The Oklahoma Senate Pension Committee approved legislation this week that will move state employees hired after Nov. 1, 2015, into a defined contribution plan instead of the traditional defined benefit plan.
The move won't impact current employees. It will help lower the unfunded pension liabilities in the $8 billion Oklahoma Public Employees Retirement System as well as attract younger workers who appreciate the portability of a defined contribution option.
"We always talk about the importance of running government like a business. This is a transition that much of the private sector made over a decade ago," said Senate President Pro Tempore Brian Bingman. "Kicking the can down the road is no longer an option."
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