Retirement Freedom Act; investment options; participants; independent control; individual accounts; effective date.

Summary

The bill adds a new section to Oklahoma law letting individuals with retirement accounts take loans from their own balances, limited to the lesser of half the vested amount or $50,000. Borrowers must repay the loan within five years in equal quarterly payments that include interest, and loans for a primary residence may have longer terms. The Board of Trustees must issue rules to implement these provisions.

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