OKLAHOMA CITY – Rep. Ryan Eaves, R-Atoka, passed a bill in committee this week to strengthen Oklahoma’s defined-contribution retirement plan for state employees.

House Bill 3313 would update provisions within the Retirement Freedom Act to increase employer and employee contribution rates and enhance retirement planning resources for participants.

HB3313 would increase the minimum employee contribution from 4.5% to 5% and raise the employer match from 6% to 7%. It also would expand access to individualized retirement planning services, update investment options and establish a lifetime annuity as the standard distribution option while still allowing alternative payout choices.

"Our state’s greatest asset is its people, and that doesn’t change when they reach retirement," Eaves said. "When you dedicate your career to serving Oklahoma, you should be able to count on a strong retirement plan. Strengthening the defined-contribution system with higher contributions and better planning tools helps ensure our employees can retire with confidence after years of hard work."

If enacted, these updates would provide greater long-term security and flexibility for public employees participating in the defined-contribution system.

HB3313 now advances to the Government Oversight Committee for further consideration.