A. As used in this section, "public retirement system" means:

1. The Oklahoma Firefighters Pension and Retirement System;

2. The Oklahoma Police Pension and Retirement System;

3. The Uniform Retirement System for Justices and Judges;

4. The Oklahoma Law Enforcement Retirement System;

5. The Teachers' Retirement System of Oklahoma; and

6. The Oklahoma Public Employees Retirement System.

B. 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 of the retirement system. For purposes of this section, the rate of return on public retirement system assets for the computation of the funded ratio shall not exceed seven and one-half percent (7.5%) but shall be computed using any assumed rate of return utilized by the applicable retirement system if such rate of return does not exceed seven and one-half percent (7.5%). The provisions of this subsection shall only be applicable to the computation of the funded ratio for purposes of implementing the provisions of this section and shall not be used for any other computation or any other purpose with respect to the actuarial assumptions used by any of the public retirement systems.

C. Effective October 1, 2018, a public retirement system shall make a one-time distribution to its retired members if the member has been retired for a period of five (5) or more years as of October 1, 2018, in the amount of:

1. The lesser of two percent (2%) of the gross annual retirement benefit of the member or One Thousand Dollars ($1,000.00) if the funded ratio of the public retirement system would be not less than sixty percent (60%), but not greater than eighty percent (80%) after the distribution is made;

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) if the funded ratio of the public retirement system would be greater than eighty percent (80%), but not greater than one hundred percent (100%) after the distribution is made; or

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) if the funded ratio of the public retirement system would be greater than one hundred percent (100%) after the distribution is made.

D. The Oklahoma Firefighters Pension and Retirement System shall make a distribution to persons who retired from the Oklahoma Firefighters Pension and Retirement System as a volunteer firefighter, if the member has been retired for a period of five (5) or more years as of October 1, 2018, in the amount of the greater of two percent (2%) of the gross annual retirement benefit of the volunteer firefighter or One Hundred Dollars ($100.00). The provisions of this subsection shall only be applicable to persons who retired from the Oklahoma Firefighters Pension and Retirement System as volunteer firefighters and not as paid firefighters.

E. Increases in retirement benefits may only be provided pursuant to a specific authorization by law.

F. Effective October 1, 2018, increases in retirement benefits shall not be authorized to occur more frequently than once each two (2) years pursuant to the specific authorization required by subsection E of this section. Increases in retirement benefits provided to members of a public retirement system who have been a member of that system for at least twenty (20) years shall not be less than Three Hundred Fifty Dollars ($350.00), except as set forth in subsection D of this section.

Added by Laws 2018, c. 245, § 3, eff. Oct. 1, 2018.