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 defined contribution system. It also states that employees who participate in this system will not accrue service credit in the traditional retirement system and will begin their participation on the first day of the month following their employment. Furthermore, employees hired by the Legislative Service Bureau or the state legislature after November 1, 2015, will only be eligible for the defined contribution system, with a binding choice for temporary session employees regarding their participation in future legislative sessions. The act is set to take effect on November 1, 2025.