§ 74-935.2 — Defined contribution system establishment.

Oklahoma § 74-935.2

• Jurisdiction: Oklahoma
• Title 74: State Government

Text

A. The Oklahoma Public Employees Retirement System (System) shall establish a defined contribution system for those persons who first become employed in a full-time equivalent position or a position which is less than full-time but more than half-time position and which qualifies for employee benefits, including but not limited to, health insurance and leave time by any participating employer of the System, as defined by paragraph (25) of Section 902 of this title, on or after November 1, 2015. Any person first licensed by the Department of Rehabilitation Services as a vending stand operator or managing operator on or after November 1, 2015, as defined by Section 929 of this title, shall be eligible for participation in the defined contribution system. B. The provisions of subsection A of this section and the provisions of this act shall not be applicable to employees who are initially employed in the positions described in division (i), (ii), (iii), or (iv) of subparagraph (d) of paragraph (24) of Section 902 of this title, district attorneys, assistant district attorneys or other employees of the district attorney's office, and any employees of a county, county elected officials, county hospital, city or town, conservation district, circuit engineering district, and any public or private trust in which a county, city or town participates and is the primary beneficiary. C. An employee described by subsection A of this section shall become a participant in the defined contribution system and the employee shall not accrue any service credit in the Oklahoma Public Employees Retirement System as established pursuant to Section 901 et seq. of this title. D. Employees who participate in the defined contribution system shall be deemed to begin service in the defined contribution system on the first day of the month following employment. E. An employee who begins participating in the defined benefit plan on or after November 1, 2015, in one of the positions described in subsection B of this section, shall continue to participate in the defined benefit plan only as long as he or she continues to be employed in a position described in subsection B of this section. F. Any employee employed on or after November 1, 2015, by the Legislative Service Bureau, State Senate or House of Representatives for the full duration of a regular legislative session shall be eligible for membership only in the defined contribution system regardless of classification as a temporary employee. The temporary session employee may participate in the defined contribution system during the regular legislative session at the option of the employee. Once the temporary session employee makes a choice to participate, the choice shall be binding for all future legislative sessions during which the temporary session employee is employed. For purposes of this subparagraph, the determination of whether an employee is employed for the full duration of a regular legislative session shall be made by the employer.

Legislative History

Added by Laws 2014, c. 375, § 2, eff. Nov. 1, 2014. Amended by Laws 2014, c. 419, § 2, eff. Nov. 1, 2014; Laws 2015, c. 303, § 1, eff. Nov. 1, 2015; Laws 2017, c. 94, § 4, eff. Nov. 1, 2017.