Police Pension Fix Signed into Law

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OKLAHOMA CITY - The governor on Wednesday signed a bill that will bring the Oklahoma Police Pension Fund into compliance with updated IRS regulations.

House Bill 2457 by Rep. Mike Dobrinski, R-Okeene, was a request from the fund managers.

“This simply modifies the language in our state statute to comply with the congressional passage of the SECURE Act of 2020,” Dobrinski said.

The bill changes the Required Minimum Distribution from age 70 ½ to age 72 to match the new regulations. The change was necessitated by the passage of the Coronavirus Aid Relief and Economic Security (CARES) Act and the Setting Every Community up for Retirement Enhancement (SECURE) Act of 2020, which amended requirements for those participating in Individual Retirement Accounts. 

“House Bill 2457 simply and only makes that change to statute,” Dobrinski said.

Sen. Marty Quinn, R-Claremore, is the Senate author.

“It’s important that we bring police pension funds in line with IRS regulations,” Quinn said. “This will protect our law enforcement officers from tax penalties in the future when they choose to retire.”