Okla. Stat. tit. 19, § 19-965: Defined benefit retirement plan - Amendment or

modification - Impact statement.

A. As used in this section:

1. “Concurrent funding” means an increase in employer

contributions, employee contributions, apportioned tax revenues or

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.