Oklahoma HB1258 establishes a defined contribution retirement plan for teachers.
Oklahoma HB1258 creates a defined contribution retirement plan for teachers hired after November 1, 2024. The Teachers' Retirement System of Oklahoma will establish this plan, allowing teachers to choose between a defined contribution system and a defined benefit plan. Employers must contribute a minimum of 4.5% of an employee's compensation, with a matching contribution from the employer. The bill outlines vesting schedules, investment options, and procedures for qualified domestic orders affecting retirement benefits.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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