Title 74 — Title 74 — State Government

Audits. A. The principal office of the System shall be in quarters at Oklahoma City, Oklahoma. Offices shall be assigned to the System by the Office of Management and Enterprise Services. Upon the failure or inability of the Office of Management and Enterprise Services to provide…

The Oklahoma Public Employees Retirement System is authorized to maintain electronic data processing equipment for their operations. Added by Laws 1982, c. 319, § 8, operative July 1, 1982.

Protection Act. This act shall be known and may be cited as the "February 2021 Regulated Utility Consumer Protection Act". Added by Laws 2021, c. 204, § 1, emerg. eff. April 23, 2021.

The Legislature recognizes the significant economic impact of the extreme weather event that occurred during the month of February 2021. In the wake of this weather event, unprecedented utility costs will be passed through to Oklahoma customers of utilities from regulated utility…

As used in this act: 1. "Authority" shall mean the Oklahoma Development Finance Authority pursuant to Section 5062.1 et seq. of Title 74 of the Oklahoma Statutes; 2. "Commission" shall mean the Oklahoma Corporation Commission; 3. "Extraordinary costs" shall mean costs incurred by…

A. The Oklahoma Corporation Commission may determine upon receiving an application or in any proceeding where the issue is properly brought before it that extreme purchase costs, extraordinary costs or both, requested for recovery by a regulated utility are subject to this act an…

A. Upon the determination that a regulated utility has extreme purchase costs, extraordinary costs or both that are subject to this act and may be mitigated by issuing ratepayer-backed bonds, the Oklahoma Corporation Commission shall make necessary findings and conclusions to res…

property right. A. The rights and interests to receive revenues collected by a regulated utility through the irrevocable and nonbypassable mechanism created pursuant to a financing order shall become a securitization property right at the time the ratepayer-backed bond is issued …

A. In addition to all other powers expressly conferred upon the Oklahoma Development Finance Authority pursuant to Section 5062.8 of Title 74 of the Oklahoma Statues, the Authority is hereby authorized and empowered to take the following actions: 1. To issue ratepayer-backed bond…

of bond issuance. A. The Oklahoma Development Finance Authority is hereby authorized to enter into agreements to receive securitization property as described in Section 6 of this act from a regulated utility and, in exchange, to provide the proceeds of a bond issuance described i…

In any proceeding where the issue is properly before it, the Oklahoma Corporation Commission may require an audit of all amounts received from customers under an irrevocable and nonbypassable mechanism and paid to a utility, the amounts paid by the utility to the Oklahoma Develop…

ratepayer-backed bonds. The Oklahoma Development Finance Authority shall file an application with the Supreme Court of Oklahoma for the approval of ratepayer-backed bonds issued under this act, and exclusive original jurisdiction is hereby conferred upon the Court to hear and det…

gratuities - Actuary - Legal counsel - Membership status - Internal auditor. (1) The Board of Trustees of the Oklahoma Public Employees Retirement System shall appoint an Executive Director and shall establish his compensation. Subject to the policy direction of the Board, he sha…

Effective on the date the first ratepayer-backed bonds are issued under this act, if any provision in this act or portion of this act is held to be invalid or is invalidated, superseded, replaced, repealed or expires for any reason, that occurrence does not affect the validity or…

If this act, or any provision hereof is, or may be deemed to be, in conflict or inconsistent with any of the provisions of Section 18 through Section 34, inclusive, of Article IX of the Constitution of the State of Oklahoma, then, to the extent of any conflicts or inconsistencies…

For regulated utility entities doing business in this state and subject to the February 2021 Regulated Utility Consumer Protection Act, the Oklahoma Corporation Commission shall make available through posting to its public website, a report on any audits or true-ups performed und…

(1) The Board of Trustees shall be responsible for the policies and rules for the general administration of the system, subject to the provisions of this act. (2) The Board shall establish rules and regulations for the administration of the system and for the transaction of its b…

Investment managers - Custodial services - Reports. A. The Oklahoma Public Employees Retirement System Board of Trustees shall discharge their duties with respect to the System solely in the interest of the participants and beneficiaries and: 1. For the exclusive purpose of: a. p…

A. A fiduciary with respect to the Oklahoma Public Employees Retirement System shall not cause the System to engage in a transaction if the fiduciary knows or should know that such transaction constitutes a direct or indirect: 1. Sale or exchange, or leasing of any property from …

Withdrawal. (1) An eligible employer may join the System in January of any year. Application for affiliation shall be in the form of a resolution approved by the governing or legislative body of the eligible employer or by any other body or officer authorized by the law or recogn…

Plan to Public Employees Retirement System. A. Members of the Oklahoma Employment Security Commission Retirement Plan may decide individually to transfer from the Oklahoma Employment Security Commission Retirement Plan to the Oklahoma Public Employees Retirement System. Any such …

Security Commission. Upon payment of a five percent (5%) contribution and interest of not to exceed five percent (5%) to the Oklahoma Public Employees Retirement System, a member of the Oklahoma Public Employees Retirement System shall receive service credit for any years of serv…

74 O.S. § 910.2 Repealed by Laws 1999, c. 257, § 47, eff. July 1, 1999

employer. A. Effective July 1, 1997, the Oklahoma Housing Finance Agency shall be an eligible participating employer in the Oklahoma Public Employees Retirement System. Employees hired after this date shall participate in the Oklahoma Public Employees Retirement System. Employees…

Participation in Public Employees Retirement System. A. Effective July 1, 1998, former employees of a city-county health department who become employees of the State Department of Agriculture or the Department of Environmental Quality who elect to participate in the Oklahoma Publ…

A. Any active member, as of July 1, 1998, whose compensation for service exceeded Twenty-five Thousand Dollars ($25,000.00) per annum prior to July 1, 1994, and who, prior to July 1, 1998, had voluntarily elected to increase the maximum compensation level pursuant to statutes in …

A. There is hereby created, until December 1, 2022, the Unified State Law Enforcement Commission. The Commission shall be composed of the following eight (8) members: 1. The Commissioner of the Department of Public Safety or designee; 2. The Director of the Oklahoma State Bureau …

A. The Department of Public Safety shall establish and maintain a Mental Wellness Division to provide mental wellness services and programs to public safety personnel and retirees thereof to promote good mental wellness. The Commissioner of Public Safety shall appoint the Directo…

There is hereby created in the State Treasury a revolving fund for the Department of Public Safety on behalf of the Mental Wellness Division of the Department of Public Safety to be designated the “Mental Wellness Division Revolving Fund”. The fund shall be a continuing fund, not…

A. There is hereby authorized the establishment of a not-for- profit foundation to raise funds for the Mental Wellness Division Revolving Fund, created in Section 2 of this act, and the achievement of the goals of this act. B. The foundation created pursuant to this section may r…

(1) Any employee of a participating employer on the entry date of such employer shall be a member of the System on the entry date. (2) Any employee other than a state elected official who is employed by a participating employer after the entry date of such employer shall be a mem…

(1) The State of Oklahoma, any county, city or town, or any instrumentality thereof whose employees or a class of whose employees are members of any other retirement or pension plan authorized by a statute of the State of Oklahoma may, by resolution adopted by the official board,…

Distribution of assets. (1) In the event the Plan of the Public Employees Retirement System is terminated or partially terminated the right of all participants or in the event of partial termination the rights of the affected participants, or in the event of complete discontinuan…

service credits from Teachers' Retirement System of Oklahoma. A. Prior service shall be credited as follows: 1. A member shall receive full credit for employment with any participating employer prior to the entry date of his or her employer whether or not continuous and whether o…

All court reporters of the district court shall be entitled to credit for all years of prior service as a court reporter in any court of record in the State of Oklahoma for purposes of participation in the Oklahoma Public Employees Retirement System, provided they are otherwise e…

credit. A member may receive credit in the Oklahoma Public Employees Retirement System for those years of service accumulated by the member as nonclassified optional personnel as defined by paragraph 4 of Section 17-101 of Title 70 of the Oklahoma Statutes if the member is not re…

on becoming members. The provisions of this act shall not operate either to enlarge or to diminish any rights any Justice or Judge of the Supreme Court, Court of Criminal Appeals, Court of Appeals, State Industrial Court or district court may now have under the provisions of the …

Computation factor - Benefits. A. 1. Except as otherwise provided in this subsection, an elected official may elect to participate in the System and if he or she elects to do so shall have the option of participating at any one of the computation factors set forth in paragraph 3 …

Amortizing cost of returning withdrawn or unremitted contributions. A. The Board of Trustees shall adopt rules for computation of the purchase price for service credit. These rules shall base the purchase price for each year purchased on the actuarial cost of the incremental proj…

74 O.S. § 913.6 Repealed by Laws 1999, c. 257, § 48, eff. July 1, 1999

Institute – Election to continue membership in Oklahoma Public Employees Retirement System. A. An employee transferred pursuant to the provisions of Section 3 of this act may elect to remain as a member of the Oklahoma Public Employees Retirement System and if the employee elects…

A. Any active member of the Oklahoma Public Employees Retirement System who served in any branch of the United States Armed Forces or any component thereof, who was honorably discharged, and whose initial membership in the System began on or after July 1, 2000, may receive up to …

A. All persons employed by CompSource Oklahoma prior to the effective date of this act shall remain members of the Oklahoma Public Employees Retirement System until retirement or termination. B. Effective January 1, 2015, for all employees who remain members of the Oklahoma Publi…

discontinue participation for certain reasons - Service credit for years denied participation - Contributions. Any employee who was denied membership in the Oklahoma Public Employees Retirement System or was forced to discontinue participation in the System as a result of receivi…

A. A member of the Oklahoma Public Employees Retirement System who is employed and participating with a participating employer may purchase not to exceed two (2) years of incentive credit if: 1. The member has reached his or her normal retirement date or is within two (2) years o…

A. A member of the Oklahoma Public Employees Retirement System who has six (6) or more years of full-time-equivalent employment with a participating employer, and who is terminated by a state agency or other state governmental entity because the member's position is eliminated th…

74 O.S. § 913d Repealed by Laws 1998, c. 256, § 11, eff. July 1, 1998

Notwithstanding any other provision of law to the contrary, the spouse of a person who initially became a member of the system in January 1999, and such member dies within one month of meeting the required six (6) years of full-time-equivalent employment with a participating empl…

A. The normal retirement date for a member of the Oklahoma Public Employees Retirement System shall be as defined in Section 902 of this title, provided members employed on or after January 1, 1983, shall have six (6) or more years of full-time-equivalent employment with a partic…

OS 74-915v1 (HB 1805, Laws 2024, c. 139, § 2). OS 74-915v2 (HB 1068, Laws 2024, c. 280, § 2).