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Committee advances Tulsa County request to raise pension contribution cap from 18.5% to 22%
Summary
The committee passed Senate Bill 434, a request by Tulsa County to increase the statutory cap on employer pension contributions to 22% of annual salaries to aid recruitment and retention for county employees, after presentation by Representative Tedford and Tulsa County Clerk Michael Willis.
The House Banking, Financial Services and Pensions Committee voted to pass Senate Bill 434, a Tulsa County request to increase its statutory maximum employer pension contribution, after Representative Tedford presented the measure and Tulsa County Clerk Michael Willis attended the hearing.
Tedford said Tulsa County is statutorily limited to contributing up to 18.5% of annual salaries into its pension plan and seeks to increase that cap to 22% to remain competitive and “give them more flexibility to maintain adequate funding.” He moved the measure for passage and yielded to questions.
Committee members offered no further debate; the chair opened the vote and the clerk announced the bill passed with a recorded committee vote spoken in the hearing as 9 yes, 0 no. The committee referred the bill for further oversight consideration.
Background: No amendment was reported during the presentation. The committee discussion focused on the percentage cap on contributions; no actuarial detail or fiscal note was discussed on the record during this presentation.
Next steps: The bill was referred to oversight for additional review.
