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8:02 am
Thu July 28, 2011

Pension Review

Oklahoma City, OK – Okla. leaders plan review of pension investments

OKLAHOMA CITY (AP) House Speaker Kris Steele and Attorney General Scott Pruitt are announcing plans to take a close look at how the Oklahoma pension system's $21.4 billion in investment assets are being handled.

The two have scheduled a joint press conference Thursday, along with state Rep. Randy McDaniel, who is conducting an interim study on pension investments.

Pruitt is expected to conduct his own review of the state's investments.

Republican lawmakers have made overhauling the state's pension system one of their top priorities. During the last legislative session, the Legislature approved a bill that eliminates the practice of granting automatic 2 percent cost-of-living adjustments every two years to retirees.

They also approved bills to raise the normal retirement age for new teachers and judges.

Copyright 2011 The Associated Press.