Public retirement systems; cost-of-living increases; Oklahoma Firefighters Pension and Retirement System; Oklahoma Police Pension and Retirement System; Uniform Retirement System for Justices and Judges; Oklahoma Law Enforcement Retirement System; Teachers' Retirement System of Oklahoma; Oklahoma Public Employees Retirement System; codification; effective date.

HB 1986 increases retirement benefits by 2% for eligible retirees in six Oklahoma public pension systems: Firefighters, Police, Judges, Law Enforcement, Teachers, and Public Employees. The benefit increase applies to those receiving payments as of June 30, 2025, and continuing after July 1, 2025, with specific calculations based on years of service (up to 30 years). The bill codifies these changes and takes effect November 1, 2025. It does not affect retirees whose benefits were already adjusted under prior provisions.