HB2077 - Sooner Save Special Act Summary

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

• Requires minimum employee contributions of 3.0% of compensation, with optional contributions up to 7.0% eligible for employer matching at equal rates (3.0% to 7.0% match based on employee contribution level).

• Implements a 5-year vesting schedule for employer matching contributions (20% per year, reaching 100% vesting after 5 years), while employees retain 100% ownership of their own contributions at all times.

• Mandates that statewide elected officials first elected after July 1, 2014, participate in the defined contribution system rather than the defined benefit plan.

• Directs employers to remit the difference between standard employer contribution rates and matching requirements to OPERS to reduce unfunded liabilities of the defined benefit pension plan.