Bartlett creates Pension Review panel
BY KEVIN CANFIELD World Staff Writer
Thursday, July 19, 2012
7/19/12 at 11:36 AM
Mayor Dewey Bartlett this morning announced the creation of a eight-member Pension Review committee.
The committee will begin meeting in August. It is charged with providing the mayor with recommendations on how to improve the city’s pension system.
The pension system covers 2,456 active non-uniform employees and 1,628 retirees and/or beneficiaries.
The city’s firefighters and police officers are covered by different pension systems.
Prior to the 2008 economic downturn, the city's pension system had been funded at 96 percent to 108 percent of liabilities, according to the city.
The pension system is currently funded at 76. 3 percent of liabilities.
Bartlett stressed the system is fiscally sound but said the ultimate goal is to get funding back to 100 percent.
The pension system "is a promise we must keep, and we can't put that in jeopardy," Bartlett said during a press conference.
The members of the committee are Tom Cummins, actuary with Thomas E. Cummins Actuary; Phil Frohlich, founder and owner of Prescott Group Capital Management; Russell Gale, Broken Arrow city manager; Joel Harper, OSU-Tulsa assistant professor of finance and actuary; Darita DeLoach Huckabee, legal and legislative affairs officer with the Indian Nations Council of Governments; Steve Mackin, president and CEO of Cancer Treatment Centers of America; Mike Kier, city of Tulsa finance director; Jonathan Small, Oklahoma Council of Public Affairs.
Tulsa Mayor Dewey Bartlett speaks at the Tulsa Police Training Facility in North Tulsa last month. CORY YOUNG/Tulsa World File