OK SB415

Oklahoma Public Employees Retirement System must establish a defined contribution system effective November 1, 2015, for new employees hired on or after that date in full-time-equivalent or more than half-time positions that qualify for benefits

Eligible positions include state employees and vending stand operators licensed by the Department of Rehabilitation Services on or after November 1, 2015

Exempted from the defined contribution system are district attorneys, assistant district attorneys, county employees, county elected officials, county hospital employees, city/town employees, conservation district employees, and employees of certain public or private trusts

Service in the defined contribution system begins on the first day of the month following employment, rather than on the employee's entry date

Employees who begin in the defined benefit plan after November 1, 2015 in an exempted position may only continue in the defined benefit plan while remaining in that exempted position type