Local & Regional
Fri October 7, 2011
Oklahoma City, OK – The Oklahoma lawmaker who spearheaded major changes to the state's pension systems last session is leading a legislative effort to take a close look at the systems.
Rep. Randy McDaniel took testimony Thursday from officials with the state's six pension systems during a meeting of the House Pension Oversight Committee.
The Oklahoma City Republican says the state's major pension plans currently have $21.5 billion in assets, an increase of more than $3.5 billion in the past year, because of healthy investment returns.
The head of the Oklahoma Teachers' Retirement System reported last week the system's unfunded liability dropped by nearly $3 billion because of recent changes approved by the Legislature, including a requirement that cost-of-living adjustments be adequately funded.
McDaniel says he plans to push for additional changes next year.