Oklahoma Firefighters Pension and Retirement System; increasing computation of certain benefits. Effective dates. Emergency.

SB 1586 modifies Oklahoma's Firefighters Pension System to increase benefits for eligible firefighters by changing how final average salary is calculated. It updates the definition of "final average salary" to include certain salary reductions (like those under IRS sections 125, 457, and 414(h)) that were previously excluded, potentially raising retirement payments. This directly affects current and future members of the Oklahoma Firefighters Pension and Retirement System who are eligible for retirement benefits. The bill amends specific statutes (11 O.S. § 49-100.1 and § 49-109) and includes an emergency declaration for immediate implementation.