Governor Eyes Pension System
Governor Fallin calls for major overhaul of Oklahoma’s pension system
Oklahoma Gov. Mary Fallin says she supports consolidating the staff, boards and offices of several pension plans into one and having a defined contribution plan for new state workers.
By Michael McNutt | Published: March 2, 2013
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 that was distributed Friday on the Internet. “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, staff, offices, consultants and investment managers.