Retirement; Retirement Freedom Act; minimum employer contribution amount; employer matching; vesting schedule for certain funds; reemployed participants; effective date.

Summary

The bill establishes a defined‑contribution retirement system for full‑time and certain part‑time public employees hired on or after Nov. 1, 2015, requiring a mandatory employee contribution of about 4.5‑5% and an employer match of at least 6% (or 7% if the employee contributes 7% or more). It tasks the Oklahoma Public Employees Retirement System Board of Trustees with designing the plan, obtaining tax‑qualified status, and setting vesting and other rules. The measure is intended to give eligible workers a portable retirement savings option.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Topics

Share