Okla. Stat. tit. 19 § 965

Current through Laws 2024, c. 453.

Section 965 - Defined benefit retirement plan - Amendment or modification - Impact statement

A. As used in this section:

1. "Concurrent funding" means an increase in employer contributions, employee contributions, apportioned tax revenues or other assets transferred to the county retirement plan to offset any increase in unfunded actuarial accrued liability of the plan; and

2. "Unfunded actuarial accrued liability" means the excess of the actuarial accrued liability over the actuarial value of assets.

B. A county actively maintaining a defined benefit retirement plan for both existing and new employees on or after the effective date of this act which plan was established pursuant to the authority of Section 951 et seq. of Title 19 of the Oklahoma Statutes shall not adopt any plan amendment or otherwise modify the defined benefit plan provisions in any manner that would result in an increase in the unfunded actuarial accrued liability of the retirement plan.

C. A county may adopt a plan amendment or other modification that increases retirement benefits or that would otherwise increase the unfunded actuarial accrued liability of the retirement plan if the county provides concurrent funding for the plan amendment or other proposed plan modification.

D. Before a county described by this section adopts a plan amendment or other plan modification, the proposed plan amendment or other plan modification shall be reviewed by a qualified actuary who shall prepare an impact statement with respect to the proposed plan amendment or other plan modification. The actuary shall provide the impact statement to the plan administrator, if applicable, and to the county clerk of the county maintaining the retirement plan.

E. If the impact statement prepared by the actuary determines that the proposed plan amendment or other plan modification would increase the unfunded actuarial accrued liability of the county retirement plan, the county shall not adopt or implement the amendment or other modification unless the county provides concurrent funding.

Okla. Stat. tit. 19, § 965

Added by Laws 2008 , HB 3112, c. 415, § 7, emerg. eff. 7/1/2008.