Oklahoma § 74-935.2 - Defined contribution system establishment

§ 74-935.2. Defined contribution system establishment

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

Oklahoma Statutes - Title 74. State Government

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.

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.