ENROLLED HOUSE
BILL NO. 2622	By:	McDaniel (Randy) of the House

				and

		Brinkley of the Senate

An Act relating to public retirement systems; amending 47 O.S. 2011, Section 2-308.2, which relates to the Oklahoma Law Enforcement Retirement System; modifying amortization period; providing an effective date; and declaring an emergency.

SUBJECT:  Oklahoma Law Enforcement Retirement System

BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:

SECTION 1.     AMENDATORY     47 O.S. 2011, Section 2-308.2, is amended to read as follows:

Section 2-308.2  (1)  At least once each five (5) years the actuary shall make an actuarial investigation of the experience of the System, including the mortality, service and compensation experience of members and beneficiaries.  Based on the results of such investigation the actuary shall recommend for adoption by the Board such tables and rates as are required for the operation of the System and for the preparation of annual actuarial valuations.

(2)  On the basis of such tables and rates as the Board shall adopt, the actuary shall prepare an annual actuarial valuation of the assets and liabilities of the System and certify the rates of contribution payable by the state under the provisions of law concerning the System.

(3)  Subject to the funds available to the System, the employer contributions to the System shall be determined on the basis of the most recent actuarial valuation, which amount shall be calculated as the sum of the normal cost for the fiscal year plus the payment required to amortize the unfunded accrued liability by level dollar payments over forty (40) fifteen (15) years from July 1, 1980 2014.

SECTION 2.  This act shall become effective July 1, 2014.

SECTION 3.  It being immediately necessary for the preservation of the public peace, health and safety, an emergency is hereby declared to exist, by reason whereof this act shall take effect and be in full force from and after its passage and approval.

Passed the House of Representatives the 18th day of February, 2014.

	
	Presiding Officer of the House
	of Representatives

Passed the Senate the 15th day of April, 2014.

	
	Presiding Officer of the Senate

OFFICE OF THE GOVERNOR
Received by the Office of the Governor this ____________________ day of ___________________, 20_______, at _______ o'clock _______ M.
By: _________________________________
Approved by the Governor of the State of Oklahoma this _________ day of ___________________, 20_______, at _______ o'clock _______ M.

	_________________________________
	Governor of the State of Oklahoma

OFFICE OF THE SECRETARY OF STATE
Received by the Office of the Secretary of State this __________ day of __________________, 20 _______, at _______ o'clock _______ M.
By: _________________________________

Thomas E. Cummins Consulting Actuary, Inc.                        
2512 E. 71st Street, Suite D                                           (918)492.9658   Fax (918)492.9659
Tulsa, OK 74136

January 15, 2014

Representative Randy McDaniel
Room No. 438

Re: RBH No. 9720   

RBH No. 9720 changes the amortization period of the Oklahoma Law Enforcement Retirement System unfunded accrued actuarial liability to 15 years. The required contribution will be the normal cost plus a payment to amortize the unfunded accrued actuarial liability over 15 years from July 1, 2014.

RBH No. 9720 is a nonfiscal retirement bill as defined by the Oklahoma Pension Legislation Actuarial Analysis Act.

Thomas E. Cummins
Thomas E. Cummins, MAAA