Governor Kevin Stitt signed a bill that provides a cost of living adjustment for first responders, teachers and state employees, Thursday morning.
“I am proud to support our first responders, teachers and state employees with this needed increase,” said Gov. 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.”
According to House Bill 3350, the increase applied to members of the Oklahoma Firefighters Pension and Retirement System, Oklahoma Police Pension and Retirement System, Uniform System for Justices and Judged, Teachers' Retirement System of Oklahoma and the Oklahoma Public Employees Retirement System.
The bill states that benefits will increase by 2% if the person has been retired 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.
HB 3350 is effective immediately.