The bill intends to bring the system – now 49% funded – to an 80% funded level by 2026 by increasing employer contributions from 7.85% to 9.5%.
Under the plan, contributions to the system would be increased by $60 million a year, when fully implemented in four years, and will be paid for by legislative appropriations.
If the legislation passes, the state will be able to improve its bond rating, saving Oklahoma millions of dollars a year, Senator Kenneth Corn, a co-sponsor of the bill, told the AP.