Previous Legislatures Responsible For State’s Pension Woes
Oklahoma Legislature blamed for pension woes; state auditor and treasurer clash over proposed fixes
By Randy Ellis
Gov. Henry Bellmon warned the 1988 Oklahoma Legislature that an action it was about to take could “destroy the sound financial health of the state’s retirement systems.”
The Legislature ignored Bellmon’s advice and passed the bill over his veto.
That was the first of several fiscally unsound legislative decisions over the following 25 years that have left the state’s seven pension funds with $11.4 billion in unfunded obligations, according to state Auditor and Inspector Gary Jones.
The bill the Legislature passed that day boosted the pension benefits of 500 to 600 elected officials who had held other state jobs before being elected, Jones said. Those who benefited include many state lawmakers who voted for the change. The elected officials were not required to make additional payroll contributions to help fund their future benefits.