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Lawmakers Approve One-Time Stipends for Retired Oklahoma Public Employees

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Come fall, many retired state employees may get stipends averaging $550.

A bill heading to the governor grants Oklahoma pensioners retired at least five years one-time payments on Oct. 1 based on their retirement system’s funded ratio. They will range from $350 to $1,400.

Many lawmakers say the state must continue work to put retirement systems on solid financial ground. Rep. Forrest Bennett said retirees haven’t received a cost of living adjustment in 10 years.

"You can’t pay the bills with a solid knowledge that the fund is in a good place. You can’t send a treasurer’s opinion about the retirement system to OG&E or AT&T and say, ‘Look. We’re doing great,’" Bennett said.

House Democrats pushed for a 4 percent cost of living adjustment this session. Republican Rep. Ryan Martinez said he’s not against one.

"If we want to give a COLA, let’s fund it. Let’s make sure that the system stays stable and healthy for generations to come. That’s all that anybody asks. I would support that," Martinez said.

The stipends will cost the state around $4 million. Lawmakers say the funding isn’t there for a cost of living adjustment, so approving one would be repeating past mistakes.

Rep. Randy McDaniel said when he was first elected, half of the $1.7 billion Oklahoma paid into state pensions went to debt service to make up for past mismanagement.

"So, there is about $850 million a year to pay the amortization costs that could have been used for everything else in state government, whether it’s safer roads and bridges, mental health, better teacher pay," McDaniel said.

House Bill 1340, the measure approving the payments, should be sent to the governor soon.

Matt Trotter joined KWGS as a reporter in 2013. Before coming to Public Radio Tulsa, he was the investigative producer at KJRH. His freelance work has appeared in the Los Angeles Times and on MSNBC and CNN.