Oklahoma Public Employees Retirement System

What Oklahoma Public Employees Retirement System does

The Oklahoma Public Employees Retirement System (OPERS) is a state government agency established in 1963 by an act of the Oklahoma State Legislature (statutory reference: OKLA. STAT. tit. 74 § 901 et seq.) that administers defined benefit retirement plans for Oklahoma's public employees. It serves state agency employees, local government employees (counties, cities, towns, conservation districts, emergency medical districts, public/private trusts), hazardous duty personnel (correctional officers, probation and parole officers, fugitive apprehension agents, military firefighters, GRDA Lake Patrol Officers, and — as of November 1, 2024 per HB 1068 — county deputy sheriffs and jailers), state and county elected officials, and justices/judges under the separately administered Uniform Retirement System for Justices and Judges (URSJJ).

OPERS' product portfolio comprises three plan types: a core Defined Benefit Plan providing guaranteed lifetime retirement income based on salary, years of service, and a contribution factor; a voluntary SoonerSave deferred compensation plan (IRC 457); and the mandatory Pathfinder defined contribution plan (IRC 401(a)) for state employees first joining on or after November 1, 2015. Supplementary offerings include a Benefit Estimator, an online retirement application with digital signatures, a 2.5% Step-Up benefit enhancement, a Hazardous Duty Plan with an 8% contribution rate and 2.5% computation factor, and educational programs (Pre-Retirement Seminars, Financial Fundamentals). Distribution runs through the Oklahoma City headquarters (5400 N Grand Blvd, Suite 400), the Member Portal (portal.opers.ok.gov), and a network of Retirement Coordinators at each participating employer. Empower serves as the third-party recordkeeper for the SoonerSave and Pathfinder plans; Adobe Sign and OneSpan provide e-signature and digital signature capabilities.

The business model is statutory rather than commercial: OPERS is funded by mandatory contributions from members and participating employers at rates set by Oklahoma statute, with no pricing discretion and no fee-for-service revenue. State agency employer contributions are set at 16.5% (declining to 9.5% effective July 1, 2026 per HB 4050 before sunsetting back to 16.5% in 2031), hazardous duty members contribute 8% for the first 20 years, and standard member rates apply to other participants. The system is governed by a Board of Trustees, and investment performance is a core operational KPI — OPERS reported a 12.5% gross return for FY2025, ranking #1 among 61 public pension plans tracked by Pensions & Investments. The system has received the GFOA Certificate of Achievement for Excellence in Financial Reporting for 28 consecutive years and consecutive NCPERS Certificates of Transparency in 2025 and 2026.

Name

Oklahoma Public Employees Retirement System

Legal name

Oklahoma Public Employees Retirement System

Website

https://opers.ok.gov

Company type

Private

Founded year

1963

Operating status

Operating

Short description

The Oklahoma Public Employees Retirement System (OPERS), established in 1963 by the Oklahoma Legislature, is a state government agency administering defined benefit pension plans for Oklahoma's state and local government employees, hazardous duty members, elected officials, and judges under the Uniform Retirement System for Justices and Judges (URSJJ).

Ownership category

akta.pro rank

Product category

Public Pension Administration

NAICS

Pension Funds (525110), Insurance and Employee Benefit Funds (5251)

akta.pro primary industry

Pensions & Retirement Benefits Administration (BPAIAKAA)

Keywords

• Public pension administration
• Defined benefit plans
• Government employee retirement
• Deferred compensation plans
• Pension fund management

Headquarters

HQ city

Oklahoma City

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Infrastructure, Others

Pricing tiers

Distribution channels3 records

Marketing channels9 records

Core offering

OPERS administers defined benefit and defined contribution retirement plans for Oklahoma's public employees, providing guaranteed lifetime retirement income based on salary, years of service, and contribution factors. The system administers the core Defined Benefit Plan, the voluntary SoonerSave deferred compensation plan (IRC 457), the mandatory Pathfinder defined contribution plan (IRC 401(a)), the Hazardous Duty Plan, and the separate Uniform Retirement System for Justices and Judges (URSJJ), along with member education services and an online portal.

Product overview

Oklahoma Public Employees Retirement System provides a comprehensive retirement benefits platform centered on its Defined Benefit Plan, which offers guaranteed lifetime retirement income based on salary, years of service, and contribution factors. The system administers three distinct plan types: the core OPERS Defined Benefit Plan for state and local government employees, the SoonerSave voluntary deferred compensation plan (IRC 457), and the Pathfinder mandatory defined contribution plan (IRC 401(a)) for employees joining on or after November 1, 2015. Additional offerings include the 2.5% Step-Up benefit enhancement option, the Hazardous Duty Plan for correctional officers and law enforcement personnel, and the separate Uniform Retirement System for Justices and Judges (URSJJ). Members access services through the Member Portal for account management, online retirement applications with digital signatures, benefit estimation tools, and various educational seminars including Pre-Retirement and Financial Fundamentals programs.

Differentiator

Problem solved

Functional benefit

Brands

• SoonerSave: A defined contribution savings plan for OPERS members
• Pathfinder

Products and services

• OPERS Defined Benefit Plan The primary defined benefit retirement plan for Oklahoma state and local government employees. Members and employers contribute specific percentages of salary, and upon retirement eligibility (based on combination of age and service), members receive guaranteed lifetime benefits calculated using salary, years of service, and a contribution factor.
• SoonerSave Plan Voluntary deferred compensation plan under IRC 457 for public employees. Includes both a deferred compensation plan and savings incentive plan. Managed in partnership with recordkeeper Empower.
• Pathfinder Plan Mandatory defined contribution plan under IRC 401(a) for eligible state employees first joining OPERS on or after November 1, 2015. Members choose contribution rates matched by employer up to 7% and select their own investments.
• Hazardous Duty Plan Separate retirement provisions for specific members including correctional officers, probation and parole officers, fugitive apprehension agents, Oklahoma Military Department firefighters, GRDA Lake Patrol Officers, county deputy sheriffs, and county jailers. Features higher 8% contribution rate and 2.5% computation factor for up to 20 years of hazardous duty service.
• Uniform Retirement System for Justices and Judges (URSJJ) Separate defined benefit retirement system for Oklahoma justices and judges, administered alongside OPERS. Covers justices and judges of the Oklahoma Supreme Court, Court of Criminal Appeals, Court of Civil Appeals, and District Courts.
• Member Portal Online self-service platform where members can access annual statements, 1099-R forms, view accumulated contributions, update contact information, and manage beneficiary designations.
• Online Retirement Application Digital application process allowing members to apply for retirement online. Features six sections with upload capability, draft saving, and digital signature through OneSpan.
• Benefit Estimator Online tool allowing members to calculate their retirement benefit estimates based on service credit, salary, and retirement options.
• 2.5% Step-Up Optional program allowing members to increase retirement benefits by paying additional contributions. Increases the computation factor only on participating service accrued after election and only for full years of service.
• Pre-Retirement Seminar In-person and online seminar preparing members for retirement, covering benefit options, application process, and transition planning.
• Financial Fundamentals Seminar Two-hour educational seminar for employees ages 25-50 covering basic financial management skills including evaluating financial situations, setting S.M.A.R.T. goals, debt reduction, and retirement savings targets.

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Partnerships

One partnership is on record.

• EmpowercoreOthersEmpower serves as the recordkeeper for the SoonerSave and Pathfinder defined contribution plans administered by OPERS. Members who participate in these plans can access their account information through a separate site managed by Empower using credentials assigned by Empower.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• New York State Common Retirement Fund: NYSLRS is the largest U.S. state public-pension system (state and local employees in New York) and is the broadest incumbents comparable to OPERS in product type (multi-tier DB with optional DC), but it is materially larger and operates in a more politically complex environment.
• California Public Employees' Retirement System (CalPERS): CalPERS is the largest U.S. public pension and the broader incumbent benchmark for state-level public DB/DC administration. While far larger and more diversified than OPERS, it operates the same statutory mandate model and is the reference point for governance and investment practices that OPERS would be benchmarked against.

Direct peers

• Missouri State Employees' Retirement System: MOSERS is the Missouri state employee retirement system providing DB and supplemental DC plans for state workers, paralleling OPERS' defined benefit core plus optional deferred-comp product. Comparable member scale (a few hundred thousand members) and similar employer structure.
• Florida Retirement System: FRS administers a hybrid DB and DC retirement program for Florida state and local government employees, closely comparable to OPERS' three-tier product structure. Both are large mandatory enrollment systems serving Sun Belt state and local workforces.
• State Teachers Retirement System of Ohio: STRS Ohio is a state-level public pension for educators and public employees with combined DB and DC offerings, structurally analogous to OPERS. Comparable governance, asset size class, and benefit design methodology.
• Texas Teachers Retirement System: Texas TRS is a large state-level public pension for educators; it is a direct structural comparable to OPERS in that both are constitutionally/statutorily mandated, defined-benefit retirement systems serving a specific state public-employee population with board governance and external investment management.
• Kansas Public Employees Retirement System: KPERS is the Kansas state public employee pension system, with statutory authority and a defined-benefit mandate for state and local government workers. As a neighboring Plains-state system with comparable demographic and economic profile, KPERS is one of the closest geographic and structural comparables to OPERS.
• Texas Employees Retirement System: Texas Employees Retirement System administers defined benefit and defined contribution plans for Texas state employees, structurally parallel to OPERS - same statutory mandate, same employee base (state workers), and same governance model. Both manage billions in trust assets for public-sector employees in similar Sun Belt states.
• Public Employees Retirement Association of Colorado: Colorado PERA administers DB, DC, and hybrid plans for Colorado state and local government employees, mirroring OPERS' three-tier product set (DB, SoonerSave 457, Pathfinder 401(a) DC). Both serve municipal and county employers in addition to state agencies.

Others

• Empower Retirement: Empower is OPERS' partner recordkeeper for SoonerSave and Pathfinder DC plans. As a leading third-party DC administrator, Empower is an OTHERS / enabling peer rather than a competitor - it provides infrastructure that OPERS relies on for daily DC operations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key highlights7 records

Customer concentration

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Oklahoma Public Employees Retirement System