1/2) years of age for a member who attains age seventy
and one-half (70 1/2) before January 1, 2020, or effective for
distributions required to be made after December 31, 2019, but
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before January 1, 2023, the calendar year in which the member
reaches seventy-two (72) years of age for an individual who attains
age seventy and one-half (70 1/2) after December 31, 2019, or
effective for distributions required to be made after December 31,
2022, the calendar year in which the member reaches seventy-three
(73) years of age for an individual who attains age seventy-two (72)
after December 31, 2022, or "the applicable age", as defined in
Section 401(a)(9)(C)(v) of the Internal Revenue Code of 1986, as
amended, if later; or
2. The actual retirement date of the member.
G. If a member dies while maintaining an account balance in the
plan the System shall pay to the designated recipient or recipients
of the member, or if there is no designated recipient or if the
designated recipient predeceases the member, to the spouse of the
member, or if there is no spouse or if the spouse predeceases the
member, to the estate of the member a lump-sum payment equal to the
account balance of the member. If such member was receiving, or
eligible to receive, an in-line-of-duty disability pension at the
time of his or her death, payment of the account balance shall be an
in-line-of-duty disability payment. If a designated recipient is
the surviving spouse of the member, the surviving spouse shall
receive his or her portion of the account balance of the member
pursuant to subsection F of this section. The surviving spouse,
whether or not he or she is a designated recipient of the member,
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may elect to receive his or her portion of the account balance of
the member in the same manner as was applicable to the member.
H. In lieu of participating in the Oklahoma Firefighters
Deferred Option Plan pursuant to subsections A, B, C, D, E and F of
this section, a member may elect to participate in the Oklahoma
Firefighters Deferred Option Plan pursuant to this subsection as
follows:
1. For purposes of this subsection and subsection I of this
section, the following definitions shall apply:
a. "back drop date" means the member's normal retirement
date or the date five (5) years before the member
elects to participate in the Oklahoma Firefighters
Deferred Option Plan, whichever date is later,
b. "termination date" means the date the member elects to
participate in the Oklahoma Firefighters Deferred
Option Plan pursuant to this subsection, and the date
the member terminates employment with all
participating municipalities as an active firefighter,
c. "earlier attained credited service" means the credited
service earned by a member as of the back drop date,
and
d. "deferred benefit balance" means all monthly
retirement benefits that would have been payable had
the member elected to cease employment on the back
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drop date and receive a service retirement from the
back drop date to the termination date, all the
member's contributions and one-half (1/2) of the
employer contributions from the back drop date to the
termination date, with interest based on how the
benefit would have accumulated on a compound annual
basis as if the member had participated in the
Oklahoma Firefighters Deferred Option Plan pursuant to
subsections A, B, C, D, E and F of this section from
the back drop date to the termination date; and
2. At the termination date, the monthly pension benefit shall
be determined based on earlier attained credited service and on the
final average salary as of the back drop date. The member's
individual deferred option account shall be credited with an amount
equal to the deferred benefit balance, the member shall terminate
employment with all participating municipalities as a firefighter,
and shall start receiving the member's accrued monthly retirement
benefit from the System. Such a member may be reemployed by a
participating municipality but only in a position not covered under
the System, and receive in-service distributions of such member's
accrued monthly retirement benefit from the System. The provisions
of subsections B, C, E, F and G of this section shall apply to this
subsection. A member shall not participate in the Oklahoma
Firefighters Deferred Option Plan pursuant to this subsection if the
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member has elected to participate in the Oklahoma Firefighters
Deferred Option Plan pursuant to subsections A, B, C, D, E and F of
this section.
I. Certain surviving spouses and members Members not
participating in the Oklahoma Firefighters Deferred Option Plan
pursuant to subsections A, B, C, D, E and F of this section, certain
surviving spouses, and certain surviving children shall be eligible
to participate in the Oklahoma Firefighters Deferred Option Plan
pursuant to subsection H of this section and this subsection.
1. For purposes of this subsection, the following definitions
shall apply:
a. "back drop election date" means the date the surviving
spouse or member elects, or all of a member's
established children unanimously elect, to commence
participation in the Oklahoma Firefighters Deferred
Option Plan pursuant to subsection H of this section
and this subsection,
b. "interest" means interest at a rate of two percentage
points below the rate of return of the investment
portfolio of the System, but no less than the
actuarial assumed interest rate as certified by the
actuary in the yearly evaluation report of the
actuary,
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c. "monthly adjustment amount" means the difference
between the monthly pension prior to the back drop
election and the adjusted monthly pension due to the
back drop election,
d. "back drop pension adjustment amount" means the sum of
all the monthly adjustment amounts adjusted for
interest from the pension commencement date to the
back drop election date, and
e. "deferred benefit balance adjustment amount" means the
interest on the deferred benefit balance from the
pension commencement date to the back drop election
date, and
f. "established child" means, in the case of a deceased
member who does not have a surviving spouse, any
surviving biological or adopted child of such member
who is alive on the date of the election described in
subparagraph b of paragraph 2 of this subsection and
who is a beneficiary of such member, as defined in
Section 49-100.1 of this title, or who would be a
beneficiary of such member under Section 49-100.1 of
this title if the age requirements set forth therein
did not apply.
2. If a member who has more than twenty (20) years of
creditable service and is eligible to receive a service retirement
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pension dies on or after June 4, 2007, and prior to terminating
employment, the:
a. The member's surviving spouse shall be eligible to
elect to receive a benefit determined as if the member
had elected to participate in the Oklahoma
Firefighters Deferred Option Plan in accordance with
subsection H of this section on the day immediately
preceding such member's death. Prior to July 1, 2010,
the surviving spouse must make any such election
within one (1) year from the date of the member's
death. Effective July 1, 2010, the surviving spouse
must make any such election within ninety (90) days
from the date of the member's death. If on or after
June 4, 2007, such election is made, the monthly
pension such surviving spouse is entitled to receive
shall be adjusted in accordance with the provisions of
subsection H of this section to account for the
member's participation in the Oklahoma Firefighters
Deferred Option Plan. The surviving spouse may only
make this election if the member has not previously
elected to participate in the Oklahoma Firefighters
Deferred Option Plan. For purposes of this election,
the surviving spouse must have been married to the
firefighter for the thirty (30) continuous months
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preceding the firefighter's death; provided, the
surviving spouse of a member who died while in, or as
a consequence of, the performance of the member's duty
for a participating municipality shall not be subject
to the marriage limitation for this election; or
b. Effective July 1, 2026, a member's established
children shall be eligible to elect to participate in
the Oklahoma Firefighters Deferred Option Plan
pursuant to subsection H of this section and this
subsection so long as the member did not participate
in the Oklahoma Firefighters Deferred Option Plan
pursuant to subsections A, B, C, D, E and F of this
section and provided that none of the established
children is receiving, or by reason of an existing
disability will be eligible to receive upon attaining
eighteen (18) years of age, disabled survivor pension
benefits pursuant to Section 49-112 of this title.
For the election to be effective, all established
children must unanimously elect in writing within two
(2) years from the member's date of death to make such
back drop election in accordance with any rules,
resolutions, or procedures promulgated or adopted by
the State Board. Once the election is timely made and
the State Board has determined that all established
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children have been accounted for and made such
election, each established child shall, as soon as
practicable, receive an equal share of the deferred
benefit balance, taking into account any reductions or
adjustments to the deferred benefit balance described
in the paragraph below for an established child
receiving a survivor pension benefit. The State Board
may rely on any reasonable method to determine that
all established children have been accounted for;
provided, however, that the State Board may
conclusively rely on an order of any court of
competent jurisdiction in making such determination.
No interest shall accrue or be paid on the deferred
benefit balance with respect to any period after the
member's date of death. Any payment made to a
member's established child pursuant to this
subparagraph shall be included in the total payments
made with respect to a member pursuant to paragraph 4
of subsection A of Section 49-113 of this title. In
the event an established child is a beneficiary
entitled to receive survivor pension benefits for any
period, such established child's pension benefit shall
continue to be calculated pursuant to Section 49-112
of this title without regard to whether the election
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is made; provided, however, that if a back drop
election is made pursuant to this subsection, the
difference between such established child's pension
benefit calculated pursuant to Section 49-112 of this
title and the pension benefit calculated pursuant to
subsection H of this section shall reduce the deferred
benefit balance. In calculating such reduction, the
sum of such pension benefits will be reduced to a
present value as of the member's date of death using
the actuarial assumed interest rate as of the member's
date of death as certified by the actuary in the
yearly evaluation report of the actuary, and assuming
that the pension benefit will continue until the
youngest of all established children attains twenty-
two (22) years of age and such other assumptions that
the State Board may promulgate or adopt by rule,
resolution, or procedure. The portion of the deferred
benefit balance an established child receives shall
not be reduced by the back drop pension adjustment
amount applicable to such established child other than
as a result of the reduction in the deferred benefit
balance.
c. Nothing in this paragraph or subsection is meant to
create any benefits not otherwise allowed by law.
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3. If a member has more than twenty (20) years of creditable
service and is eligible for a retirement for disability monthly
pension pursuant to Section 49-109 of this title on or after June 4,
2007, such member shall be eligible to elect to receive a benefit
determined as if the member had elected to participate in the
Oklahoma Firefighters Deferred Option Plan, in accordance with
subsection H of this section, on the day immediately preceding the
date of the member's disability retirement, provided such election
is made within two (2) years from the date of the member's
disability retirement. The disability monthly pension such member
is receiving, or entitled to receive, shall be adjusted in
accordance with the provisions of subsection H of this section to
account for the member's participation in the Oklahoma Firefighters
Deferred Option Plan. The deferred benefit balance such member is
entitled to receive shall be reduced by the back drop pension
adjustment amount and increased by the deferred benefit balance
adjustment amount. The member may only make a back drop election if
the deferred benefit balance after the adjustment described in this
paragraph is greater than Zero Dollars ($0.00). The member may only
make this election if the member has not previously elected to
participate in the Oklahoma Firefighters Deferred Option Plan.
4. If a member has more than twenty (20) years of creditable
service and filed a grievance for wrongful termination occurring on
or after June 4, 2007, or is not a member of a collective bargaining
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organization as a firefighter, is involuntarily terminated and is
seeking to have his or her position as a firefighter reinstated
through a legal process, but is not reinstated as an active member,
such member shall be eligible to elect to receive a benefit
determined as if the member had elected to participate in the
Oklahoma Firefighters Deferred Option Plan in accordance with
subsection H of this section on the day immediately preceding the
date of the member's termination. Such election must be made within
two (2) years from the date of the member's termination as an active
member and, if the member's case pertaining to the member's
termination is on appeal to a court of competent jurisdiction,
within such period set by the State Board in its sole discretion.
The monthly pension such member is receiving, or entitled to
receive, shall be adjusted in accordance with the provisions of
subsection H of this section to account for the member's
participation in the Oklahoma Firefighters Deferred Option Plan.
The deferred benefit balance such member is entitled to receive
shall be reduced by the back drop pension adjustment amount and
increased by the deferred benefit balance adjustment amount. The
member may only make a back drop election if the deferred benefit
balance after the adjustment described in this paragraph is greater
than Zero Dollars ($0.00). The member may only make this election
if the member has not previously elected to participate in the
Oklahoma Firefighters Deferred Option Plan.
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5. Subparagraphs d and e of paragraph 1 and paragraphs 3 and 4
of this subsection are effective June 4, 2007, provided the Internal
Revenue Service issues a favorable determination letter for the
System which includes the provisions of such subparagraphs and
paragraphs without modification or as modified to conform to any
changes required by the Internal Revenue Service as part of its
determination letter review process. In the event the Internal
Revenue Service does not issue such a determination letter which
includes the provisions of such subparagraphs or paragraphs without
modification or as modified to conform to any changes required by
the Internal Revenue Service as part of its determination letter
review process, then subparagraphs d and e of paragraph 1 and
paragraphs 3 and 4 of this subsection shall be repealed effective
June 4, 2007.
SECTION 3. AMENDATORY 11 O.S. 2021, Section 50-111.3, is
amended to read as follows:
Section 50-111.3. A. In lieu of terminating employment and
accepting a service retirement pension pursuant to Section 50-114 of
this title, any member of the Oklahoma Police Pension and Retirement
System who has not less than twenty (20) years of creditable service
and who is eligible to receive a service retirement pension may make
an irrevocable election to participate in the Oklahoma Police
Deferred Option Plan and defer the receipts of benefits in
accordance with the provisions of this section.
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B. For purposes of this section, creditable service shall
include service credit reciprocally recognized pursuant to Section
50-101 et seq. of this title but for eligibility purposes only.
C. The duration of participation in the Oklahoma Police
Deferred Option Plan for a member shall not exceed five (5) years.
Participation in the Oklahoma Police Deferred Option Plan must begin
the first day of a month and end on the last day of a month. At the
conclusion of a member's participation in the Oklahoma Police
Deferred Option Plan, the member shall terminate employment with all
participating municipalities as an officer, and shall start
receiving the member's accrued monthly retirement benefit from the
System. Such a member may receive in-service distributions of such
member's accrued monthly retirement benefit from the System if such
member is reemployed by a participating municipality only if such
reemployment is as a police chief or in a position not covered under
the System.
D. When a member begins participation in the Oklahoma Police
Deferred Option Plan, the contribution of the employee shall cease.
The employer contributions shall continue to be paid in accordance
with Section 50-109 of this title. Municipal contributions for
employees who elect the Oklahoma Police Deferred Option Plan shall
be credited equally to the Oklahoma Police Pension and Retirement
System and to the Oklahoma Police Deferred Option Plan. The monthly
retirement benefits that would have been payable had the member
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elected to cease employment and receive a service retirement shall
be paid into the Oklahoma Police Deferred Option Plan account.
E. 1. A member who participates in this plan shall be eligible
to receive cost of living increases.
2. A member who participates in this plan shall earn interest
at a rate of two percentage points below the rate of return of the
investment portfolio of the System, but no less than the actuarial
assumed interest rate as certified by the actuary in the yearly
evaluation report of the actuary. The interest shall be credited to
the individual account balance of the member on an annual basis.
F. A participant in the Oklahoma Police Deferred Option Plan
shall receive, at the option of the participant:
1. A lump sum payment from the account equal to the option
account balance of the participant, payable to the participant;
2. A lump sum payment from the account equal to the option
account balance of the participant, payable to the annuity provider
which shall be selected by the participant as a result of the
research and investigation of the participant; or
3. Any other method of payment if approved by the State Board.
Notwithstanding any other provision contained herein to the
contrary, commencement of distributions under the Oklahoma Police
Deferred Option Plan shall be no later than the time as set forth in
subsection C of Section 50-114 of this title.
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G. If the participant dies during the period of participation
in the Oklahoma Police Deferred Option Plan, a lump sum payment
equal to the account balance of the participant shall be paid to the
recipients, which may include a trust, properly designated in
writing by the participant or, if none, to the surviving spouse who
was married to the participant for the thirty (30) continuous months
immediately preceding the death of the participant; provided, a
surviving spouse of a participant who died in, and as a consequence
of, the performance of the participant's duty for a participating
municipality shall not be subject to the thirty-month marriage
requirement for survivor benefits or, if no surviving spouse, to the
estate of the participant.
H. In lieu of participating in the Oklahoma Police Deferred
Option Plan pursuant to subsections A, B, C, D, E and F of this
section, a member may make an irrevocable election to participate in
the Oklahoma Police Deferred Option Plan pursuant to this subsection
as follows:
1. For purposes of this subsection, the following definitions
shall apply:
a. "back drop date" means the date selected by the
member, which is up to five (5) years before the
member elects to participate in the Oklahoma Police
Deferred Option Plan, but not before the date at which
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the member completes twenty (20) years of credited
service,
b. "termination date" means the date the member elects to
participate in the Oklahoma Police Deferred Option
Plan pursuant to this subsection, and the date the
member terminates employment with all participating
municipalities as an active police officer, such
termination has at all times included reemployment of
a member by a participating municipality only if such
reemployment is as a police chief or in a position not
covered under the System,
c. "earlier attained credited service" means the credited
service earned by a member as of the back drop date,
and earlier attained credited service cannot be
reduced to less than twenty (20) years of credited
service, and
d. "deferred benefit balance" means all monthly
retirement benefits that would have been payable had
the member elected to cease employment on the back
drop date and receive a service retirement from the
back drop date to the termination date, all of the
member's contributions and one-half (1/2) of the
employer contributions from the back drop date to the
termination date, with interest based on how the
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benefit would have accumulated as if the member had
participated in the Oklahoma Police Deferred Option
Plan pursuant to subsections A, B, C, D and E of this
section from the back drop date to the termination
date, and
e. "established child" means, in the case of a deceased
member who does not have a surviving spouse, any
surviving biological or adopted child of such member
who is alive on the date of the election described in
paragraph 4 of this subsection and who is a
beneficiary of such member as defined in Section 50-
101 of this title, or who would be a beneficiary of
such member under Section 50-101 of this title if the
age requirements set forth therein did not apply;
2. At the termination date, the monthly pension benefit shall
be determined based on earlier attained credited service and on the
final average salary as of the back drop date. The member's
individual deferred option account shall be credited with an amount
equal to the deferred benefit balance; the member shall terminate
employment with all participating municipalities as a police officer
and shall start receiving the member's accrued monthly retirement
benefit from the System. The provisions of subsections B, C, E, F
and G of this section shall apply to this subsection. A member
shall not participate in the Oklahoma Police Deferred Option Plan
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pursuant to this subsection if the member has elected to participate
in the Oklahoma Police Deferred Option Plan pursuant to subsections
A, B, C, D, E and F of this section; and
3. If a member who has not less than twenty (20) years of
creditable service and who is eligible to receive a service
retirement pension dies prior to terminating employment, the
surviving spouse shall be eligible to elect to receive a benefit
determined as if the member had elected to participate in the
Oklahoma Police Deferred Option Plan in accordance with this
subsection on the day immediately preceding the death. The
surviving spouse must have been married to the member for the thirty
(30) continuous months preceding the member's death; provided, the
surviving spouse of a member who died while in, and as a consequence
of, the performance of the member's duty for a participating
municipality shall not be subject to the thirty-month marriage
requirement for this election; and
4. Effective July 1, 2026, if a member who has not less than
twenty (20) years of creditable service and who is eligible to
receive a service retirement pension dies prior to terminating
employment, such member's established children shall be eligible to
elect to participate in the Oklahoma Police Deferred Option Plan
pursuant to this subsection so long as the member did not
participate in the Oklahoma Police Deferred Option Plan pursuant to
subsections A, B, C, D, E and F of this section and provided that
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none of the established children are receiving, or will be eligible
to receive, a pension annuity for life from the System. For the
election to be effective, all established children must unanimously
elect in writing within two (2) years from the member's date of
death to make such back drop election in accordance with any rules,
resolutions, or procedures promulgated or adopted by the State
Board. Once the election is timely made and the State Board has
determined that all established children have been accounted for and
made such election, each established child shall, as soon as
practicable, receive an equal share of the deferred benefit balance,
taking into account any reductions or adjustments to the deferred
benefit balance described in the paragraph below for an established
child receiving a survivor pension benefit. The State Board may
rely on any reasonable method to determine that all established
children have been accounted for; provided, however, that the State
Board may conclusively rely on an order of any court of competent
jurisdiction in making such determination. No interest shall accrue
or be paid on the deferred benefit balance with respect to any
period after the member's date of death. Any payment made to a
member's established child pursuant to this subparagraph shall be
included in the total benefits paid with respect to a member
pursuant to subsection D of Section 50-114 of this title.
In the event an established child is a beneficiary entitled to
receive survivor pension benefits for any period, such established
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child's pension benefit shall continue to be calculated pursuant to
Section 50-117 of this title without regard to whether the election
is made; provided, however, that if a back drop election is made
pursuant to this subsection, the difference between such established
child's pension benefit calculated pursuant to Section 50-117 of
this title and the pension benefit calculated pursuant to this
subsection shall reduce the deferred benefit balance. In
calculating such reduction, the sum of such pension benefits will be
reduced to a present value as of the member's date of death using
the actuarial assumed interest rate as of the member's date of death
as certified by the actuary in the yearly evaluation report of the
actuary, and assuming that the pension benefit will continue until
the youngest of all established children attains twenty-two (22)
years of age and such other assumptions that the State Board may
promulgate or adopt by rule, resolution, or procedure. The portion
of the deferred benefit balance an established child receives shall
not be reduced by the back drop pension adjustment amount applicable
to such established child other than as a result of the reduction in
the deferred benefit balance.
Nothing in this paragraph or subsection is meant to create any
benefits not otherwise allowed by law.
SECTION 4. AMENDATORY 47 O.S. 2021, Section 2-305.2, as
amended by Section 1, Chapter 80, O.S.L. 2022 (47 O.S. Supp. 2025,
Section 2-305.2), is amended to read as follows:
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Section 2-305.2. A. In lieu of terminating employment and
accepting a service retirement pension pursuant to Section 2-305 of
this title, any member of the Oklahoma Law Enforcement Retirement
System who has not less than twenty (20) years of participating
service and who is eligible to receive a service retirement pension
may make an irrevocable election to participate in the Oklahoma Law
Enforcement Deferred Option Plan and defer the receipts of benefits
in accordance with the provisions of this section.
B. For purposes of this section, participating service shall
include service credit recognized pursuant to paragraphs (c) and (d)
of Section 2-307, subsection B of Section 2-307.2, and Sections 2-
309.1, 2-309.2, 2-309.3, 2-309.4, 2-309.5 and 2-309.6 of this title
but for eligibility purposes only.
C. The duration of participation in the Oklahoma Law
Enforcement Deferred Option Plan for a member shall not exceed five
(5) years. Participation in the Oklahoma Law Enforcement Deferred
Option Plan must begin the first day of a month and end on the last
day of the month. At the conclusion of a member's participation in
the Oklahoma Law Enforcement Deferred Option Plan, the member shall
terminate employment as a member of the Oklahoma Law Enforcement
Retirement System, and shall start receiving the member's accrued
monthly retirement benefit from the System. Such a member may
continue to receive in-service distributions of such member's
accrued monthly retirement benefit from the System if the member is
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reemployed by a state agency only if such reemployment is in a
position not covered under the System.
D. When a member begins participation in the Oklahoma Law
Enforcement Deferred Option Plan, the contribution of the member
shall cease. The employer contributions shall continue to be paid
in accordance with Section 2-304 of this title. Employer
contributions for members who elect the Oklahoma Law Enforcement
Deferred Option Plan shall be credited equally to the Oklahoma Law
Enforcement Retirement System and to the member's Oklahoma Law
Enforcement Deferred Option Plan account. The monthly retirement
benefits that would have been payable had the member elected to
cease employment and receive a service retirement shall be paid into
the member's Oklahoma Law Enforcement Deferred Option Plan account.
E. 1. A member who participates in this plan shall be eligible
to receive cost of living increases.
2. A member who participates in this plan shall earn interest
at a rate of two percentage points below the rate of return of the
investment portfolio of the System, but no less than the assumed
interest rate. The assumed interest rate shall be seven and five-
tenths percent (7.5%) until the Board amends the assumed interest
rate prospectively by resolution. The interest shall be credited to
the individual account balance of the member on an annual basis.
F. A member in the Oklahoma Law Enforcement Deferred Option
Plan shall receive, at the option of the member:
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1. A lump-sum payment from the account equal to the option
account balance of the member, payable to the member;
2. A lump-sum payment from the account equal to the option
account balance of the member, payable to the annuity provider which
shall be selected by the member as a result of the research and
investigation of the member; or
3. Any other method of payment if approved by the Board.
Notwithstanding any other provision contained herein to the
contrary, commencement of distributions under the Oklahoma Law
Enforcement Deferred Option Plan shall be no later than the time as
set forth in paragraph 7 of Section 2-300 of this title.
If a member meets the definition of disability as defined in
paragraph 11 of Section 2-300 of this title by direct reason of the
performance of the member's duties, the payment from the account
shall be an in-line-of-duty disability payment.
G. If the member dies during the period of participation in the
Oklahoma Law Enforcement Deferred Option Plan, a lump-sum payment
equal to the account balance of the member shall be paid to the
designated beneficiary as defined in paragraph 17 of Section 2-300
of this title, or if there is no designated beneficiary or the
designated beneficiary predeceases the member, to the estate of the
member. If such member was receiving, or eligible to receive, an
in-line-of-duty disability pension pursuant to subsection E or F of
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Section 2-305 of this title at the time of death, payment of the
account balance shall be an in-line-of-duty disability payment.
H. In lieu of participating in the Oklahoma Law Enforcement
Deferred Option Plan pursuant to subsections A, B, C, D, E and F of
this section, a member may make an irrevocable election to
participate in the Oklahoma Law Enforcement Deferred Option Plan
pursuant to this subsection as follows:
1. For purposes of this subsection, the following definitions
shall apply:
a. "back drop date" means the date selected by the member
which is up to five (5) years before the member elects
to participate in the Oklahoma Law Enforcement
Deferred Option Plan, but not before the date at which
the member completes twenty (20) years of
participating service,
b. "termination date" means the date the member elects to
participate in the Oklahoma Law Enforcement Deferred
Option Plan pursuant to this subsection and the date
the member terminates employment and starts receiving
the member's accrued monthly retirement benefit from
the System. Such termination has at all times
included reemployment of a member by a state agency,
but only in a position not covered under the System,
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c. "earlier attained participating service" means the
participating service earned by a member as of the
back drop date. Earlier attained participating
service cannot be reduced to less than twenty (20)
years of participating service, and
d. "deferred benefit balance" means all retirement
benefits that would have been paid from the back drop
date to the termination date, and one-half (1/2) of
the employer contributions from the back drop date to
the termination date, with interest based on how the
benefit would have accumulated on a compound annual
basis as if the member had participated in the
Oklahoma Law Enforcement Deferred Option Plan pursuant
to subsections A, B, C, D and E of this section from
the back drop date to the termination date; and
e. "established child" means, in the case of a deceased
member who does not have a surviving spouse, any
surviving biological or adopted child of such member
who is alive on the date of the election described in
paragraph 4 of this subsection and who is a
beneficiary of such member as defined in Section 2-300
of this title, or who would be a beneficiary of such
member under Section 2-300 of this title if the age
requirements set forth therein did not apply;
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2. At the termination date, a member's monthly pension benefit
shall be determined based on the earlier attained participating
service and on the final average salary as of the back drop date.
The member's individual deferred option account shall be credited
with an amount equal to the deferred benefit balance; the member
shall terminate employment and shall start receiving the member's
accrued monthly retirement benefit from the System. The member
shall, upon application filed with the Board, be refunded from the
fund an amount equal to the accumulated contributions the member
made to the fund from the back drop date to the termination date,
but excluding any interest. Such termination has at all times
included reemployment of a member by a state agency, but only in a
position not covered under the System. The provisions of
subsections B, C, E, F and G of this section shall apply to this
subsection; and
3. A member may participate in the Oklahoma Law Enforcement
Deferred Option Plan pursuant to this subsection even if the member
has elected to participate in the Oklahoma Law Enforcement Deferred
Option Plan pursuant to subsections A, B, C, D, E and F of this
section. Such a member may select a back drop date which is up to
five (5) years prior to the termination date, but not before the
date at which the member completes twenty (20) years of
participating service. Such a member's participation in the
Oklahoma Law Enforcement Deferred Option Plan may not exceed five
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(5) years when combined with such a member's prior period of
participation in the Oklahoma Law Enforcement Deferred Option Plan.
The provisions of subsections B, C, E, F and G of this section shall
apply to this subsection; and
4. Effective July 1, 2026, if a member who has not less than
twenty (20) years of creditable service and who is eligible to
receive a service retirement pension dies prior to terminating
employment, such member's established children shall be eligible to
elect to participate in the Oklahoma Law Enforcement Deferred Option
Plan pursuant to this subsection so long as the member did not
participate in the Oklahoma Law Enforcement Deferred Option Plan
pursuant to subsections A, B, C, D, E and F of this section and
provided that none of the established children or the deceased
member's dependent parents are receiving, or will be eligible to
receive, a pension annuity for life from the System. For the
election to be effective, all established children must unanimously
elect in writing within two (2) years from the member's date of
death to make such back drop election in accordance with any rules,
resolutions, or procedures promulgated or adopted by the State
Board. Once the election is timely made and the State Board has
determined that all established children have been accounted for and
made such election, each established child shall, as soon as
practicable, receive an equal share of the deferred benefit balance,
taking into account any reductions or adjustments to the deferred
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benefit balance described in the paragraph below for an established
child receiving a survivor pension benefit. The State Board may
rely on any reasonable method to determine that all established
children have been accounted for; provided, however, that the State
Board may conclusively rely on an order of any court of competent
jurisdiction in making such determination. No interest shall accrue
or be paid on the deferred benefit balance with respect to any
period after the member's date of death. Any payment made to a
member's established child pursuant to the subparagraph shall be
included in the total retirement payments made with respect to a
member pursuant to Section 2-306.2 of this title.
In the event an established child is a beneficiary entitled to
receive survivor pension benefits for any period, such established
child's pension benefit shall continue to be calculated pursuant to
Section 2-306 of this title without regard to whether the election
is made; provided, however, that if a back drop election is made
pursuant to this subsection, the difference between such established
child's pension benefit calculated pursuant to Section 2-306 of this
title and the pension benefit calculated pursuant to this subsection
shall reduce the deferred benefit balance. In calculating such
reduction, the sum of such pension benefits will be reduced to a
present value as of the member's date of death using the actuarial
assumed interest rate as of the member's date of death as certified
by the actuary in the yearly evaluation report of the actuary, and
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assuming that the pension benefit will continue until the youngest
of all established children attains twenty-two (22) years of age and
such other assumptions that the State Board may promulgate or adopt
by rule, resolution, or procedure. The portion of the deferred
benefit balance an established child receives shall not be reduced
by the back drop pension adjustment amount applicable to such
established child other than as a result of the reduction in the
deferred benefit balance.
Nothing in this paragraph or subsection is meant to create any
benefits not otherwise allowed by law.
SECTION 5. If the Emergency Clause is not approved pursuant to
the requirements of the Oklahoma Constitution as part of this
measure, the effective date of Section 1 of this act shall be
October 1, 2026.
SECTION 6. If the Emergency Clause is not approved pursuant to
the requirements of the Oklahoma Constitution as part of this
measure, the effective date of Sections 2 through 4 of this act
shall be November 1, 2026.
SECTION 7. Except as otherwise provided by Section 5 of this
act, Section 1 of this act shall become effective immediately upon
signature by the Governor or as otherwise provided by Section 58 of
Article V of the Oklahoma Constitution.
RBH No. 17077
ENGR. H. B. NO. 3721 Page 41
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SECTION 8. Except as otherwise provided by Section 6 of this
act, Sections 2 through 4 of this act shall become effective July 1,
2026.
SECTION 9. It being immediately necessary for the preservation
of the public peace, health or safety, an emergency is hereby
declared to exist, by reason whereof this act shall take effect and
be in full force from and after its passage and approval.
Passed the House of Representatives the 17th day of March, 2026.
Presiding Officer of the House
of Representatives
Passed the Senate the _____ day of __________, 2026.
Presiding Officer of the Senate