Okla. Stat. tit. 11 § 49-143.7

Current through Laws 2024, c. 453.

Section 49-143.7 - Increase in benefits - July 1, 2020 - Offset

A. Except as provided in subsection B of this section and except for persons receiving benefits pursuant to Section 49-101 of Title 11 of the Oklahoma Statutes, effective July 1, 2020, any person receiving benefits from the Oklahoma Firefighters Pension and Retirement System as of June 30, 2019, who continues to receive benefits on or after July 1, 2020, shall receive an increase in benefits as follows:

1. Zero percent (0%) if the person has been retired for less than two (2) years as of July 1, 2020;

2. Two percent (2%) if the person has been retired for at least two (2) years but less than five (5) years as of July 1, 2020; and

3. Four percent (4%) if the person has been retired for five (5) years or more as of July 1, 2020.

B. Any increase in benefits a person is eligible to receive pursuant to repealed Section 49-136 of Title 11 of the Oklahoma Statutes after June 30, 2008, shall be used to offset the increase in benefits provided in subsection A of this section.

C. Effective July 1, 2020, any person receiving benefits pursuant to Section 49-101 of Title 11 of the Oklahoma Statutes shall each receive:

1. No increase from the amount listed in subsection C of Section 49-143.6 of Title 11 of the Oklahoma Statutes, which is Seven Dollars and fifty-three cents ($7.53) per year of credited service, not to exceed thirty (30) years of service, if the person has been retired for less than two (2) years as of July 1, 2020;

2. An increase in benefits of two percent (2%) to Seven Dollars and sixty-eight cents ($7.68) per year of credited service, not to exceed thirty (30) years of service, if the person has been retired for at least two (2) years but less than five (5) years as of July 1, 2020; and

3. An increase in benefits of four percent (4%) to Seven Dollars and eighty-three cents ($7.83) per year of credited service, not to exceed thirty (30) years of service, if the person has been retired for five (5) years or more as of July 1, 2020.

Okla. Stat. tit. 11, § 49-143.7

Added by Laws 2020 , c. 121, s. 2, eff. 7/1/2020.