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OK HB2854
OK HB2854Public retirement systems; Oklahoma Public Employees Retirement System; defined contribution plan; defined benefit plan; accounts; service credit; effective dates.
summary
Introduced
02/06/2023
02/06/2023
In Committee
03/30/2023
03/30/2023
Crossed Over
03/21/2023
03/21/2023
Passed
Dead
04/09/2024
04/09/2024
Introduced Session
2023 Regular Session
Bill Summary
An Act relating to public retirement systems; amending 62 O.S. 2021, Section 3103, as amended by Section 1, Chapter 306, O.S.L. 2022 (62 O.S. Supp. 2022, 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. 2021, Sections 913.4, 920, 929, 1316.2 and 1707, which relate to 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 RBH No. 5208 payment of employer contributions; modifying provisions related to participation in deferred compensation plan; providing for codification; and providing effective dates.
AI Summary
This bill proposes the following key provisions:
This bill terminates the defined contribution retirement plan created under the Retirement Freedom Act and requires members to transition to the Oklahoma Public Employees Retirement System's defined benefit plan, allowing members to purchase service credit from their defined contribution plan at actuarial cost. The bill also modifies various provisions related to the Oklahoma Public Employees Retirement System, including membership and contribution requirements for elected officials, vesting requirements, and administration of the Deferred Savings Incentive Plan. The bill aims to consolidate the state's public retirement systems and ensure compliance with federal tax law requirements.
Committee Categories
Budget and Finance, Labor and Employment
Sponsors (10)
Roger Thompson (R)*,
Kevin Wallace (R)*,
Arturo Alonso-Sandoval (D),
Bill Coleman (R),
Jared Deck (D),
Jessica Garvin (R),
Ellyn Hefner (D),
Dewayne Pemberton (R),
Melissa Provenzano (D),
Tom Woods (R),
Last Action
Failed in Committee - Retirement and Insurance (on 04/09/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2854&Session=2400 |
| State Bill Page | http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2854&Session=2300 |
| Fiscal Note/Analysis - Senate: HB2854 ENGR FI | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20SUPPORT%20DOCUMENTS/impact%20statements/fiscal/Senate/HB2854%20ENGR%20FI.PDF |
| BillText | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20ENGR/hB/HB2854%20ENGR.PDF |
| BillText | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20FLR/HFLR/HB2854%20HFLR.PDF |
| Fiscal Note/Analysis - House: Introduced | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20SUPPORT%20DOCUMENTS/BILLSUM/House/HB2854%20INT%20BILLSUM.PDF |
| BillText | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20INT/hB/HB2854%20INT.PDF |
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