SB692: Medical Workers’ Get Higher Retirement Pay Under New Law

EMS personnel's contributions might deter new recruits, though

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What does SB692 want to accomplish?

SB692 makes changes to the Oklahoma Public Employees Retirement System in the following ways:

1. Adding New Members: Emergency medical workers like paramedics and emergency medical technicians can join the retirement system if they start working for a participating employer after the bill becomes effective.
2. Death Benefits: If an emergency medical worker who is a member of this system dies while on duty, their family will receive a monthly pension. This pension is calculated based on the worker’s salary and years of service.
3. Contribution Rates: New emergency medical workers will need to contribute 8% of their salary to the retirement system. This is the same rate that other public safety workers, like correctional officers, pay.
4. Updates to the System: The bill also updates some of the rules about how contributions are made and how benefits are calculated.

Who will benefit from this law?

✔️Emergency Medical Personnel: Paramedics, emergency medical technicians (EMTs), and other licensed emergency medical workers who join the retirement system will get access to retirement benefits, including death benefits if they die while on duty.

✔️Families of Fallen Emergency Workers: The spouses and children of emergency medical workers who are killed or seriously injured while performing their duties will receive monthly pension payments to support them financially.

✔️New Emergency Medical Workers: These workers will have a clear retirement plan with set contribution rates and benefits, similar to other public safety employees, making their employment more secure.

✔️Public Safety Community: By including emergency medical personnel in the retirement system, the bill helps strengthen the benefits package for those who work in high-risk, essential jobs.

What are some concerns people might have about this law?

⚠️Increased Costs for Emergency Medical Personnel: New members of the retirement system will have to contribute 8% of their salary, which might be a financial burden for some.

⚠️Higher Costs for Employers: Participating employers may face increased costs related to the expanded retirement benefits for emergency medical personnel.

⚠️Potential for Reduced Budget Flexibility: With more people added to the retirement system and higher benefits, the overall budget for the system might become tighter, potentially affecting other areas of funding.

⚠️Complex Administration: Updating the retirement system to accommodate new members and benefits could increase administrative work and complexity for the retirement system managers.

⚠️Equity Issues: Other emergency workers, such as those in smaller or less visible roles, might feel left out if they do not receive similar benefits or contributions.

⚠️Potential for Misalignment: The bill might not account for the unique needs or risks associated with different types of emergency medical work, leading to possible dissatisfaction among some workers.

⚠️Impact on New Workers: The requirement for new emergency medical workers to contribute 8% of their salary might deter some people from entering the field, potentially leading to staffing shortages.

⚠️Uncertain Financial Impact: The long-term financial impact on the retirement system is unclear, and it could strain resources if not properly managed.

This bill is still in committee and awaiting further legislative efforts.

➡️Is this something that you think Oklahomans need? How will it benefit the county you live in?

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