{"data":{"id":"us-ok/okla.-stat.-tit.-19-19-965","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 19, § 19-965","heading":"Defined benefit retirement plan - Amendment or","body":"modification - Impact statement.\n\nA. As used in this section:\n\n1. “Concurrent funding” means an increase in employer\n\ncontributions, employee contributions, apportioned tax revenues or\n\nother assets transferred to the county retirement plan to offset any\n\nincrease in unfunded actuarial accrued liability of the plan; and\n\n2. “Unfunded actuarial accrued liability” means the excess of\n\nthe actuarial accrued liability over the actuarial value of assets.\n\nB. A county actively maintaining a defined benefit retirement\n\nplan for both existing and new employees on or after the effective\n\ndate of this act which plan was established pursuant to the\n\nauthority of Section 951 et seq. of Title 19 of the Oklahoma\n\nStatutes shall not adopt any plan amendment or otherwise modify the\n\ndefined benefit plan provisions in any manner that would result in\n\nan increase in the unfunded actuarial accrued liability of the\n\nretirement plan.\n\nC. A county may adopt a plan amendment or other modification\n\nthat increases retirement benefits or that would otherwise increase\n\nthe unfunded actuarial accrued liability of the retirement plan if\n\nthe county provides concurrent funding for the plan amendment or\n\nother proposed plan modification.\n\nD. Before a county described by this section adopts a plan\n\namendment or other plan modification, the proposed plan amendment or\n\nother plan modification shall be reviewed by a qualified actuary who\n\nshall prepare an impact statement with respect to the proposed plan\n\namendment or other plan modification. The actuary shall provide the\n\nimpact statement to the plan administrator, if applicable, and to\n\nthe county clerk of the county maintaining the retirement plan.\n\nE. If the impact statement prepared by the actuary determines\n\nthat the proposed plan amendment or other plan modification would\n\nincrease the unfunded actuarial accrued liability of the county\n\nretirement plan, the county shall not adopt or implement the\n\namendment or other modification unless the county provides\n\nconcurrent funding.","path":["OK Code","Title 19"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os19.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"bcd3e306868d7901417671ade65f2027f796dc1f70a1dc9dd2ff7441588ed2c1","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-19-19-962","next":"us-ok/okla.-stat.-tit.-19-19-971"},"notice":"GroundRules: Original legal text. Not legal advice."}