Oklahoma Faces Lawsuit Over Pension Plan Change

FROM STAFF REPORTSA lawsuit was filed Friday against a law that requires most new state workers to participate in a defined-contribution retirement plan, like a 401(k), rather than a traditional, defined-benefit pension. A news release from attorneys who filed the lawsuit states the Legislature failed to do an actuarial analysis on the legislation and did not comply with specific legal requirements for pension bills. “There is no doubt that Oklahoma law treats any bill establishing a new retirement system as a bill that has a fiscal impact,” said attorney Bob Klausner.Read more on NewsOK.com

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