Oklahoma Public Employees Retirement System; providing for certain election by certain employees. Effective date.

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SENATE FLOOR VERSION
March 4, 2025

COMMITTEE SUBSTITUTE
FOR
SENATE BILL NO. 1029 By: Sacchieri of the Senate

and

Wilk of the House

[ Oklahoma Public Employees Retirement System -
defined contribution system - effective date ]

BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 74 O.S. 2021, Section 935.2, is
amended to read as follows:
Section 935.2. A. The Oklahoma Public Employees Retirement
System (System) shall establish a defined contribution system for
those persons who first become employed in a full-time equivalent
full-time-equivalent position or a position which is less than full-
time but more than half-time position and which qualifies for
employee benefits, including, but not limited to, health insurance
and leave time by any participating employer of the System, as
defined by paragraph (25) of Section 902 of this title, on or after
November 1, 2015. Any person first licensed by the State Department
of Rehabilitation Services as a vending stand operator or managing
operator on or after November 1, 2015, as defined by Section 929 of
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this title, shall be eligible for participation in the defined
contribution system.
B. Any employee of a participating employer may make an
irrevocable election to opt out of participation in the defined
contribution system with no penalty.
C. The provisions of subsection A of this section and the
provisions of this act the Retirement Freedom Act shall not be
applicable to employees who are initially employed in the positions
described in division (i), (ii), (iii), or (iv) of subparagraph (d)
of paragraph (24) of Section 902 of this title, district attorneys,
assistant district attorneys or other employees of the district
attorney’s office, and any employees of a county, county elected
officials, county hospital, city or town, conservation district,
circuit engineering district, and any public or private trust in
which a county, city or town participates and is the primary
beneficiary.
C. D. An employee described by subsection A of this section
shall become a participant in the defined contribution system and
the employee shall not accrue any service credit in the Oklahoma
Public Employees Retirement System as established pursuant to
Section 901 et seq. of this title.
D. E. Employees who participate in the defined contribution
system shall be deemed to begin service in the defined contribution
system on the first day of the month following employment.
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E. F. An employee who begins participating in the defined
benefit plan on or after November 1, 2015, in one of the positions
described in subsection B C of this section, shall continue to
participate in the defined benefit plan only as long as he or she
continues to be employed in a position described in subsection B C
of this section.
F. G. Any employee employed on or after November 1, 2015, by
the Legislative Service Bureau, State Senate or House of
Representatives for the full duration of a regular legislative
session shall be eligible for membership only in the defined
contribution system regardless of classification as a temporary
employee. The temporary session employee may participate in the
defined contribution system during the regular legislative session
at the option of the employee. Once the temporary session employee
makes a choice to participate, the choice shall be binding for all
future legislative sessions during which the temporary session
employee is employed. For purposes of this subparagraph, the
determination of whether an employee is employed for the full
duration of a regular legislative session shall be made by the
employer.
SECTION 2. This act shall become effective November 1, 2025.
COMMITTEE REPORT BY: COMMITTEE ON RETIREMENT AND GOVERNMENT
RESOURCES
March 4, 2025 - DO PASS AS AMENDED BY CS