Retirement benefit hikes eyed for some Oklahoma retirees

OKLAHOMA CITY – A Senate panel on Tuesday passed five bills to start the process of giving some retirees a 2% cost-of-living adjustment.

Senate Bill 8, by Sen. Darrell Weaver, R-Moore, would provide a 2% increase in benefits for members of the Oklahoma Firefighters Pension and Retirement System.

Senate Bill 174, by Sen. Roland Pederson, R-Burlington, would provide a 2% cost of living adjustment for members of the Teachers’ Retirement System.

Senate Bill 9, by Weaver, would provide a 2% increase in benefits to members of the Oklahoma Law Enforcement Retirement System.

Senate Bill 90, by Sen. Avery Frix, R-Muskogee, would provide a 2% increase in benefits to members of the Oklahoma Public Employees Retirement System.

Senate Bill 21, by Sen. Warren Hamilton, R-McCurtain, would provide a 2% increase in benefits to members of the Oklahoma Police Pension and Retirement System who have been retired for five or more years.

The proposals must first receive an actuarial analysis to determine the costs.

Lawmakers next session could then consider any proposed increases.

Lawmakers typically file cost of living adjustment bills in odd-numbered years and take them up in even-numbered years after the actuarial analyses are completed.

Oklahoma Voice (oklahomavoice.com) is an affiliate of States Newsroom, the nation’s largest state-focused nonprofit news organization, supported by grants and donations. Oklahoma Voice provides nonpartisan reporting, and retains full editorial independence.