State Rep. Marcus McEntire, R-Duncan, and State Sen. John Michael Montgomery, R-Lawton, held an interim study to increase access to retirement savings tools for people that do not have access to a plan through their employer.

The two said studies show that more than 50% of working Oklahomans do not have a retirement benefits package in place.

“This has long-term consequences not only for these individuals who will suffer quality-of-life issues when they retire without adequate benefits in place,” McEntire said. “But this potentially harms state taxpayers as a whole as a demand on their tax dollars is made to help with the cost of health care coverage and other services needed by an aging population.”

 “Ultimately, it is just fiscally prudent to encourage savings for individuals,” Montgomery said.

Senate Bill 1890 sought to establish the Oklahoma Sooner Choice Trust Program Fund, which would have been used to administer individual retirement accounts made optional to people employed by small businesses. Under the proposal, employees would have been able to choose to have at least 3% of their pay automatically withheld to be invested on their behalf. They also would have been able to select options for investment vehicles, ranging from conservative to more aggressive. Employers would not be mandated to match funds contributed by employees.

The bill was sidelined when work at the Capitol ceased for six weeks due to the pandemic. The legislation had bipartisan support and the endorsement of State Treasurer Randy McDaniel.