No COLAs Means More Viable Pensions
The Chairman of the State House Pension Oversight Committee is crediting a law passed last session with reducing the unfunded liability of state employee retirement systems.
State Representative Randy McDaniel says House Bill 2132 which required a funding source before a cost of living adjustment for retirees is helping Public Employees and Teachers pensions get in the black.
The Oklahoma City Republican says eventually lawmakers might find a way to get a cost of living increase for retirees.
“We still have a ways to go before we can seriously entertain expenditures that aren’t already promised but I definitely think people are looking at it and try to find solutions.”
During a pension oversight hearing, the head of the Oklahoma Public Employees Retirement System said the agency had nearly two billion dollars cut from its unfunded liability.
Representative McDaniel says he’s still concerned about shortfalls in police and firefighter pensions.