HB 3721: Retirement; Oklahoma Pension Legislation Actuarial Analysis Act; terms; deferred option plans; election; term; benefit; effective dates; contingent effective dates; emergency. - Oklahoma

House Committee Substitute → Floor (House) · 3 edits

MINOR

The bill text was reformatted from a 'Committee Substitute' draft to a 'Floor Version' intended for final passage. The substantive legal definitions and policy provisions remain identical, but the document now includes the full names of the sponsoring legislators from both the House and Senate, correcting the authorship record.

Scope change

No change to the bill's scope, applicability, or legal effect; the changes are strictly administrative and formatting-related.

TECHNICAL

Added the full names of the Senate sponsor (Deck) and House sponsor (Frix) to the bill header, correcting the previous incomplete listing.

Removed the 'Committee Substitute' label from the title page and replaced it with 'Floor (House)' to indicate the bill has been returned to the full chamber for final action.

Reorganized the header layout and page numbering to match the official format used for bills on the House floor.

Proposed Policy Committee Substitute 1 → House Committee Substitute · 3 edits

MINOR

The bill was completely rewritten to update its title and remove the 'Proposed Policy' designation, indicating it has moved from a committee draft to a formal substitute version. The most significant substantive change is the addition of new funding constraints on benefit increases, requiring that any increase be limited to specific dollar amounts or percentages depending on the retirement system's funded ratio. This ensures that benefit increases are only granted when the system has sufficient financial reserves.

Scope change

The bill's scope was expanded to include specific financial safeguards for retirement systems, restricting benefit increases based on the system's funded ratio to prevent financial strain.

TECHNICAL

The bill title was updated to remove 'Proposed Policy' and change the document type to 'Committee Substitute', reflecting its progression through the legislative process.

FISCAL

New provisions were added to limit benefit increases based on the retirement system's funded ratio, ensuring increases are only made when the system is financially healthy (between 80% and 100% funded or over 100% funded).

REQUIREMENT

Specific dollar caps and percentage limits were established for benefit increases, capping them at $1,200 or 2% for underfunded systems and $1,400 or 2% for fully funded systems.

Proposed Committee Substitute (full committee) 1 → Proposed Policy Committee Substitute 1 · 2 edits

MINOR

The bill was reclassified from a 'Proposed Oversight Committee Substitute' to a 'Proposed Policy Committee Substitute,' indicating a shift in the legislative process from a review phase to a policy-making phase. The substantive legal text regarding retirement benefits and actuarial analysis appears unchanged, with the only modifications being administrative updates to the bill number, date, and page references.

Scope change

The bill's scope and applicability remain unchanged; the revision reflects a procedural status update rather than a change in the law itself.

TECHNICAL

The bill title was updated from 'Proposed Oversight Committee Substitute' to 'Proposed Policy Committee Substitute,' reflecting its current stage in the legislative process.

Administrative identifiers, including the bill version number, date, and Request/Record Book (RBH) numbers, were updated to reflect the new committee substitute version.

Engrossed → Proposed Committee Substitute (full committee) 1 · 3 edits

MINOR

The legislative text was completely replaced with a new version of the bill. The new version includes a formal committee amendment header and restructures the definitions of key terms like 'Nonfiscal amendment' and 'Nonfiscal retirement bill' to provide clearer criteria for what constitutes a fiscal impact on retirement systems.

Scope change

The scope of the bill remains focused on retirement legislation, but the definitions within the bill have been refined to more precisely categorize amendments based on their fiscal impact on actuarial factors.

DEFINITION

The definitions for 'Nonfiscal amendment' and 'Nonfiscal retirement bill' were reorganized and renumbered to improve clarity and consistency in determining which bills affect retirement system funding.

TECHNICAL

A new committee amendment header and metadata block were added at the beginning of the document to formally record the committee's changes.

The original 'Engrossed' header and RBH tracking numbers were removed and replaced with the new committee substitute formatting.

Introduced → Engrossed · 2 edits · Mar 17, 2026

MINOR

The bill has been updated from its original introduction to its engrossed version, reflecting changes made during the legislative process. The primary substantive change involves the removal of a specific provision regarding volunteer retirement benefits, which previously allowed for a benefit increase calculation based on two percent of the gross annual retirement benefit. This deletion narrows the scope of the amendment by eliminating a specific scenario related to volunteers. Additionally, the document includes standard formatting updates, such as changing the bill number and session details to reflect its final state.

Scope change

The scope of the bill has been slightly narrowed by removing a specific clause that addressed benefit increases for volunteers.

ELIGIBILITY

A provision allowing a benefit increase for volunteers, calculated as two percent of their gross annual retirement benefit, has been deleted.

TECHNICAL

The bill header and footer information have been updated to reflect the engrossed status, including new RB numbers and session details.

Retirement; Oklahoma Pension Legislation Actuarial Analysis Act; terms; deferred option plans; election; term; benefit; effective dates; contingent effective dates; emergency.

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