Public retirement systems; Defined Contribution Retirement Plan for Teachers; Teachers' Retirement System of Oklahoma; defined contribution system; participation; election; service accrual; employee contribution amount; salary deductions; employer matching contributions; costs; vesting schedule; Board of Trustees; investment; deposit; defined benefit plan; offsets; qualified domestic orders; term; alternate payees; restrictions; rules; minimum salary schedule; codification; effective date.

This bill creates a new defined contribution retirement plan for Oklahoma teachers hired on or after November 1, 2024. These new teachers will automatically join this plan unless they choose to opt into the existing defined benefit plan. The bill also updates the minimum salary schedule for teachers, with different schedules for those in the new defined contribution plan versus the traditional defined benefit plan.

No official summary on file for this bill · generated by Gemini 2.5 Flash from its full text