The Oklahoma Senate Pension Committee approved legislation this week that will move state employees hired after Nov. 1, 2015, into a defined contribution plan instead of the traditional defined benefit plan.

The move won't impact current employees. It will help lower the unfunded pension liabilities in the $8 billion Oklahoma Public Employees Retirement System as well as attract younger workers who appreciate the portability of a defined contribution option.

"We always talk about the importance of running government like a business. This is a transition that much of the private sector made over a decade ago," said Senate President Pro Tempore Brian Bingman. "Kicking the can down the road is no longer an option."

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and events
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.