§ 965. Defined benefit retirement plan--Amendment or modification--Impact statement
Oklahoma Statutes AnnotatedTitle 19. Counties and County Officers
19 Okl.St.Ann. § 965
§ 965. Defined benefit retirement plan--Amendment or modification--Impact statement
B. A county actively maintaining a defined benefit retirement plan for both existing and new employees on or after the effective date of this act1 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.
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.
Credits
Laws 2008, c. 415, § 7, eff. July 1, 2008.
Footnotes
O.S.L.2008, c. 415, effective July 1, 2008.
19 Okl. St. Ann. § 965, OK ST T. 19 § 965
Current with emergency effective legislation through Chapter 90 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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