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Oklahoma legislators to continue looking at state pension changes

NewsOK.com | by Michael McNutt | January 10, 2013

Efforts to shore up Oklahoma's pension system, which a couple years ago was among the most underfunded in the country, will continue this session with a proposal to give some new state employees the option of a defined contribution plan instead of the traditional plan.

Rep. Randy McDaniel, chairman of the House of Representatives Pension Oversight Committee, said Wednesday he will file a measure that would give that option to most state and county workers as well as some city employees whose pensions would be administered by the Oklahoma Public Employees Retirement System.

About 41,000 employees now pay into the retirement system to receive monthly pensions through a defined benefits plan based on a formula that takes into account their salary and duration of government work. Workers have the option to also take part in a defined contributions plan, similar to a 401 (k) plan. The system also has about 32,000 retired members.

 

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