Oklahoma Senate Leader Announces State Pension Panel

The incoming Republican leader of the Oklahoma Senate says he'll create a special committee to examine the state's unfunded pension liabilities.

Saturday, December 18th 2010, 10:38 am

By: News 9


Associated Press

OKLAHOMA CITY (AP) -- The incoming Republican leader of the Oklahoma Senate says he'll create a special committee to examine the state's unfunded pension liabilities.

President Pro Tem-designate Brian Bingman (R - Sapulpa) said Friday that 10 senators will serve on the Select Committee on Pensions. Republican Sen. Mike Mazzei of Bixby will serve as chairman.

Oklahoma's five largest pension systems have a total unfunded liability of about $16 billion. The largest is the Oklahoma Teachers' Retirement System with an unfunded liability of $10.4 billion.

Legislative leaders are considering several options, including a requirement that any cost-of-living allowances approved by the Legislature contain a dedicated funding source. Other options include switching to a 401(k)-style plan for new hires and increasing the retirement age and the length of service that's required to become retirement-eligible.

logo

Get The Daily Update!

Be among the first to get breaking news, weather, and general news updates from News 9 delivered right to your inbox!

More Like This

December 18th, 2010

March 22nd, 2024

March 14th, 2024

February 9th, 2024

Top Headlines

March 28th, 2024

March 28th, 2024

March 28th, 2024

March 28th, 2024