- Associated Press - Friday, October 24, 2014

OKLAHOMA CITY (AP) - A group of public employees is suing to stop a new law passed by the Oklahoma Legislature this year to end the traditional pension retirement for newly hired state workers.

Attorneys filed the lawsuit Friday in Oklahoma County District Court on behalf of participants in the Oklahoma Public Employee Retirement System. They claim the Legislature violated state law with the bill’s passage because it did not have a proper actuarial analysis and did not receive a three-fourths vote in the House and Senate.

The bill calls for all newly hired state employees to be shifted from the current pension system to a 401(k)-style retirement plan. The plaintiffs allege the transition could cost Oklahoma taxpayers millions of dollars in lost revenue returns and reduced employee contributions.

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.

 

Click to Read More

Click to Hide