, Muskogee, OK

February 12, 2014

State House committee passes pension changes

Associated Press

— OKLAHOMA CITY — An Oklahoma House committee has approved a bill to move newly hired state workers from the current defined-benefit pension into a 401(k)-style retirement system.

The House Economic Development and Financial Services Committee passed the measure Wednesday.

The bill moves new state employees from a defined benefit plan to the 401k style, defined contribution plan being widely used in the private sector.