2014 Oklahoma Statutes
Title 74. State Government
§74-935.2. Defined contribution system establishment.

A. Effective November 1, 2015, the Oklahoma Public Employees Retirement System (System) shall establish a defined contribution system for those persons who first become employed by any participating employer of the System, as defined by paragraph (25) of Section 902 of Title 74 of the Oklahoma Statutes, 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 Title 74 of the Oklahoma Statutes, 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 divisions (i), (ii) and (iii) of subparagraph (d) of paragraph (24) of Section 902 of Title 74 of the Oklahoma Statutes, 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 Title 74 of the Oklahoma Statutes.

D. Employees who participate in the defined contribution system shall be deemed to begin service in the defined contribution system on the entry date of the employee.

Added by Laws 2014, c. 375, § 2, eff. Nov. 1, 2014. Amended by Laws 2014, c. 419, § 2, eff. Nov. 1, 2014.