Oklahoma City, OK – Survey: Teachers retirement system underfunded
OKLAHOMA CITY (AP) A survey that examined the Oklahoma Teachers Retirement System says its pension fund is among the most underfunded of its type in the nation.
The Public Fund Survey, using information from the 2008 fiscal year, ranked the state's teachers retirement system as having the fourth-lowest funding ratio among the 126 state pension plans it reviewed.
At the time of the review, the system had a funding ratio of 50.5 percent.
As of June 30 of this year, the pension fund had about $8.3 billion. During the last fiscal year, it was funded to 49.8 percent. Experts prefer that ratio to be about 80 percent.
James Wilbanks, the executive director of the retirement system, says recent strong returns on investments should bring the Oklahoma fund's ratio back to 50 percent.
Information from: The Oklahoman, http://www.newsok.com
Copyright 2010 The Associated Press.