Read the full stored bill text
An Act
ENROLLED HOUSE
BILL NO. 4050 By: Caldwell (Trey) and Kane of
the House
and
Hall and Haste of the
Senate
An Act relating to retirement; amending 74 O.S. 2021,
Section 920, which relates to the Oklahoma Public
Employees Retirement System; modifying employer
contribution amount for certain time frame; providing
an effective date; and declaring an emergency.
SUBJECT: Retirement
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 74 O.S. 2021, Section 920, is
amended to read as follows:
Section 920. (1) Effective July 1, 1994, every state agency
which is a participating employer shall contribute to the System an
amount equal to eleven and one-half percent (11 1/2%) of the monthly
compensation of each member, but not in excess of Forty Thousand
Dollars ($40,000.00).
(2) Effective July 1, 1995, every state agency which is a
participating employer shall contribute to the System an amount
equal to eleven and one-half percent (11 1/2%) of the monthly
compensation of each member, not to exceed the allowable annual
compensation as defined in paragraph (9) of Section 902 of this
title.
(3) Effective July 1, 1996, every state agency which is a
participating employer shall contribute to the System an amount
equal to twelve percent (12%) of the monthly compensation of each
member, not to exceed the allowable annual compensation defined in
paragraph (9) of Section 902 of this title.
RBH No. 17114
ENR. H. B. NO. 4050 Page 2
(4) Effective July 1, 1999, and through the fiscal year ending
June 30, 2005, every state agency which is a participating employer
shall contribute to the System an amount equal to ten percent (10%)
of the monthly compensation of each member, not to exceed the
allowable annual compensation defined in paragraph (9) of Section
902 of this title.
(5) Effective July 1, 2005, except as otherwise provided by
subsection (11) (13) of this section, every state agency which is a
participating employer shall contribute an amount to the System
equal to a percentage of monthly compensation of each member, not to
exceed the allowable annual compensation defined in paragraph (9) of
Section 902 of this title as follows:
July 1, 2005 – June 30, 2006 11 1/2%
July 1, 2006 – June 30, 2007 12 1/2%
July 1, 2007 – June 30, 2008 13 1/2%
July 1, 2008 – June 30, 2009 14 1/2%
July 1, 2009 – June 30, 2011 15 1/2%
July 1, 2011 – June 30, 2012 2026
and each year thereafter 16 1/2%
(6) Beginning July 1, 2026, through June 30, 2031, except as
otherwise provided by subsection (13) of this section, every state
agency which is a participating employer shall contribute an amount
to the System equal to nine and one-half percent (9 1/2%) of monthly
compensation of each member, not to exceed the allowable annual
compensation defined in paragraph (9) of Section 902 of this title.
(7) Beginning July 1, 2031, except as otherwise provided by
subsection (13) of this section, every state agency which is a
participating employer shall contribute an amount to the System
equal to sixteen and one-half percent (16 1/2%) of monthly
compensation of each member, not to exceed the allowable annual
compensation defined in paragraph (9) of Section 902 of this title.
(8) The Board shall certify, on or before November 1 of each
year, to the Office of Management and Enterprise Services an
RBH No. 17114
ENR. H. B. NO. 4050 Page 3
actuarially determined estimate of the rate of contribution which
will be required, together with all accumulated contributions and
other assets of the System, to be paid by each participating
employer to pay all liabilities which shall exist or accrue under
the System, including amortization of the past service cost over a
period of not to exceed forty (40) years from June 30, 1987, and the
cost of administration of the System, as determined by the Board,
upon recommendation of the actuary.
(7) (9) The Office of Management and Enterprise Services and
the Governor shall include in the budget and in the budget request
for appropriations the sum required to satisfy the state's
obligation under this section as certified by the Board and shall
present the same to the Legislature for allowance and appropriation.
(8) (10) Each other participating employer shall appropriate
and pay to the System a sum sufficient to satisfy the obligation
under this section as certified by the Board.
(9) (11) Each participating employer is hereby authorized to
pay the employer's contribution from the same fund that the
compensation for which said contribution is paid from or from any
other funds available to it for such purpose.
(10) (12) Forfeitures arising from severance of employment,
death or for any other reason may not be applied to increase the
benefits any member would otherwise receive under the System's law.
However, forfeitures may be used to reduce an employer's
contribution.
(11) (13) Effective November 1, 2015, an employer shall be
required to make payment to the Oklahoma Public Employees Retirement
System of the amount described by subsection A of Section 10 935.10
of this act title with respect to any employee who is a participant
in the defined contribution system created pursuant to the
provisions of Sections 1 935.1 through 11 935.11 of this act title.
The employer shall be required to make the required matching
contribution amount for all employees that participate in the
defined contribution system and to remit the difference between such
amount and the amount the employer would otherwise have paid
pursuant to the provisions of this section to the Oklahoma Public
Employees Retirement System.
SECTION 2. This act shall become effective July 1, 2026.
RBH No. 17114
ENR. H. B. NO. 4050 Page 4
SECTION 3. It being immediately necessary for the preservation
of the public peace, health or safety, an emergency is hereby
declared to exist, by reason whereof this act shall take effect and
be in full force from and after its passage and approval.
RBH No. 17114
ENR. H. B. NO. 4050 Page 5
Passed the House of Representatives the 14th day of April, 2026.
Presiding Officer of the House
of Representatives
Passed the Senate the 16th day of April, 2026.
Presiding Officer of the Senate
OFFICE OF THE GOVERNOR
Received by the Office of the Governor this ____________________
day of ___________________, 20_______, at _______ o'clock _______ M.
By: _________________________________
Approved by the Governor of the State of Oklahoma this _________
day of ___________________, 20_______, at _______ o'clock _______ M.
_________________________________
Governor of the State of Oklahoma
OFFICE OF THE SECRETARY OF STATE
Received by the Office of the Secretary of State this __________
day of ___________________, 20_______, at _______ o'clock _______ M.
By: _________________________________