A proposed final judgement was posted today that could overturn HB2630 that passed in 2014. The bill required that all new state employees in the OPERS retirement system be placed in a defined contribution plan instead of the current defined benefit plan.
The proposed judgement could mean that HB2630 is now void because the bill violated the Oklahoma Pension Legislation Actuarial Analysis Act (OPLAAA) because the plaintiff’s may question the actuarial analysis and because it creates a new system.
OPEA is studying the proposal to see what the immediate impact would be for our members. However, since current state employees were not included in the new plan, there may be no immediate impact. We will be waiting to hear what final action would be for those employees hired after November 1, 2015.