OK HB1879

Terminates the Retirement Freedom Act's defined contribution retirement plan for Oklahoma state employees, with provisions ceasing effect on November 1, 2021 (retroactively referenced) and full termination by November 1, 2026

Transitions affected employees to the Oklahoma Public Employees Retirement System defined benefit plan effective November 1, 2025, requiring them to begin making employee contributions to the defined benefit plan

Grants members 120 days to make an irrevocable election to either convert their defined contribution account balance into service credit in the defined benefit plan (at actuarial cost), transfer the balance to another tax-qualified plan, or take another IRS-permitted disposition

Provides 100% vesting of all defined contribution account balances as of November 1, 2025, including employer matching amounts and investment gains

Conditions implementation on IRS approval for the distribution of monies from member accounts, requiring OPERS to submit necessary applications