Bill > SB1029

This bill modifies the Oklahoma Public Employees Retirement System (OPERS) by establishing a new provision that allows employees to make an irrevocable election to opt out of the defined contribution retirement system without penalty. The bill applies to employees who first become employed in full-time-equivalent or more-than-half-time positions qualifying for employee benefits on or after November 1, 2015. Specifically, the legislation clarifies that certain employees, such as district attorneys, county employees, and employees of specific public entities, are exempt from this defined contribution system. The bill also maintains existing rules for employees of the Legislative Service Bureau, Senate, and House of Representatives regarding temporary session employment and retirement system participation. Notably, employees participating in the defined contribution system will not accrue service credit in the traditional OPERS defined benefit plan, and they will be deemed to begin service on the first day of the month following their employment. The changes introduced by this bill will become effective on November 1, 2025, providing employees with additional flexibility in managing their retirement benefits.

Labor and Employment

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1029&Session=2600