Portability of state pension plans

[Guest Virginia]

I have read text of the recently passed federal legislation affecting retirement savings and pensions. Does anyone know if this bill makes state (Texas) pension plans (not 457s or 401ks) more portable. I must leave the city after 3 years, but my pension vests at 5 years. Can I transfer it to another governmental entity in another state, such as Oklahoma, and continue as if nothing has changed? It seems like the new bill omitted this area.

[Guest Ralph Amadio]

Other than rollover provisions, I believe you are correct, Virginia. Many states have had these rigid non-portability provisions for varying reasons: First, keep the money within the state through vesting provisions, resulting in few if any benefits to departing employees. Secondly, a more subtle issue--Management and local labor union control over employee's ability to change jobs. I am sure there are many others.

[Guest Brent Rowell]

I do not believe there is anything new. Several states do allow transfers. (I do not know about Texas to Oklahoma)

I would suggest you contact Oklahoma Pension Dept.