Bill > HB3332

Introduced Session

An Act relating to retirement; enacting the Defined Contribution Retirement Plan for Teachers Act; directing a trust be created for plan assets; directing the Teachers' Retirement System of Oklahoma to hold, invest, and administer the trust; permitting certified personnel to participate in plan; allowing the employee to make certain election; providing that employee who does not make election shall participate in defined benefit plan; providing that certain employees shall not accrue service credit in System; defining terms; directing the Board of Trustees to take reasonable and necessary action; authorizing Board to establish plan if necessary; directing the Board to provide participants with certain services and tools; directing the Board to create an operating plan document; providing duties of the Board; directing the Board to adopt policies; requiring the Board to participate in competitive bid process; providing information any contract shall include; directing the Board to report annually; providing contribution rate for participants in the plan; permitting participant to make one-time irrevocable election; directing that contributions be paid by employer; providing contribution rate for employers; providing when employer contribution shall be paid; prohibiting loans on accumulated assets in individual accounts; providing that employer match may be increased or decreased at any time; providing that participant's contributions and earnings on contributions shall be immediately vested and nonforfeitable; providing for vesting in employer contributions after certain amount of time or after reaching certain age; providing that participant shall direct investment of individual account; directing the Board to provide standard investment RBH No. 14108 menu; providing options investment menu shall include; providing when participant may receive distribution of vested benefits; providing standard form of distribution; permitting participant to elect alternative distribution forms; directing that value of individual account be paid to surviving spouse or beneficiary under certain circumstances; directing employer to remit to System certain amount of money; directing the System to deposit certain monies into the defined benefit pension plan; providing that plan may be amended or terminated by legislation; amending Section 1, Chapter 289, O.S.L. 2023, as last amended by Section 2, Chapter 480, O.S.L. 2025 (70 O.S. Supp. 2025, Section 18-114.15), which relates to the minimum salary schedule; modifying provisions of the minimum salary schedule; providing for codification; and providing an effective date.

AI Summary

Neil Hays (R)*, 

Second Reading referred to Rules (on 02/03/2026)

Official Document