Bill Text For HB2293 - Senate Floor Version

 1|                        SENATE FLOOR VERSION                           |
  |                            April 5, 2021                              |
 2|                             AS AMENDED                                |
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 3|ENGROSSED HOUSE                                                        |
  |BILL NO. 2293                        By: Roberts (Dustin) of the       |
 4|                                                               House   |
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 5|                                         and                           |
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 6|                                         Paxton of the Senate          |
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 7|                                                                       |
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 8|       [ Teachers' Retirement System of Oklahoma -                     |
  |       contributions - nonfederal source of funds ]                    |
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10|                                                                       |
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11|BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:                  |
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12|    SECTION 1.     AMENDATORY     70 O.S. 2011, Section 17-108, is     |
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13|amended to read as follows:                                            |
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14|    Section 17-108.  A.  Each local school district, or state          |
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15|college or university, or State Board of Education, or State Board     |
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16|of Career and Technology Education, or other state agencies agency     |
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17|whose employees are members of the Teachers' Retirement System,        |
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18|shall match, on a pro rata basis, in accordance with subsection B of   |
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19|this section the contributions of members whose salaries are paid by   |
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20|based on the member's regular annual compensation, regardless of the   |
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21|source of funds, except federal funds or externally sponsored          |
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22|agreements such as grants, contracts and cooperative agreements,       |
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23|which shall be calculated pursuant to subsection B of this section.    |
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24|These funds shall be remitted by the member's employer at the same     |
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 1|time as the regular contributions of members are remitted to the       |
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 2|Teachers' Retirement System of Oklahoma and deposited in the           |
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 3|Retirement Benefit Fund.                                               |
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 4|    B.  On an annual basis, the Board of Trustees shall set the        |
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 5|contribution rate to be paid by contributing employers because of      |
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 6|the use of federal funds as provided in subsection A of this           |
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 7|section.  The contribution rate shall be determined using cost         |
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 8|principles established by federal regulations and shall be             |
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 9|consistent with policies, regulations and procedures that apply        |
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10|uniformly to both federally assisted and other activities, and be      |
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11|accorded consistent treatment through application of generally         |
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12|accepted accounting principles.  The Board shall approve the           |
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13|contribution rate for each fiscal year ending June 30, no later than   |
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14|April 1 of the previous fiscal year.  No additional contribution by    |
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15|the member or employer shall be required or allowed because of any     |
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16|other nonfederal source of funds in subsection A of this section.      |
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17|    C.  All the assets of the retirement system shall be credited      |
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18|according to the purpose for which they are held to one of eight       |
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19|funds, namely:  The Teachers' Savings Fund, the Retirement Benefit     |
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20|Fund, the Interest Fund, the Permanent Retirement Fund, the Expense    |
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21|Fund, the Suspense Fund, the Teachers' Deposit Fund, and the Retiree   |
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22|Medical Benefit Fund.                                                  |
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23|    1.  The Teachers' Savings Fund shall be a fund in which shall be   |
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24|accumulated the regular contributions from the compensation of         |
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 1|members, including interest earnings prior to July 1, 1968.            |
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 2|Contributions to and payments from the Teachers' Savings Fund shall    |
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 3|be made as specifically provided in each plan available within the     |
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 4|retirement system.                                                     |
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 5|    2.  The deductions provided for in the plans within the            |
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 6|retirement system shall be made notwithstanding that the minimum       |
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 7|compensation provided for any member shall be reduced thereby.         |
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 8|Every member shall be deemed to consent and agree to the deductions    |
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 9|made and provided for herein and payment of salary or compensation,    |
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10|less the deduction, shall be a full and complete discharge and         |
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11|acquittance of all claims and demands whatsoever for the services      |
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12|rendered by such person during the period covered by such payment,     |
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13|except as to the benefits provided under this act.  The employer       |
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14|shall certify to the Board of Trustees on each and every payroll, or   |
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15|in such other manner as the Board may prescribe, the amounts to be     |
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16|deducted, and each of the amounts shall be deducted, and when          |
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17|deducted shall be paid into the Teachers' Savings Fund, and shall be   |
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18|credited to the individual account of the member from whose            |
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19|compensation the deduction was made.                                   |
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20|    3.  Following the termination of membership in the retirement      |
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21|system for any member who has been absent from service for five (5)    |
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22|years in any period of six (6) consecutive years, the Teachers'        |
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23|Savings Fund Account of such member shall be closed and the amount     |
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24|due the member as provided in Section 17-105 of this title shall be    |
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arsid7622682 SENATE FLOOR VERSION - HB2293 SFLR                    Page 3
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 1|paid upon the filing of formal application.  At the time such          |
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 2|membership is terminated the amount due the member as provided in      |
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 3|Section 17-105 of this title shall be transferred to the Suspense      |
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 4|Fund.                                                                  |
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 5|    4.  Upon the retirement of a member, the balance of money he or    |
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 6|she had in the Teachers' Savings Fund shall be transferred to the      |
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 7|Retirement Benefit Fund.                                               |
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 8|    5.  Retirement Benefit Fund.                                       |
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 9|         a.    After August 2, 1969, there shall be transferred from   |
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10|              the Teachers' Savings Fund for those members drawing     |
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11|              retirement benefits from the Teachers' Retirement        |
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12|              System of Oklahoma an amount necessary to provide the    |
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13|              monthly annuity payments and pension payments as         |
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14|              required in Section 17-107 of this title.  In addition   |
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15|              the fund shall consist of monies received from any       |
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16|              state dedicated revenue, monies received from state      |
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17|              appropriations, monies received from federal matching    |
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18|              funds, and the residue of the interest on investments    |
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19|              after the requirements of Section 17-107 of this title   |
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20|              have been fully met.  The Retirement Benefit Fund        |
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21|              shall consist of an amount of money necessary for the    |
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22|              making of retirement payments to retirees.               |
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23|         b.    Should a member have deposits in the Teachers'          |
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24|              Deposit Fund or the Tax-Sheltered Annuity Fund and       |
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 1|              wish to receive monthly retirement benefits on such      |
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 2|              deposits, the actuarial equivalent of a two-year         |
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 3|              period and each succeeding fiscal year thereafter        |
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 4|              shall be transferred to the Retirement Benefit Fund.     |
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 5|              The member may choose any of the plans available in      |
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 6|              the Teachers' Retirement Act as a method of receiving    |
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 7|              monthly retirement benefits on the money he has on       |
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 8|              deposit in the Teachers' Deposit Fund or the             |
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 9|              Tax-Sheltered Annuity Fund.  The monthly retirement      |
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10|              benefits paid from the Teachers' Deposit Fund or the     |
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11|              Tax-Sheltered Annuity Fund shall be in addition to the   |
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12|              regular retirement benefits and the money transferred    |
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13|              from the Teachers' Deposit Fund or Tax-Sheltered         |
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14|              Annuity Fund shall not be matched by the State of        |
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15|              Oklahoma.                                                |
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16|         c.    From the Retirement Benefit Fund shall be paid all      |
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17|              monthly retirement benefits.                             |
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18|         d.    At the death of a retired member who has retired        |
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19|              under the Maximum Plan of Retirement, Option 1 or        |
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20|              Option 4, the balance of money the member has in the     |
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21|              Teachers' Savings Fund shall be transferred to the       |
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22|              Retirement Benefit Fund and the amount due the           |
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23|              beneficiary or his or her estate under Option 1 or       |
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 1|              Option 4 shall be paid from the Retirement Benefit       |
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 2|              Fund.                                                    |
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 3|         e.    At the death of both a retired member and the retired   |
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 4|              member's spouse, who had retired under Option 2 or 3,    |
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 5|              any balance in the Teachers' Savings Fund shall be       |
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 6|              transferred from the Teachers' Savings Fund to the       |
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 7|              Retirement Benefit Fund.                                 |
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 8|         f.    At the death of a retired member who had retired        |
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 9|              under Option 5, the balance of any monies the member     |
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10|              had in the Teachers' Savings Fund shall be transferred   |
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11|              to the Retirement Benefit Fund for the purpose of        |
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12|              making a lump-sum settlement to the beneficiary or his   |
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13|              estate.  Providing that if the surviving spouse elects   |
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14|              to receive the balance under the Maximum Plan of         |
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15|              Retirement or Option 1 the member's money, if any, on    |
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16|              a monthly basis, constituting actuarial equivalent of    |
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17|              two (2) years' payments, and each year thereafter the    |
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18|              annual actuarial equivalent, shall be transferred from   |
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19|              the Teachers' Savings Fund for the purpose of paying     |
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20|              monthly retirement benefits to the spouse under this     |
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21|              option.                                                  |
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22|    6.  The Interest Fund is hereby created to facilitate the          |
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23|crediting of interest to the various other funds to which interest     |
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24|is to be credited.  All income, interest and dividends derived from    |
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 1|the deposits and investments authorized by this act shall be paid      |
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 2|into the Interest Fund.  On June 30, each year, interest shall be      |
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 3|transferred to the other funds as herein provided.                     |
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 4|    7.  The Permanent Retirement Fund shall consist of the             |
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 5|accumulated gifts, awards, and bequests made to the retirement         |
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 6|system, and transfers from the Suspense Fund, the principal of which   |
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 7|is hereby held and dedicated as a perpetual endowment of the           |
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 8|retirement system and shall not be diverted or appropriated to any     |
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 9|other cause or purpose unless specifically provided for in such        |
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10|gifts, awards or bequests.                                             |
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11|    8.  The Expense Fund shall be the fund from which the expense of   |
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12|administration and maintenance of the retirement system shall be       |
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13|paid.  The Board of Trustees shall cause to be prepared and adopt      |
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14|annually an itemized budget showing the amount required to defray      |
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15|the expenses for the ensuing fiscal year.                              |
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16|    Transfers to and payments from this fund shall be made as          |
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17|follows:  first, from the Interest Fund; second, from any dedicated    |
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18|revenue; and, third, from appropriation by the Oklahoma Legislature.   |
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19|    All monies for the operation of the Teachers' Retirement System    |
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20|of Oklahoma shall be paid from the Expense Fund upon the approval by   |
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21|the Board of Trustees and the checks signed by two people designated   |
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22|to sign such checks by the Board of Trustees of the Teachers'          |
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23|Retirement System of Oklahoma.                                         |
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 1|    9.  The Suspense Fund shall be comprised of amounts transferred    |
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 2|to the fund as provided in this section and Section 17-105 of this     |
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 3|title and obligations of the retirement system to any member or        |
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 4|person which cannot be legally discharged.                             |
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 5|    10.  Teachers' Deposit Fund.                                       |
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 6|    Any member may request, prior to a pay period, that his or her     |
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 7|employer make additional deposits for him or her, for tax-sheltered    |
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 8|annuity purposes.  However, the amount deposited shall not exceed      |
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 9|the limits as defined in Section 402(g) and Section 415 of the         |
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10|Internal Revenue Code of 1986, as amended, and applicable federal      |
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11|regulations.  All such deposits shall be credited to the member's      |
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12|account in the Teachers' Deposit Fund for the purchase of a            |
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13|tax-sheltered annuity.  The amount thus accumulated, with earnings,    |
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14|shall be used upon the member's retirement, separation from service,   |
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15|death or disability to purchase an annuity in addition to his or her   |
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16|regular service retirement allowance.  The amount a member             |
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17|accumulates in the Teachers' Deposit Fund, not including interest,     |
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18|may be used to pay distributions in the case of hardship as provided   |
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19|in Section 403(b)(11) of the Internal Revenue Code of 1986, as         |
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20|amended, and applicable federal regulations.                           |
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21|    11.  Collection of Contributions.                                  |
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22|          The collection of members' contributions shall be as         |
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23|              follows:                                                 |
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24|                                                                       |
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arsid7622682 SENATE FLOOR VERSION - HB2293 SFLR                    Page 8
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 1|              (1)   Each employer shall cause to be deducted on each   |
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 2|                   and every payroll or claim of a member for each     |
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 3|                   and every payroll claim period subsequent to the    |
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 4|                   date of establishment of the retirement system      |
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 5|                   the contribution payable by such member as          |
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 6|                   provided in this act.  With each and every          |
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 7|                   payroll or claim the employer shall deliver to      |
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 8|                   the treasurer of the employer warrants issued to    |
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 9|                   the employees as shown to be due by the payroll     |
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10|                   or claim, together with a warrant or warrants in    |
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11|                   favor of the Teachers' Retirement System as shown   |
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12|                   by the payroll or claim.                            |
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13|              (2)   The treasurer or disbursing officer upon           |
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14|                   delivery of the warrants and a true copy of the     |
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15|                   payroll or claims as provided above shall           |
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16|                   register the warrants as provided for the           |
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17|                   registration of other school warrants, and shall    |
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18|                   deliver to the employer warrants issued in favor    |
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19|                   of the employees, and shall deliver warrants        |
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20|                   issued in favor of the Teachers' Retirement         |
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21|                   System and the copy of the payroll or claims to     |
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22|                   the school district superintendent as designated    |
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23|                   by the Board of Trustees.  For the purpose of       |
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24|                   collecting contributions of teachers in the         |
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 1|                   public schools, the superintendent of a school      |
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 2|                   district is hereby designated to receive the        |
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 3|                   Teachers' Retirement warrants from the treasurer    |
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 4|                   or proper disbursing officer of the several         |
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 5|                   school districts for the purpose of transmitting    |
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 6|                   such warrants and payroll or claims to the          |
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 7|                   Executive Director of the Teachers' Retirement      |
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 8|                   System of the State of Oklahoma.  Any college or    |
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 9|                   university or other educational institution or      |
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10|                   agency operated in whole or in part by the state    |
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11|                   shall have the amount retained or deducted from     |
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12|                   the funds regularly appropriated by the state for   |
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13|                   the current maintenance for such educational        |
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14|                   departments and institutions.                       |
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15|              (3)   For the purpose of enabling the collection of      |
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16|                   the contributions of the members of the             |
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17|                   retirement system to be made as simple as           |
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18|                   possible, the Board of Trustees shall require the   |
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19|                   secretary or other officer of each employer-board   |
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20|                   or agency, within thirty (30) days after the        |
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21|                   beginning of each school year, to make a list of    |
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22|                   all teachers in its employ who are members of the   |
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23|                   retirement system, certify to the correctness of    |
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24|                   this list, and file the same with the Executive     |
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 1|                   Director of the Board of Trustees of the            |
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 2|                   Teachers' Retirement System.  If additions to or    |
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 3|                   deductions from this list should be made during     |
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 4|                   the year such additions or deductions shall         |
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 5|                   likewise be certified to the Board of Trustees of   |
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 6|                   the Teachers' Retirement System.                    |
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 7|              (4)   The State Treasurer shall furnish annually to      |
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 8|                   the Board of Trustees a sworn statement of the      |
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 9|                   amount of the funds in his or her custody           |
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10|                   belonging to the retirement system.  The records    |
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11|                   of the Board of Trustees shall be open to public    |
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12|                   inspection and any member of the retirement         |
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13|                   system shall be furnished with a statement of the   |
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14|                   amount of the credit to his or her individual       |
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15|                   account upon written request by such member,        |
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16|                   provided the Board of Trustees shall not be         |
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17|                   required to answer more than one such request of    |
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18|                   a member in any one (1) year.                       |
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19|              (5)   Failure of any superintendent, officer, or other   |
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20|                   person to discharge the duties imposed upon him     |
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21|                   or her by this act shall render him or her or his   |
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22|                   or her bondsman liable for any loss occasioned      |
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23|                   thereby to the Teachers' Retirement System or the   |
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24|                   employees of the school district, or both.          |
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 1|              (6)   On a showing by the Teachers' Retirement System    |
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 2|                   that a warrant, voucher or check issued to it       |
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 3|                   has, for any reason, been lost or never received,   |
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 4|                   after ninety (90) days from the date of issue or    |
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 5|                   from transmittal for payment, it shall be the       |
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 6|                   duty of the issuing authority forthwith, without    |
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 7|                   any indemnifying bond or other requirements, to     |
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 8|                   issue a duplicate thereof in lieu of that which     |
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 9|                   was lost, to the Teachers' Retirement System; and   |
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10|                   the Teachers' Retirement System shall save          |
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11|                   harmless any school district or agency of state     |
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12|                   government making payment under the provisions      |
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13|                   hereof to the State Teachers' Retirement System     |
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14|                   if the original warrant, voucher or check is        |
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15|                   later presented for payment and same is paid        |
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16|                   after a duplicate warrant, voucher or check has     |
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17|                   been issued and paid to the Teachers' Retirement    |
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18|                   System, and any loss sustained therefrom shall be   |
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19|                   charged to the Interest Fund.                       |
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20|    12.  Rollover Contributions and Direct Trustee-to-Trustee          |
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21|Transfers from Other Plans.                                            |
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22|    Any member may purchase credit for service, to the extent          |
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23|specified in this title, with rollovers from an eligible retirement    |
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24|plan as defined by the Internal Revenue Code of 1986, as amended       |
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 1|from time to time.  A member may also purchase permissive service      |
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 2|credit, as defined by Code Section 415(n)(3)(A), with a direct         |
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 3|trustee-to-trustee transfer from a governmental Code Section 403(b)    |
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 4|plan or governmental Code Section 457(b) plan.  All rollovers and      |
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 5|direct trustee-to-trustee transfers shall be allowed to the extent     |
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 6|permitted by federal law.  Rollovers or direct transfers in excess     |
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 7|of the amount necessary to purchase such service credit shall not be   |
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 8|allowed.                                                               |
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 9|    13.  Retiree Medical Benefit Fund.                                 |
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10|    The Retiree Medical Benefit Fund shall be maintained as a          |
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11|subaccount under the Retirement Benefit Fund.  The Retiree Medical     |
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12|Benefit Fund is composed of all assets contributed to this             |
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13|subaccount to pay the retirement system's portion of the monthly       |
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14|retiree health insurance benefits described in Section 1316.3 of       |
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15|Title 74 of the Oklahoma Statutes.  All allocated assets and the       |
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16|earnings thereon in the Retiree Medical Benefit Fund shall be held     |
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17|for the exclusive purpose of providing retiree medical benefits        |
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18|pursuant to Section 1316.3 of Title 74 of the Oklahoma Statutes.       |
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19|The Retiree Medical Benefit Fund shall be administered in accordance   |
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20|with the requirements under Section 401(h) of the Internal Revenue     |
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21|Code of 1986, as amended from time to time.  An amount necessary to    |
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22|pay the health insurance premiums for retired members as provided by   |
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23|Section 1316.3 of Title 74 of the Oklahoma Statutes shall be           |
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24|deposited each month into the Retiree Medical Benefit Fund.            |
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arsid7622682 SENATE FLOOR VERSION - HB2293 SFLR                    Page 13
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 1|COMMITTEE REPORT BY: COMMITTEE ON RETIREMENT AND INSURANCE             |
  |April 5, 2021 - DO PASS AS AMENDED                                     |
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arsid7622682 SENATE FLOOR VERSION - HB2293 SFLR                    Page 14
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