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§ 49-143.7. Increase in benefits--July 1, 2020--Offset

Oklahoma Statutes AnnotatedTitle 11. Cities and TownsEffective: July 1, 2020

Oklahoma Statutes Annotated
Title 11. Cities and Towns (Refs & Annos)
Chapter 1. Municipal Code (Refs & Annos)
Retirement and Pensions
Article XLIX. Firefighters Pension and Retirement System (Refs & Annos)
Effective: July 1, 2020
11 Okl.St.Ann. § 49-143.7
§ 49-143.7. Increase in benefits--July 1, 2020--Offset
Currentness
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B. Any increase in benefits a person is eligible to receive pursuant to repealed Section 49-136 of Title 11 of the Oklahoma Statutes after June 30, 2008, shall be used to offset the increase in benefits provided in subsection A of this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.

Credits

Laws 2020, c. 121, § 2, eff. July 1, 2020.
11 Okl. St. Ann. § 49-143.7, OK ST T. 11 § 49-143.7
Current with emergency effective legislation through Chapter 277 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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