Share “Oklahoma House passes worker pension...”

Oklahoma House passes worker pension overhaul bill

Oklahoman Published: May 20, 2014
Advertisement

OKLAHOMA CITY (AP) — The Oklahoma House has approved legislation that eliminates traditional pension benefits for newly hired state workers and replaces it with a 401(k)-style retirement plan.

The House approved the measure 58-33 Tuesday and sent it to the state Senate for final passage.

The measure creates a defined contribution retirement system for state workers after November 2015. Workers hired prior to that time will keep their current defined benefit pension plan.

The measure’s author, Republican Rep. Randy McDaniel of Edmond, says Oklahoma’s pension system has an unfunded liability of $11 billion and that the state spent $823 million last year just to service that debt.

But opponents say the change will place the retirement benefits of state workers at risk by forcing them to invest it.

———

Online:

House Bill 2630: http://bit.ly/1iQbij0


AROUND THE WEB

  1. 1
    Federal lawsuit filed against Sapulpa Public Schools in connection with rape allegation against...
  2. 2
    Fox News announces prime-time GOP debate participants
  3. 3
    Did Sen. James Lankford fall into the 'man trap' on abortion?
  4. 4
    Oklahoma State places three walk-ons on scholarship
  5. 5
    VIDEO: Blake Griffin teasing Space Jam 2 in new Jordan commercial?
+ show more

FEATURED JOBS



× Trending politics Article