Public retirement systems; Oklahoma Pension Legislation Actuarial Analysis Act; Oklahoma Public Employees Retirement System; defined contribution plan; defined benefit plan; effective dates.

HB 1879 amends Oklahoma's public retirement systems by modifying rules for defined benefit and defined contribution plans. It requires employees and employers to make specific contributions under defined benefit plans, terminates certain provisions of the Retirement Freedom Act, and sets rules for managing defined contribution accounts, including requiring irrevocable elections for account balances. The bill directly affects state employees participating in Oklahoma's public retirement systems, particularly regarding contribution requirements, vesting treatment, and service credit calculations. Key provisions include mandating employer contributions for defined benefit plans, allowing service purchases at actuarial cost, and establishing conditions for retirement benefit increases based on system funding ratios.