The Retirement Freedom Act amends Section 935.9 of Title 74 of the Oklahoma Statutes to enhance investment options for participants in the defined contribution system. The Board of Trustees is tasked with contracting business entities to provide a variety of investment choices that are similar to those available to members of the Oklahoma Public Employees Retirement System. The amendment emphasizes the importance of including options that offer guaranteed lifetime income, such as annuities and guaranteed investment contracts. Additionally, the Board is permitted to amend existing contracts with service providers to facilitate the introduction of the new defined contribution system.

A significant addition to the law is the provision allowing participants to exercise independent control over their individual accounts. This means that, alongside the range of investment options provided by the Board, participants can also invest in assets outside of the plan, thereby broadening their investment opportunities. The act is set to take effect on November 1, 2026.