OK SB892

Creates the "New Education Employees' Contributory Retirement Act" establishing a hybrid retirement system for newly hired education employees effective July 1, 2012

Establishes two components: a defined benefit plan (hybrid system with service credit) and a defined contribution plan (401(k)-style), with employees choosing between them within 30 days of employment

Requires participating employers to contribute up to 10% of compensation toward the defined benefit plan and make additional nonelective contributions of 10% to the defined contribution plan, with employees paying any contribution amount exceeding 10%

Provides retirement eligibility at age 65 with 4 years service, age 62 with 10 years service, age 60 with 20 years service, or 35 years service regardless of age, with six retirement payment options available to retirees

Includes death benefits for active members and surviving spouse benefits for members meeting service and age requirements, with the Teachers' Retirement System of Oklahoma administering the new system