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2004 TRS LegislationAll the following measures become effective July 1. SB1134:
(pdf 179kb) | (1) Cost of Living Adjustment (COLA) for TRS members retired as of 6/30/2003. COLA will be based upon years of service and amount of monthly benefit. THE NEW BENEFIT AMOUNTS WILL BEGIN WITH THE AUG. 1, 2004, BENEFIT PAYMENT. | | | | | Years of Service | Monthly Benefit as of 6/30/2004 | Benefit Increase | | | | 20 years or more | Less than $1,500.00 | 4.5% | | | | | $1,500.00 to $2,500.00 | 4.0% | | | | | Over $2,500.00 | 3.5% | | | | | | | | | | 15 to 19 years | Less than $1,000.00 | 4.0% | | | | | $1,000.00 to $2,000.00 | 3.5% | | | | | Greater than $2,000.00 | 3.0% | | | | | | | | | Fewer than 15 years | Less than $801.00 | 3.5% | | | | | $801.00 to $1,499.99 | 3.0% | | | | | $1,500.00 or greater | 2.5% | | | | | | | | | | Special Retirees | | 4.0% | | | | | | | (2) Rule of 90 members (joined TRS July 1, 1992, or later) can get service credit for unused sick leave service. 120 days of unused sick leave equals one year of service credit.
(3) Excludes member's flexible benefit allowance from regular annual compensation.
(4) Requires Board of Trustees to adopt a COLA actuarial assumption in annual actuarial valuation report. | SB1144:
(pdf 72kb) | Deals with the Oklahoma State and Education Employees Group Insurance Program; requires a TRS retiree to have at least 10 years of credited service to continue insurance coverage and receive the premium supplement paid by the retirement system. | | | | HB2226:
(pdf 80kb) | "Alternate Retirement Plan for Eligible Employees of Participating State Institutions of Higher Education Act of 2004"
1. Allows new employees at the University of Oklahoma, the OU Health Sciences Center, or Oklahoma State University to enroll in either an alternate retirement plan established by the universities, or enrolling in TRS.
2. Provides for a one-time election by current TRS members employed at OU, the OU Health Sciences Center, or OSU to opt out of TRS if the Internal Revenue Service approves.
3. Changes the retirement formula for TRS members employed by OU, the OU Health Sciences Center, or OSU to more closely parallel benefits received by other TRS members. A special provision will increase benefits for retired university employees effective Jan. 1, 2005, but will not allow payment of retroactive benefits.
4. Requires the universities to fund the cost of this proposal over 30 years, and provides that the surcharge paid by the universities can increase if liabilities increase. | | | | HB2536:
(pdf 40kb) | Creates Task Force for the Study of Public Retirement Systems Benefit Design and Equity; establishes 13-member group to study all of Oklahoma's public pension plans. | | | | HB2643:
(pdf 93kb) | 1.Redefines regular annual compensation to exclude any type of reimbursement for expenses, including payments for office, housing, travel or other maintenance allowances.
2.Extends $18,000 death benefit and survivor benefit to include deceased active members who joined TRS after June 1992 (Rule of 90 members).
3. Provides that new retirees cannot volunteer services during the first 60 days of retirement if the retiree is to be in a paid position after 60 days. |
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