Loading chat...
OK HB3332
Bill
Status
2/2/2026
Primary Sponsor
Neil Hays
Click for details
AI Summary
-
Creates a new optional Defined Contribution Retirement Plan for Teachers administered by the Teachers' Retirement System of Oklahoma, available to certified personnel hired on or after November 1, 2026
-
Employees must make a one-time irrevocable election before their first month of employment to participate in either the existing defined benefit plan or the new defined contribution plan; those who do not elect default to the defined contribution plan
-
Participant contribution rate is 4.5% of compensation (with option to elect 7%), and employer contribution is 6% (or 7% if employee elects higher rate); participant contributions vest immediately while employer contributions vest after 3 years of service or reaching age 65
-
Employers must remit the difference between the standard Teachers' Retirement System employer contribution rate and the defined contribution matching amount to the existing defined benefit pension plan to reduce its unfunded liabilities
-
Establishes a separate higher minimum salary schedule for teachers participating in the defined contribution plan, with starting salaries approximately $6,000 higher than the standard schedule (e.g., $45,601 vs. $39,601 for bachelor's degree with 0 years experience)
Legislative Description
Retirement; Defined Contribution Retirement Plan for Teachers Act; trust; plan assets; Teachers' Retirement System of Oklahoma; certified personnel; election; defined benefit plan; service credit; terms; Board of Trustees; operating plan document; duties; policies; competitive bid process; contract; report; contribution rate; participants; employers; vesting; individual account; investment menu; alternative distribution forms; surviving spouse or beneficiary; minimum salary schedule; codification; effective date.
Last Action
Second Reading referred to Rules
2/3/2026