Retirement; Defined Contribution Retirement Plan for Teachers Act; trust; plan assets; Teachers' Retirement System of Oklahoma; certified personnel; election; defined benefit plan; service credit; terms; Board of Trustees; operating plan document; duties; policies; competitive bid process; contract; report; contribution rate; participants; employers; vesting; individual account; investment menu; alternative distribution forms; surviving spouse or beneficiary; minimum salary schedule; codification; effective date.

HB 3332 creates a new defined contribution retirement plan for Oklahoma teachers hired on or after November 1, 2026, replacing the existing defined benefit system for these new employees. Certified teachers and school staff who start working after this date must choose between the new plan and the traditional retirement system through a one-time, irrevocable election. Under the new plan, employees and employers contribute to personal retirement accounts, with benefits based on contributions and investment returns rather than final salary. The Teachers' Retirement System will manage the plan’s trust, investment options, and account distributions, while current teachers remain in the existing defined benefit system.