HB 1376 Summary

• Raises minimum employee contribution to Oklahoma Public Employees Retirement System (OPERS) defined contribution plan from 3% to 4.5% of compensation, effective November 1, 2015.

• Sets employer matching contributions at 6% of compensation, with maximum matching at 7% if employee contributes above 6%, capped at Internal Revenue Code Section 415 limits.

• Requires newly hired employees (after November 1, 2015) in most positions to participate in defined contribution plan rather than defined benefit plan, with exceptions for certain state and local government positions.

• Establishes vesting schedule for employer contributions in defined contribution accounts: 20% after year 1, increasing to 100% after year 5 of service.

• Modifies qualified domestic order provisions to clarify requirements for marital property division and child support payments from retirement accounts, requiring minimum 30-month marriage duration for alternate payee eligibility.