This bill proposes significant amendments to the Oklahoma Statutes concerning public retirement systems, particularly the Oklahoma Pension Legislation Actuarial Analysis Act and the Retirement Freedom Act. A key change is the termination of the defined contribution retirement plan, allowing participants to convert their account balances into service credit within the Oklahoma Public Employees Retirement System's defined benefit plan. The bill outlines the cessation of contributions to the defined contribution plan, mandating that both employee and employer contributions be redirected to the defined benefit plan. It also establishes a timeline for these transitions, with specific effective dates for the cessation of contributions and the vesting of account balances.

Additionally, the bill clarifies eligibility and contribution requirements for various public employees, including public safety officials and elected officials. It introduces a new calculation method for retirement benefits based on years of service, particularly for public safety officers, and specifies that elected officials must elect to participate in the retirement system within ninety days of taking office. The bill also modifies existing statutes to eliminate the requirement for employer contributions to the defined contribution system and sets forth new computation factors and contribution rates for newly elected or appointed officials. Overall, the bill aims to streamline the retirement process for public employees while ensuring compliance with federal regulations.

Statutes affected:
Introduced: 62-3103, 74-902