Tulsa leaders look at pension reform as a way to shore up finances and avoid the possibility of a future bankruptcy. Mayor Bartlett says at the heart of many cities financial woes is an unwieldy employee pension plan that is no longer affordable. A committee‘s been studying the city’s pension plan to make recommendations to avoid the risk of a tax hike or service cuts to try and pay for pension benefits. He says it’s an issue all Tulsans should care about, we don’t want to wind up like Detroit or some other cities that have declared bankruptcy.
The mayor says any plan to change to a 401K type defined contribution plan would affect only future employees, not those already on the payroll or current retirees.