The Oklahoma Senate passed a bill last week that would shift some new employees into a new defined contribution plan administered by the $8 billion Oklahoma Public Employees Retirement System.
The state House of Representatives passed the bill earlier in the week.
Gov. Mary Fallin is expected to sign the bill into law. If the bill becomes law, it will become effective for employees hired on or after Nov. 1, 2015. Alex Weintz, spokesman for Ms. Fallin, said action on the bill is anticipated this week, but declined to comment further.
Under the bill, employees would contribute a mandatory minimum 3% to the DC plan. Employers would match contributions up to 7%.
District attorneys, assistant district attorneys and employees of the district attorney’s office are exempted from the bill.
Tom Spencer, executive director of the Oklahoma City-based OPERS, declined to comment.
OPERS already administers a 457 deferred compensation plan and a 401(a) plan with combined assets of $870 million.