Labor & Employment

HB 1729 codifies rules for Oklahoma retirees working for state or local government after retirement. It prohibits retirement benefits for months when retirees earn above Social Security’s annual wage limit from government positions (with exceptions for jury duty, witness testimony, or similar roles). Employers must notify the Oklahoma Public Employees Retirement System (OPERS) when retirees return to work, and retirees have specific options for recalculating benefits upon reemployment. The bill also prohibits rehiring retirees by their former employers for one year after retirement.

HB 1258 creates a new defined contribution retirement plan for Oklahoma teachers hired on or after November 1, 2024. Teachers must make a one-time irrevocable election to join this plan, which replaces the existing defined benefit system for them; those who don’t elect it default to the current retirement system. Employees contribute a mandatory minimum of 4.5% of salary, with employers matching 6% (increasing to 7% if employees contribute more), all managed in tax-qualified retirement accounts. The plan prevents accrual of service credits under the old system, and participation is binding for all future service with participating employers.