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March 6, 2013

Oklahoma House passes defined contribution option

Associated Press Associated Press

OKLAHOMA CITY — New state employees would have the option of a traditional pension or a defined contribution plan under a bill approved by the Oklahoma House.

The House voted 65-22 Tuesday for the bill that would give state employees hired after July 1, 2014, the new option. The bill would make it a requirement for statewide elected officials elected after July 2014 to be a member of the new defined contribution plan.

Most Democrats opposed the measure, arguing it was the first step toward abolishing public pensions.

The sponsor of the bill, Republican Rep. Randy McDaniel of Oklahoma City, says his goal is to protect the state’s financial security of the state and give workers more options.

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