Oklahoma HB3313 modifies the Oklahoma Public Employees Retirement System by establishing a defined contribution system with new contribution rates.
Oklahoma HB3313 amends the Oklahoma Public Employees Retirement System to establish a defined contribution system. It sets the minimum employee contribution at 5% of compensation and the employer contribution at 7%. The bill eliminates the vesting schedule for certain funds and mandates that participating employees have investment discretion over all employer contributions. It also requires the Board of Trustees to provide individualized planning services and certain information and investment options to participants.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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