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 OklahomaPublic 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.
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