SB1588. Oklahoma Firefighters, Police and Law Enforcement Pension and Retirement Systems; making technical corrections to bring laws into compliance with IRS laws and regulations.

Oklahoma Legislature. 2012 Regular Session. Senate.

Introduced:
Feb 06, 2012
Last Action:
Jun 08, 2012
Approved by Governor 06/08/2012
Official Source

State legislative information provided by LegiNation, Inc. and LegiScan, Inc. Some information also from Open States.

(About Ads | Advertise Here)

History

Feb 06, 2012: First Reading

Feb 06, 2012: Authored by Senator Barrington

Feb 07, 2012: Second Reading referred to Retirement and Insurance

Feb 21, 2012: Pending authorship Representative(s) Armes

Feb 24, 2012: Reported Do Pass as amended Retirement and Insurance committee; pending CR

Feb 28, 2012: Reported Do Pass as amended Retirement and Insurance committee; CR filed

Feb 28, 2012: Title stricken

Feb 28, 2012: coauthored by Armes (principal House author)

Mar 06, 2012: Senate Rule suspended

Mar 06, 2012: General Order, Amended

Mar 06, 2012: Title restored

Mar 06, 2012: Measure and Emergency passed: Ayes: 40 Nays: 0

Mar 06, 2012: Referred for engrossment

Mar 07, 2012: Engrossed to House

Mar 07, 2012: First Reading

Mar 19, 2012: Second Reading referred to Economic Development, Tourism and Financial Services

Apr 03, 2012: CR; Do Pass, as amended, Economic Development, Tourism and Financial Services Committee

Apr 03, 2012: Coauthored by Representative(s) Pittman

Apr 03, 2012: Title stricken

Apr 09, 2012: General Order

Apr 09, 2012: Amended

Apr 09, 2012: Third Reading, Measure and Emergency passed: Ayes: 93 Nays: 0

Apr 09, 2012: Referred for engrossment

Apr 10, 2012: Engrossed, signed, to Senate

Apr 10, 2012: HAs read

Apr 23, 2012: HAs rejected, conference requested

May 01, 2012: Conference granted, naming Conference Committee on Insurance and Economic Development

May 02, 2012: SCs named Barrington, Brown, Anderson, Childers, Ballenger, Garrison

May 16, 2012: CCR read

May 16, 2012: Title restored

May 17, 2012: HAs adopted

May 17, 2012: CCR adopted

May 17, 2012: Measure and Emergency passed, to House: Ayes: 39 Nays: 0

May 17, 2012: CCR submitted

May 23, 2012: CCR adopted

May 23, 2012: Measure passed and Emergency failed: Ayes: 92 Nays: 0; Ayes: 66 Nays: 22

May 23, 2012: Notice served to reconsider vote by Representative Armes

May 25, 2012: Motion expired

May 25, 2012: To Senate

May 25, 2012: Referred for enrollment

May 25, 2012: Enrolled, to House

May 25, 2012: Signed, returned to Senate

May 25, 2012: Sent to Governor

Jun 08, 2012: Approved by Governor 06/08/2012

Summary

An Act relating to retirement systems; amending 11 O.S. 2011, Sections 49-100.1, 49-100.7, 49-100.9, 49-101.2, 49-106.2, 49-106.3, 49-106.4, 49-111 and 49-122.3, which relate to the Oklahoma Firefighters Pension and Retirement System; modifying definition; authorizing the use of electronic media under certain conditions; allowing assets of the System to be invested in certain trusts; prohibiting a municipality from employing a volunteer firefighter from another fire department; specifying value of certain distributions; specifying use of certain interest rate and mortality table to adjust certain benefits; specifying method to determine the interest rate and mortality assumption used to determine the actuarial equivalence of certain benefit; providing that a Roth IRA is an Eligible Retirement Plan; modifying definitions; authorizing a nonspouse designated beneficiary to directly rollover a distribution to a Roth IRA; modifying dates regarding certain distributions; clarifying language; specifying that under certain conditions certain benefits shall be nonforfeitable; amending 11 O.S. 2011, Section 50-114.1, as amended by Section 3 of Enrolled Senate Bill No. 1214 of the 2nd Session of the 53rd Oklahoma Legislature, which relates to the Oklahoma Police Pension and Retirement System; specifying use of certain interest rate and mortality table to adjust certain benefits; amending 47 O.S. 2011, Section 2-305.4, as amended by Section 4 of Enrolled Senate Bill No. 1213 of the 2nd Session of the 53rd Oklahoma Legislature, which relates to the Oklahoma Law Enforcement Retirement System; specifying use of certain interest rate and mortality table to adjust certain benefits; and specifying method to determine the interest rate and mortality assumption used to determine the actuarial equivalence of certain benefit. EndFT.