STEVENS v. FOX

2016 OK 106
CourtSupreme Court of Oklahoma
DecidedOctober 11, 2016
StatusPublished

This text of 2016 OK 106 (STEVENS v. FOX) is published on Counsel Stack Legal Research, covering Supreme Court of Oklahoma primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
STEVENS v. FOX, 2016 OK 106 (Okla. 2016).

Opinion

OSCN Found Document:STEVENS v. FOX

STEVENS v. FOX
2016 OK 106
Case Number: 114676
Decided: 10/11/2016
THE SUPREME COURT OF THE STATE OF OKLAHOMA


Cite as: 2016 OK 106, __ P.3d __

NOTICE: THIS OPINION HAS NOT BEEN RELEASED FOR PUBLICATION. UNTIL RELEASED, IT IS SUBJECT TO REVISION OR WITHDRAWAL. 


JOE STEVENS and CECIL DOOLEY, Oklahoma taxpayers and vested participants in the Oklahoma Public Employees Retirement System, Plaintiffs/Appellants,
v.
JOSEPH A. FOX, Executive Director of the Oklahoma Public Employees Retirement System, DEWAYNE MCANALLY, STEVE PARIS, MICHAEL D. EVANS, JILL GEIGER, JAMES R. "RUSTY" HALE, THOMAS E. KEMP, JR., DON KILPATRIK, BRIAN MADDY, LUCINDA MELTABARGER, MICHAEL MORADI, CLEVE PIERCE and FRANK STONE, as and constituting the Board of Trustees of the Oklahoma Public Employees Retirement System, Defendants/Appellees.

ON APPEAL FROM THE DISTRICT COURT
OF OKLAHOMA COUNTY, OKLAHOMA
HONORABLE ROGER H. STUART

¶0 The Plaintiffs/Appellants filed a Petition for Declaratory and Supplemental Relief challenging the validity of HB 2630 (2014). The Plaintiffs/Appellants claimed HB 2630 was void because it was passed by the Legislature in violation of the Oklahoma Pension Legislation Actuarial Analysis Act. Both parties filed a motion for summary judgment. The trial court granted Defendants/Appellees' motion for summary judgment and the Appellants appealed. The trial court's granting of summary judgment is affirmed and the matter is remanded to the trial court for further proceedings consistent with this opinion.

THE DECISION OF THE TRIAL COURT IS AFFIRMED AND THIS
CAUSE IS REMANDED FOR FURTHER PROCEEDINGS CONSISTENT
WITH THIS OPINION

Robert A. Nance and Stephanie L. Theban, Riggs, Abney, Neal, Turpen, Orbison & Lewis, Inc., Oklahoma City, Oklahoma, for Plaintiffs/Appellants.
Marc Edwards and Catherine L. Campbell, Phillips Murrah, P.C., Oklahoma City, Oklahoma, for Defendants/Appellees.
Patrick R. Wyrick, Solicitor General, Mithun S. Mansinghani, Deputy Solicitor General, and Sarah A. Greenwalt, Assistant Solicitor General, Office of the Attorney General, Oklahoma City, Oklahoma, for Attorney General.

COMBS, V.C.J.:

FACTS AND PROCEDURAL HISTORY

¶1 The focus of this appeal concerns the validity of HB 2630; 2014 Okla. Sess. Laws c. 375 (effective November 1, 2014).1 HB 2630 created the Retirement Freedom Act (74 O.S. Supp. 2014, § 935.1 et seq.). The main purpose of HB 2630 was to create a new defined contribution system within the Oklahoma Public Employees Retirement System (OPERS) for persons who initially become a member of OPERS on or after November 1, 2015. This includes most state employees hired on or after this date.2 To accomplish this purpose, the act provides OPERS could either establish a new defined contribution "plan or use an existing plan." Title 74 O.S. Supp. 2014, § 935.3. Those members of OPERS hired prior to this date are allowed to remain in the defined benefit plan under OPERS. To help understand the issues involved it is necessary to explain the differences between defined benefit plans and defined contribution plans.

¶2 Prior to November 1, 2015, most state employees and some other governmental employees have participated in the OPERS defined benefit plan. A defined benefit plan provides an employee who retires from the plan a fixed periodic payment based upon a formula. See Hughes Aircraft Co. v. Jacobson, 525 U.S. 432, 439, 119 S.Ct. 755, 142 L.Ed.2d 881 (1999). In other words, it provides a pension. As the name implies, the benefit is defined. If you know the factors to place in the formula you can determine the benefit. In the case of the OPERS defined benefit plan, both the employer and employee make monthly contributions to fund the plan. The plan assets are kept in a pool of assets rather than individual dedicated accounts for employees. The employer bears the entire investment risk and underfunding may result in a myriad of ways including a shortfall in the plan's investments, insufficient contributions or inaccurate actuarial assumptions. These plans typically use actuaries to determine assumptions concerning the necessary contributions and investment return to cover projected benefit obligations. These assumptions take into account items such as, unfunded and underfunded plan amendments, changes in investment yields, changes in mortality rates, experience losses, salary increases and employee turnover. See 1996 OK AG 21, ¶7. In essence, actuaries make an educated guess as to what the future will bring in order to advise the system on the level of funding needed to pay expected future benefits. Inherent in all defined benefit plans is a lack of certainty.

¶3 HB 2630 creates a new defined contribution system within OPERS. Title 74 O.S. Supp. 2014, § 935.2. Under a defined contribution plan there can never be an insufficiency of funds to cover promised benefits. Hughes, 525 U.S. at 439 (citations omitted). The obvious incentive for creating this new defined contribution system is its certainty and inability to be underfunded. Defined contribution plans provide an individual account for each participant and benefits are based solely upon the amounts contributed to the participants account and the earnings on those contributions. Id. As its name implies, the amount contributed is defined, however, the future benefit such an account will bring is unknown. The risk is shifted from the employer to the employee. In this new defined contribution system employees contribute between 3% to 7% of compensation and the employer shall match that contribution. Title 74 O.S. Supp. 2014, § 935.5. In addition, HB 2630 also requires employers making contributions on behalf of those employees in the new defined contribution system to make an additional contribution to the now closed defined benefit plan. Title 74 O.S. Supp. 2014, § 935.10 provides the amount of this contribution to the defined benefit plan will be equal to the difference between the employer contribution made to the defined benefit plan and the employer contribution made on behalf of the members in the new defined contribution system. The stated purpose for this contribution is to help "reduce the liabilities of the defined benefit pension plan." Title 74 O.S. Supp. 2014, § 935.10 (B).

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