OK SB2120

Vending stand operators and managing operators licensed by the Department of Rehabilitation Services after November 1, 2015, are ineligible for the Oklahoma Public Employees Retirement System defined benefit plan but may participate in the new defined contribution plan instead.

The defined contribution system exempts employees of counties, county elected officials, county hospitals, cities, towns, conservation districts, circuit engineering districts, and certain public or private trusts where a county, city, or town is the primary beneficiary.

Participants in the defined contribution system administered by OPERS on or after November 1, 2015, are excluded from receiving the $105 monthly contribution toward health insurance premiums upon retirement.

Retired employees receiving benefits from OPERS, the Oklahoma Law Enforcement Retirement System, or the Uniform Retirement System for Justices and Judges may continue health and dental insurance if elected within 30 days of retirement.

The act becomes effective November 1, 2014.