Senate President Pro Tempore Brian Bingman issued the following statement on the passage of House Bill 2630, which creates a 401k-style, defined-contribution pension system for new state employees. Current employees, teachers and those designated as “hazardous duty” will all remain under the existing defined-benefit pension system.
“We worked tirelessly this legislative session with all stakeholders to ensure this legislation protects current state employees and gives them more confidence in their pension’s solvency, while also helping us attract the next generation of workers.
“Our state's long-term fiscal stability is dependent on making this responsible change as we seek to further reduce and eliminate our more than $11 billion in pension unfunded liability.”–Senate President Pro Tempore, Brian Bingman, R-Sapulpa
HB 2630 was approved Wednesday 35-11 and will now be sent to the governor for her approval.