Teachers' Retirement System of Oklahoma; allowing Board of Trustees to approve cost-of-living adjustment for certain retirees.

SB 88 amends Oklahoma's Teachers' Retirement System law to grant the Board of Trustees authority to approve cost-of-living adjustments (COLAs) for specific retirees under defined circumstances. This change directly affects certain retired teachers covered by the Oklahoma Teachers' Retirement System who qualify for COLAs based on the Board's discretion. The bill updates statutory language to clarify the Board's role in approving these adjustments while maintaining gender-neutral terminology. It does not create new benefits but modifies the administrative process for existing COLA determinations. The bill focuses solely on the Board's procedural authority, with no new financial obligations or eligibility criteria specified in the provided text.