News Column

United States : OKLAHOMA Govt. inks signs Pension Retirement Bill

June 2, 2014

Mary Fallin, Oklahoma Gov. declared inking of legislation that stops the traditional pension retirement system for newly appointed state employees in favor of a 401(k)-style retirement plan and from a defined benefit scheme to a defined contribution plan similar to private sector plans, the bill moves forthcoming state employees.

Incorporating the firefighters and law enforcement officers, it privileges teachers as well as state workers who are designated "hazardous duty".

Moreover, following the Nov. 1, 2015, if employees appointed will be impacted by the bill, who are part of the Oklahoma Public Retirement System.

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Source: TendersInfo (India)