Retirement Freedom Act; investment options; participants; independent control; individual accounts; effective date.

HB 4225, the Retirement Freedom Act, allows Oklahoma state retirement plan participants to borrow from their accounts. It permits loans up to 50% of a participant's vested account balance or $50,000, whichever is less, with mandatory repayment within five years through equal quarterly payments covering principal and interest. The bill also permits extended repayment periods for loans used to purchase a primary residence. This change directly affects state employees enrolled in Oklahoma's retirement systems by modifying their access to account funds.