19 02, 2015

Tulsa proceeding cautiously on changing employee pension system

2015-02-19T23:11:37-08:00February 19th, 2015|Categories: Pension Reform|Tags: , , |

The Mayor’s Office is working to shore up the pension program for existing city employees before it attempts to change the system for new employees, officials say. Mayor Dewey Bartlett plans to ask the City Council to approve an ordinance change that would help ensure that the city’s $118 million pension obligation is paid off in 30 years or less, Mayoral Chief of Staff Jarred Brejcha said. […]

2 06, 2014

Oklahoma Gov. Mary Fallin signs pension overhaul bill creating 401(k)-style retirement plans

2014-06-02T17:42:33-07:00June 2nd, 2014|Categories: Pension Reform|Tags: , , , , |

Oklahoma Gov. Mary Fallin has signed legislation that ends the traditional pension retirement system for newly hired state employees in favor of a 401(k)-style retirement plan. Fallin signed the measure into law on Friday. The bill moves future state employees from a defined benefit plan to a defined contribution plan similar to private sector plans. It exempts teachers as well as state workers who are designated "hazardous duty" including firefighters and law enforcement officers. It does not change the [...]

13 03, 2014

Okla. House OKs defined contribution pension bill

2014-03-13T22:10:36-07:00March 13th, 2014|Categories: 401(k)|Tags: , , |

Many new state workers would have 401(k)-style retirement plans rather than traditional public employee pension plans under a measure the Oklahoma House passed on Tuesday. The House approved the measure 57-42 and sent it to the state Senate, which has already passed similar legislation. House members also voted 90-0 for a bill that would give many state workers their first pay raise in seven years and revamp state worker compensation. Legislative leaders have said the measure is intertwined with [...]

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