Public retirement systems; Defined Contribution Retirement Plan for Teachers; Teachers' Retirement System of Oklahoma; defined contribution system; participation; election; service accrual; employee contribution amount; salary deductions; employer matching contributions; costs; vesting schedule; Board of Trustees; investment; deposit; defined benefit plan; offsets; qualified domestic orders; term; alternate payees; restrictions; rules; minimum salary schedule; codification; effective date.

HB 1258 establishes a new defined contribution retirement plan for Oklahoma teachers hired on or after November 1, 2024. It requires teachers to contribute a minimum of 4.5% of their salary, with employers matching 6% of that amount (with optional higher voluntary contributions). Participants will not earn service credits in the existing defined benefit plan, and contributions will be managed through tax-qualified plans like 457(b) or 401(a). The bill shifts retirement savings responsibility to individual accounts, with employer matching rates set by law and subject to legislative adjustments for funding needs.