FOR IMMEDIATE RELEASE: February 12, 2014

Governor Mary Fallin Thanks House Committee for Support of Pension Reform Bill

OKLAHOMA CITY – Governor Mary Fallin today thanked the Oklahoma House Economic Development and Financial Services Committee for advancing House Bill 2630, a pension reform bill. The bill moves new state employees from a defined benefit plan to the 401k style, defined contribution plans being widely used in the private sector. The law does not cover employees designated “hazardous duty” – including firefighters and police officers—or teachers. It does not change the pension system for current employees or retirees.

“I appreciate the quick progress being made on the issue of pension reform,” said Fallin. “Moving to a 401K-style pension model for new hires will make Oklahoma better able to recruit and hire qualified employees for state government by giving them more portable and flexible retirement benefits.

“This bill also helps protect current employees and retirees by making our pension system more fiscally sound. HB 2630 will help to ensure that we can pay our retirees the benefits they have earned.”

HB 2630 is authored by Rep. Randy McDaniel.