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OK HB1258
Bill
Status
2/3/2025
Primary Sponsor
Neil Hays
Click for details
AI Summary
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Creates a new Defined Contribution Retirement Plan for certified teachers hired on or after November 1, 2024, administered by the Teachers' Retirement System of Oklahoma
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Requires minimum employee contribution of 4.5% of compensation with employer match of 6%, increasing to 7% employer match if employee contributes 7% or more
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Establishes 5-year vesting schedule for employer matching contributions (20% per year), while employee contributions are 100% vested immediately
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Allows new employees a one-time irrevocable election before their first month of employment to participate in the existing defined benefit plan instead of the defined contribution plan
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Establishes higher minimum salary schedule for teachers who do not elect the defined benefit plan, ranging from $45,601 (Bachelor's, 0 years) to $101,372.70 (Agriculture Education Master's, 28 years for 12-month positions)
Legislative Description
Public retirement systems; Defined Contribution Retirement Plan for Teachers; Teachers' Retirement System of Oklahoma; defined contribution system; participation; election; service accrual; employee contribution amount; salary deductions; employer matching contributions; costs; vesting schedule; Board of Trustees; investment; deposit; defined benefit plan; offsets; qualified domestic orders; term; alternate payees; restrictions; rules; minimum salary schedule; codification; effective date.
Last Action
Referred to Banking, Financial Services and Pensions
2/4/2025