OKLAHOMA CITY (AP) — Motivated by a budget shortfall and one of the most underfunded public pension systems in the country, Oklahoma lawmakers took major steps last year to shore up the unfunded liability of the state's major pensions by increasing the retirement age for new hires and changing how the state provides cost of living adjustments for retirees.

The changes were immediate and dramatic.

Once the series of bills were signed into law, the unfunded liability of the state's major pension systems dropped by more than $5.5 billion. The state's largest and most poorly underfunded system, the Oklahoma Teachers Retirement System, which was projected to never reach fully funded status, was put on a path to be 100-percent funded in 22 years.

Continue Reading for Free

Register and gain access to:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.