Okla. Stat. tit. 19, § 19-965
This is the official text of Okla. Stat. tit. 19, § 19-965, part of Oklahoma’s Stat. tit. 19, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 19,." Browse the sections below, each linked to its official government source.
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Defined benefit retirement plan - Amendment or
Official statutory text
modification - Impact statement.
A. As used in this section:
1. “Concurrent funding” means an increase in employer
contributions, employee contributions, apportioned tax revenues or
Oklahoma Statutes - Title 19. Counties and County Officers Page 500
other assets transferred to the county retirement plan to offset any
increase in unfunded actuarial accrued liability of the plan; and
2. “Unfunded actuarial accrued liability” means the excess of
the actuarial accrued liability over the actuarial value of assets.
B. A county actively maintaining a defined benefit retirement
plan for both existing and new employees on or after the effective
date of this act which plan was established pursuant to the
authority of Section 951 et seq. of Title 19 of the Oklahoma
Statutes shall not adopt any plan amendment or otherwise modify the
defined benefit plan provisions in any manner that would result in
an increase in the unfunded actuarial accrued liability of the
retirement plan.
C. A county may adopt a plan amendment or other modification
that increases retirement benefits or that would otherwise increase
the unfunded actuarial accrued liability of the retirement plan if
the county provides concurrent funding for the plan amendment or
other proposed plan modification.
D. Before a county described by this section adopts a plan
amendment or other plan modification, the proposed plan amendment or
other plan modification shall be reviewed by a qualified actuary who
shall prepare an impact statement with respect to the proposed plan
amendment or other plan modification. The actuary shall provide the
impact statement to the plan administrator, if applicable, and to
the county clerk of the county maintaining the retirement plan.
E. If the impact statement prepared by the actuary determines
that the proposed plan amendment or other plan modification would
increase the unfunded actuarial accrued liability of the county
retirement plan, the county shall not adopt or implement the
amendment or other modification unless the county provides
concurrent funding.
A. As used in this section:
1. “Concurrent funding” means an increase in employer
contributions, employee contributions, apportioned tax revenues or
Oklahoma Statutes - Title 19. Counties and County Officers Page 500
other assets transferred to the county retirement plan to offset any
increase in unfunded actuarial accrued liability of the plan; and
2. “Unfunded actuarial accrued liability” means the excess of
the actuarial accrued liability over the actuarial value of assets.
B. A county actively maintaining a defined benefit retirement
plan for both existing and new employees on or after the effective
date of this act which plan was established pursuant to the
authority of Section 951 et seq. of Title 19 of the Oklahoma
Statutes shall not adopt any plan amendment or otherwise modify the
defined benefit plan provisions in any manner that would result in
an increase in the unfunded actuarial accrued liability of the
retirement plan.
C. A county may adopt a plan amendment or other modification
that increases retirement benefits or that would otherwise increase
the unfunded actuarial accrued liability of the retirement plan if
the county provides concurrent funding for the plan amendment or
other proposed plan modification.
D. Before a county described by this section adopts a plan
amendment or other plan modification, the proposed plan amendment or
other plan modification shall be reviewed by a qualified actuary who
shall prepare an impact statement with respect to the proposed plan
amendment or other plan modification. The actuary shall provide the
impact statement to the plan administrator, if applicable, and to
the county clerk of the county maintaining the retirement plan.
E. If the impact statement prepared by the actuary determines
that the proposed plan amendment or other plan modification would
increase the unfunded actuarial accrued liability of the county
retirement plan, the county shall not adopt or implement the
amendment or other modification unless the county provides
concurrent funding.
Status: in_force · Read it on the official government site
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