OK SB415

Establishes a defined contribution system effective November 1, 2015, for persons first employed on or after that date in full-time-equivalent or less than full-time but more than half-time positions that qualify for employee benefits.

Includes vending stand operators and managing operators licensed by the Department of Rehabilitation Services on or after November 1, 2015, as eligible participants in the defined contribution system.

Excludes certain employees from the defined contribution system, including district attorneys, assistant district attorneys, county employees, city and town employees, and employees of conservation districts and circuit engineering districts.

Establishes that service in the defined contribution system begins on the first day of the month following employment rather than the entry date.

Requires employees who begin participating in the defined benefit plan in exempt positions after November 1, 2015, to continue participation only as long as they remain employed in those exempt positions.