Bill > HB4225

This bill, the Retirement Freedom Act, amends existing law to grant participants in certain retirement systems, specifically those with defined contribution system accounts, the ability to exercise independent control over how their individual accounts are invested. This means participants will have more freedom to choose their investments, potentially including assets outside of the plan itself, in addition to the range of investment options already offered by the retirement system, which are intended to be similar to those available to members of the Oklahoma Public Employees Retirement System's Deferred Savings Incentive Plan. The bill also specifies that the Board of Trustees should consider investment options that provide guaranteed lifetime income, such as annuities, and sets an effective date of November 1, 2026.

Business and Industry, Government Affairs

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb4225&Session=2600