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OK HB3225
Bill
Status
2/2/2026
Primary Sponsor
Justin Humphrey
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AI Summary
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Terminates the defined contribution retirement plan (Retirement Freedom Act) for Oklahoma public employees effective November 1, 2026, transitioning all participants to the existing defined benefit plan under the Oklahoma Public Employees Retirement System
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Requires defined contribution plan participants to make an irrevocable election within 120 days to either convert their account balance to purchase service credit in the defined benefit plan at actuarial cost, transfer the balance to another tax-qualified retirement plan, or take another IRS-approved distribution
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Provides 100% immediate vesting of all defined contribution account balances as of November 1, 2026, including employer matching amounts and investment gains, regardless of previous vesting schedules
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Removes statewide elected officials and legislators from mandatory participation in the defined contribution system, returning them to the defined benefit plan
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Contingent on IRS approval for the distribution of funds from defined contribution accounts; OPERS must submit required applications to implement the changes
Legislative Description
Public retirement systems; Oklahoma Public Employees Retirement System; Oklahoma Pension Legislation Actuarial Analysis Act; defined contribution plan; accounts; service credit; defined benefit plan; election; effective dates.
Last Action
Second Reading referred to Rules
2/3/2026