The Oklahoma House of Representatives passed a bill Tuesday that would move some future employees into a new defined contribution plan administered by the $8 billion Oklahoma Public Employees Retirement System.
If the bill becomes law, it will become effective for employees hired on or after Nov. 1, 2015.
The bill still needs to be approved by the state Senate. Both chambers have passed earlier versions of the bill. The current version exempts district attorneys, assistant district attorneys and employees of the district attorney's office.
Under the bill, employees would contribute a mandatory minimum 3% to the DC plan. Employers would match contributions up to 7%.
Oklahoma City-based OPERS already administers a 457 deferred compensation plan and a 401(a) plan with combined assets of $870 million. The bill also authorizesthe OPERS board to establish a 457(b) plan or use an existing one.
Tom Spencer, executive director at OPERS, did not immediately return a phone call by press time.