The "Defined Contribution Retirement Plan for Teachers Act" establishes a new retirement plan for certified personnel in Oklahoma's education system, allowing employees hired in qualifying positions after November 1, 2026, to opt into this defined contribution plan. Those who do not make an election will automatically be enrolled in the existing defined benefit plan. The bill outlines the responsibilities of the Board of Trustees, which includes managing contributions, providing investment options, and ensuring compliance with federal tax regulations. Participants will contribute 4.5% of their compensation, with an option to increase this to 7%, while employers are required to match contributions at a rate of 6%. The plan ensures immediate vesting of participant contributions and earnings, with employer contributions vesting after three years of service or upon reaching age 65.

Additionally, the bill amends existing salary schedules for certified personnel, introducing a new minimum salary schedule that reflects updated compensation levels based on experience and educational qualifications. Specific salary figures are provided for various experience levels and degrees, ensuring competitive compensation for teachers. The bill clarifies that certified personnel who do not elect to participate in the defined benefit plan will still receive salaries according to the new minimum salary schedule. Overall, RBH No. 14108 aims to enhance retirement options for teachers while ensuring fair compensation in the education sector.