Sen. Rick Brinkley, Chair of the Senate Pension Committee, issued the following comments after presenting House Bill 2630 for final approval by the Senate on Wednesday. The bill creates a defined-contribution pension system for new employees, while current state employees, teachers and those designated as “hazardous duty” will remain under the existing defined-benefit plan.
“This legislation benefits our current state employees by ensuring we will honor the promises made to them by protecting their pensions. It benefits all Oklahomans by ensuring we can eliminate more than $11 billion in unfunded liability in our pension systems. It also benefits future employees, by giving them a 401(k)-style pension that they can continue to grow and take with them as their career path leads them to new opportunities.”