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Mary Fallin on Social Security

Republican

 


401k-style plan for OK Public Employees Retirement System

I am proposing a number of reforms for state employees:
  1. We should begin offering targeted salary increases to some state employees paid below market value.
  2. We should reform our current pay system to one that rewards performance over time-served Doing so will encourage better productivity and services.
  3. And finally, new hires within the Oklahoma Public Employees Retirement System should be moved from an outdated, mid-20th century pension system and to the more portable and flexible 401k-style benefits used in the private sector. Businesses made this change a long time ago, recognizing that the old pension model didn't appeal to a today's more mobile workforce. It's time for state government to stop playing catch-up. Moving to a defined contribution model helps us to modernize; allows flexibility for future public employees to take the money they have accrued with them if they change careers; and stabilizes the system for current public employees and retirees.
    Source: 2014 State of the State address to Oklahoma legislature , Feb 3, 2014

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    Page last updated: Mar 02, 2021