OK HB2264

Employees in the Oklahoma Public Employees Retirement System (OPERS) defined contribution plan may change their contribution rate once per month, replacing the previous restriction of once per calendar year during a Board-determined option period

Mandatory employee contribution remains at 4.5%, with voluntary contributions above that amount eligible for employer matching up to IRS Section 415 limits

Employer matching is 6% of compensation for standard contributions, increasing to 7% if the employee contributes 7% or more

The chosen contribution rate continues until the employee elects to change it or terminates service/retires

Effective date: November 1, 2016