Teachers’ Retirement System Improves
Filed by Michael Cross in Education, Feature, Local News, News, Politics.
September 29, 2011
The Oklahoma Teachers’ Retirement System is announcing its decreased its unfunded liability and on its way to a fully funded pension plan.
The head of the Oklahoma Teachers’ Retirement System credits new legislation and strong investments with making sure the system is fully funded in just 22 years.
James Wilbanks says historically the Teachers’ Retirement System has been in the bottom 5 of 122 statewide pension plans across the US.
“We’re hopeful with these numbers we may break out of the bottom five and we’re certainly on a very different path than we were last year. We’re on path directly to 100% funded, and being a very sound financial system.”
Previous estimates showed the retirement system would never be fully funded.
The unfunded liability decreased by $3 billion mostly through a law requiring a funding source for any cost of living adjustments for retirees.
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