Senate Bill No. 1029 amends the Oklahoma Public Employees Retirement System to establish a defined contribution system for employees who are first hired in full-time-equivalent positions or part-time positions that qualify for employee benefits on or after November 1, 2015. The bill specifies that individuals licensed by the State Department of Rehabilitation Services as vending stand operators or managing operators after this date are also eligible for this system. Additionally, employees of participating employers can irrevocably opt out of the defined contribution system without penalty.

The bill clarifies that certain employees, including district attorneys and their staff, as well as employees of various local government entities, are exempt from the provisions of the defined contribution system. It also states that employees who participate in this system will not accrue service credit in the Oklahoma Public Employees Retirement System. Furthermore, employees hired by the Legislative Service Bureau, State Senate, or House of Representatives for the full duration of a regular legislative session will be eligible only for the defined contribution system, with their participation choice being binding for future sessions. The act is set to take effect on November 1, 2025.