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Bill to create Oklahoma defined contribution plan advances

Bill to create Oklahoma defined contribution plan advances

The Oklahoma House of Representatives passed a bill Tuesday that would move future state employees into a new defined contribution plan.

The bill does not apply to police officers, firefighters or teachers. If the bill becomes law, it will cover employees hired on or after Nov. 1, 2015, who otherwise would have been eligible to participate in the $8 billion Oklahoma Public Employees Retirement System, Oklahoma City.

The state Senate passed a similar bill last month. The House still needs to vote on a second part of the bill that is unrelated to the pension changes.

Under the bill, employees would contribute a minimum 3% to the DC plan. Government employers would provide a 100% match on contributions up to 7% of pay.

OPERS already administers a $618 million 457 plan and a $165 million 401(a) plan.

Kevin Olsen writes for Pensions & Investments, a sister publication of Business Insurance.