HB2077 Summary: Sooner Save Special Act

• Establishes optional defined contribution retirement system for Oklahoma Public Employees Retirement System (OPERS) employees hired after July 1, 2014, with 90-day irrevocable election period to choose between defined contribution plan or traditional defined benefit plan.

• Sets employee contributions at minimum 3% (mandatory) and maximum 7% of compensation eligible for employer match, with employer matching contributions ranging from 3% to 7% based on employee contribution rate.

• Implements 5-year vesting schedule for employer matching contributions (20% per year) while employees retain 100% vesting of their own contributions; investment options managed by Board of Trustees.

• Requires employers to remit difference between current required contribution rates and defined contribution matching amounts to OPERS to reduce unfunded liabilities of the defined benefit plan.

• Mandates statewide elected officials and legislators first elected after July 1, 2014 participate in defined contribution system; excludes defined contribution participants from supplemental medical insurance benefits.