Update on House Bill – 1340 – by Rep. McDaniel & Sen. Treat – The bill was signed by Governor Fallin on May 8. The bill provides for a one-time stipend to all retired members of the pension systems of Oklahoma, if they have been retired 5 years or more since Oct 1, 2018. For OPERS members, the one-time payment amounts to the lesser of 2% of one’s annual gross retirement income or $1,200. If a retiree has been retired 20 or more years (since Oct 1, 2018) they get a minimum of $350. Payments will go out in October.
(An OPEA-request bill, HB2985, was introduced earlier in session which provided an 8% COLA to all pension-system retirees. The bill passed overwhelmingly out of committee by a vote of 18-1 (no vote was by Randy McDaniel, author of the stipend), but was then not granted a floor hearing by House leadership.)