SB1029 Summary

• Amends the Oklahoma Public Employees Retirement System (OPERS) to allow employees of participating employers to make an irrevocable election to opt out of the defined contribution system with no penalty.

• Clarifies that the defined contribution system requirements do not apply to district attorneys, assistant district attorneys, county employees, city/town employees, conservation districts, or certain other specified public entities and positions.

• Specifies that employees hired on or after November 1, 2015, by the Legislative Service Bureau or State Senate/House of Representatives for a full legislative session are eligible only for the defined contribution system, with optional participation for temporary session employees.

• Establishes that employees who participate in the defined contribution system begin service on the first day of the month following employment and do not accrue service credit in the traditional OPERS defined benefit plan.

• Becomes effective November 1, 2025.