Local & Regional
Wed July 27, 2011
Pension Problems Review
Tulsa, OK – Tulsa lawmaker says Okla pensions among top issues
OKLAHOMA CITY (AP) A state House committee has planned four interim studies on Oklahoma's public pension systems.
Tulsa Rep. Seneca Scott is among a dozen members of the House Select Oversight Committee on Pensions. Scott says the committee has an important job in fulfilling the state's commitment to public employees.
The interim studies will examine how pension investments are handled, ways to reduce unfunded liability and pension funding formulas.
At the start of the 2011 legislative session in February, Oklahoma's seven public retirement systems had unfunded liability of more than $16 billion compared with just $6 billion a decade earlier. In March, Oklahoma's 57 percent pension funding ratio was third worst in the nation.
Lawmakers made changes this year that are expected to save nearly $7 billion over the next 30 years.
Copyright 2011 The Associated Press.