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Governor Kevin Stitt signed HB 3350 on Thursday, May 21, 2020, providing a Cost of Living Adjustment to first responders, teachers and state employees.
The increase applies to members of the Oklahoma Firefighters Pension and Retirement System, Oklahoma Police Pension and Retirement System, Uniform Retirement System for Justices and Judges, Teachers’ Retirement System of Oklahoma and the Oklahoma Public Employees Retirement System.
Benefits increase by 2% if the person has been retired for between two and five years as of July 1, 2020, and by 4% if the person has been retired for five or more years as of July 1, 2020.
“I am proud to support our first responders, teachers and state employees with this needed increase,” said Governor Stitt. “I told Oklahomans on the campaign trail that I would work to get this across the finish line, and I am delivering on my promise.”