Fallin calls for state pension system overhaul
BY MICHAEL MCNUTT NewsOK.com
Saturday, March 02, 2013
3/02/13 at 5:49 AM
OKLAHOMA CITY - Gov. Mary Fallin is calling for a major overhaul of Oklahoma's pension system, wanting to consolidate the staff, boards and offices of several pension plans into one and change to a defined contribution instead of the traditional plan for new state employees.
"While our state tax-supported bond debt is low, our $11 billion unfunded pension liability represents 7 percent of our gross state product," Fallin wrote in state Treasurer Ken Miller's Oklahoma Economic Report, which was distributed online Friday. "That means every Oklahoman is on the hook for $2,900 in pension debt."
Fallin said Oklahoma has seven pension plans, six of which have independent boards, staffs, offices, consultants and investment managers.
About 220,000 employees and retirees are part of the state's pension system. Those covered include teachers, agency workers, police officers, state troopers, firefighters and judges.
Original Print Headline: Governor is seeking overhaul of Oklahoma pension system
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