Bill > HB3313

This bill, known as the Retirement Freedom Act, aims to enhance retirement opportunities and services for eligible state employees by modifying the existing defined contribution retirement system. Key provisions include directing the Board of Trustees to create an operating plan document, increasing the minimum employer contribution to 7% and the minimum employee contribution to 5% of compensation, and eliminating the vesting schedule for employer matching funds, meaning employees will be 100% vested in these contributions immediately. The bill also mandates that the Board provide individualized planning services, education, and investment advice to participants, offering a standard menu of investment options designed to help employees achieve their retirement income goals, alongside diversified options for those who wish to construct their own portfolios. Participants will be able to receive distributions of their vested benefits upon reaching age 65 or separating from employment, with a standard distribution option being a lifetime annuity, and alternative options like lump sums or periodic payments also available; any remaining account value upon a participant's death will be paid to their spouse or beneficiary.

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http://www.oklegislature.gov/BillInfo.aspx?Bill=hb3313&Session=2600