OKLAHOMA CITY (AP) -- The Oklahoma Senate has given final approval to a bill that would end the traditional pension retirement system for newly hired state workers in favor of a 401(k)-style retirement plan.
The Senate voted 35-11 Wednesday for the bill over the objection of Democrats who argued it could force state workers to retire into poverty. The bill now heads to Gov. Mary Fallin, who is expected to sign it.
The bill creates a new defined contribution retirement system for state workers, beginning in November 2015. Workers hired before that time and retirees will keep their current defined benefit pension plan.
The change also does not apply to teachers and "hazardous duty" workers like police officers, firefighters, and prison guards.
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