Move to 401(k)-style retirement clears Okla Senate - KSWO 7News | Breaking News, Weather and Sports

Move to 401(k)-style retirement clears Okla Senate

OKLAHOMA CITY (AP) _ Newly hired state workers would be shifted from a traditional pension to a 401(k)-style retirement plan under a bill that has been given final approval in the Oklahoma Senate.

The Senate voted 34-11 Wednesday to approve the bill and send it to the House.

Under the measure, state employees hired after Nov. 1, 2015, would be shifted from the current defined-benefit pension to the 401(k)-style defined-contribution plan. The changes do not apply to teachers or public safety employees like police, firefighters or prison guards.

Supporters say the bill will help reduce the estimated $11.6 billion in unfunded liability of the state's public pension systems.

But opponents say eliminating the pension will get rid of one of the major benefits of a state government job.

  • Local NewsNewsMore>>

  • Syracuse fraternity permanently expelled over racist video

    Syracuse fraternity permanently expelled over racist video

    Saturday, April 21 2018 5:46 PM EDT2018-04-21 21:46:07 GMT
    Monday, April 23 2018 1:48 AM EDT2018-04-23 05:48:32 GMT
    Syracuse University permanently expels fraternity for "extremely racist" video. (Source: WSYR/CNN)Syracuse University permanently expels fraternity for "extremely racist" video. (Source: WSYR/CNN)

    Syracuse University has permanently expelled a fraternity over an offensive video that fraternity members say was intended as satire.

    Syracuse University has permanently expelled a fraternity over an offensive video that fraternity members say was intended as satire.

  • White House: No plans by Trump to fire Mueller, Rosenstein

    White House: No plans by Trump to fire Mueller, Rosenstein

    Sunday, April 22 2018 2:05 PM EDT2018-04-22 18:05:12 GMT
    Monday, April 23 2018 1:48 AM EDT2018-04-23 05:48:30 GMT
    (AP Photo/Carolyn Kaster, File). FILE - In this Nov. 20, 2016, file photo, then-President-elect Donald Trump, right, and former New York Mayor Rudy Giuliani pose for photographs as Giuliani arrives at the Trump National Golf Club Bedminster clubhouse i...(AP Photo/Carolyn Kaster, File). FILE - In this Nov. 20, 2016, file photo, then-President-elect Donald Trump, right, and former New York Mayor Rudy Giuliani pose for photographs as Giuliani arrives at the Trump National Golf Club Bedminster clubhouse i...

    The White House says President Donald Trump has no intention of firing special counsel Robert Mueller and Deputy Attorney General Rod Rosenstein.

    The White House says President Donald Trump has no intention of firing special counsel Robert Mueller and Deputy Attorney General Rod Rosenstein.

  • Macron to push Trump on Iran deal, says there's no 'Plan B'

    Macron to push Trump on Iran deal, says there's no 'Plan B'

    Sunday, April 22 2018 11:04 AM EDT2018-04-22 15:04:45 GMT
    Monday, April 23 2018 1:48 AM EDT2018-04-23 05:48:21 GMT
    (AP Photo/Michel Euler). France's President Emmanuel Macron walks out of the lobby of the Elysee Palace in Paris, Friday, April 20, 2018, to welcome Senegalese President Macky Sall. Senegalese President Macky Sall is in France for a five-day visit.(AP Photo/Michel Euler). France's President Emmanuel Macron walks out of the lobby of the Elysee Palace in Paris, Friday, April 20, 2018, to welcome Senegalese President Macky Sall. Senegalese President Macky Sall is in France for a five-day visit.

    French President Emmanuel Macron is urging U.S. President Donald Trump to stick with the Iranian nuclear accord, arguing that there's no "Plan B".

    French President Emmanuel Macron is urging U.S. President Donald Trump to stick with the Iranian nuclear accord, arguing that there's no "Plan B".

Powered by Frankly