Public sector employers in Oklahoma are one step closer to creating a defined contribution retirement plan for workers with the passage of House Bill 2630, also known as the Retirement Freedom Act. The bill was approved this week by a majority in the state’s House of Representatives.

“Most workers used to be offered a defined benefit plan – not anymore, not today,” Rep. Randy McDaniel said in his closing debate for the bill he co-authored. “Thousands and thousands of businesses have switched to DC plans. They did not switch because it is costly or harmful. They care about costs. They also care about recruiting and retaining great employees.”

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