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

HB 3225 modifies Oklahoma's public retirement systems by creating a framework for converting defined contribution plan accounts to the Oklahoma Public Employees Retirement System's defined benefit plan. It requires members to make an irrevocable election for plan type, allows purchasing service credit at actuarial cost, and sets specific funding ratio thresholds (60%-100%) for any benefit increases. The bill affects current and future public employees enrolled in Oklahoma's retirement systems, particularly those transitioning between defined contribution and defined benefit plans. It also clarifies administrative terms and processes for actuarial analysis under the Oklahoma Pension Legislation Actuarial Analysis Act.