Pension Changes Denounced
Oklahoma City, OK – Okla. coalition opposes pension changes
OKLAHOMA CITY (AP) A coalition of educators, firefighters and other public employees say they're worried about proposed changes to the state's public pension systems.
Members of the Public Pension Coalition on Tuesday discussed the plan to alter the state's defined benefit system to a defined contribution system for new state workers.
Under a defined benefit plan, retirees receive a set monthly amount based on the length of service and salary. In a defined contribution plan, employers contribute a percentage of income to a fund that's more market-dependent, like existing 401(k) retirement plans.
Legislative leaders have said overhauling the state's pension system will be a priority next year. The state's seven public pension plans have an estimated $15 billion in unfunded liability.