OK SB307

Establishes a defined contribution system for Oklahoma Public Employees Retirement System (OPERS) employees who first become employed on or after November 1, 2015, and vending stand operators licensed by the Department of Rehabilitation Services on or after that date.

Exempts from the defined contribution requirement certain employees including those in specific positions under Section 902, district attorneys, assistant district attorneys, district attorney office staff, and employees of counties, cities, towns, conservation districts, circuit engineering districts, and certain public/private trusts.

Exempts classified employees of the Department of Corrections subject to the Merit System of Personnel Administration from the defined contribution system requirement.

Requires employees in the defined contribution system to become participants without accruing service credit in the traditional Oklahoma Public Employees Retirement System, with service beginning on their entry date.

Takes effect November 1, 2015.