Oklahoma SB434 increases the maximum employer and employee contributions to county employees' retirement systems.
Oklahoma SB434 amends the state's statutes to increase the maximum total contributions made by employers and employees to county employees' retirement systems. The bill specifies that the total contributions should not exceed 18.5% of the monthly compensation of each member from July 1, 2019, to June 30, 2025, and 22% from July 1, 2025, onward. The board of county commissioners must appropriate annually for the retirement fund, subject to county excise board approval. The bill declares an emergency, allowing it to take effect immediately upon passage and approval.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.