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Bill > HB2486
OK HB2486
OK HB2486Oklahoma Public Employees Retirement System; increasing employer matching amount; effective date.
summary
Introduced
02/01/2021
02/01/2021
In Committee
04/13/2022
04/13/2022
Crossed Over
03/28/2022
03/28/2022
Passed
Dead
05/27/2022
05/27/2022
Introduced Session
Potential new amendment
2021 Regular Session
Bill Summary
An Act relating to public retirement systems; amending 62 O.S. 2011, Section 3103, as last amended by Section 1 Chapter 121, O.S.L. 2020 (62 O.S. Supp. 2020, Section 3103), which relates to the Oklahoma Pension Legislation Actuarial Analysis Act; modifying definitions; imposing conditions related to approvals by the Internal Revenue Service; providing for termination of provisions of the Retirement Freedom Act; providing for cessation of certain employee contributions; requiring employee contributions pursuant to provisions of defined benefit plan; providing for cessation of certain employer contributions; requiring employer contributions pursuant to provisions of defined benefit plan; authorizing management of defined contribution plan accounts for certain period of time; requiring irrevocable election with regard to defined contribution plan account balances; providing for termination of effect of provisions of the Retirement Freedom Act; providing exceptions; providing for vesting treatment of defined contribution plan account balances as of designated date; providing for computation of service credit in defined benefit plan based on purchase of service at actuarial cost; amending 74 O.S. 2011, Sections 902, as last amended by Section 1, Chapter 112, O.S.L. 2020, 913.4, as last amended by Section 47, Chapter 25, O.S.L. 2019, 920, as last amended by Section 13, Chapter 375, O.S.L. 2014 and 1707, as last amended by Section 14, Chapter 375, O.S.L. 2014 (74 O.S. Supp. 2020, Sections 902, 913.4, 920 and 1707), which relate to RBH No. 7825 the Oklahoma Public Employees Retirement System and the Deferred Savings Incentive Plan; modifying provisions related to participation in defined contribution plan; providing for participating service credit resulting from purchase at actuarial cost; modifying provisions related to membership of elected officials in defined contribution plan; modifying provisions related to payment of employer contributions; modifying provisions related to participation in deferred compensation plan; providing for codification; and providing effective dates.
AI Summary
This bill increases the employer matching amount for the Oklahoma Public Employees Retirement System's defined contribution plan. Specifically, it raises the employer matching rate from 6% to 8% for employee contributions, and from 7% to 10% if the employee contributes 7% or more. The bill also exempts increases to the employee and employer contribution rates for the defined contribution plan from the requirements of the Oklahoma Pension Legislation Actuarial Analysis Act. The changes in this bill will take effect on November 1, 2022.
Committee Categories
Budget and Finance, Labor and Employment
Sponsors (3)
Last Action
Senate Floor HB2486 (4-27-22) (PEMBERTON) RT FA1 - HB2486 (4-27-22) (PEMBERTON) RT FA1 (on 04/27/2022)
Official Document
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