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OK HB2336
Bill
Status
2/6/2017
Primary Sponsor
Jeff Coody
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AI Summary
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Increases teacher minimum salary schedules in Oklahoma public schools from the 2017-2018 school year through the 2021-2022 school year, with salaries ranging from $31,600 to $56,000 depending on education level and experience.
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Establishes an optional defined contribution retirement plan for teachers hired on or after July 1, 2018, as an alternative to the existing defined benefit plan.
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Requires employees to contribute 1% of compensation (mandatory) with optional additional contributions up to 3%, matched dollar-for-dollar by employers up to the 3% maximum.
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Specifies vesting schedule for employer matching contributions (20% per year for years 1-4, then 100% in year 5) and allows 100% vesting of employee contributions immediately.
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Effective July 1, 2017; declared an emergency bill.
Legislative Description
Schools; increasing teacher minimum salary schedule; optional defined contribution plan; Teachers' Retirement System; matching amounts; procedures; effective date; emergency.
Last Action
Second Reading referred to Rules
2/7/2017