Oklahoma Lawmakers Approve Bill To Close Loophole In Teacher Retirement System

Wednesday, March 9th 2011, 9:22 pm
By: News On 6


OKLAHOMA CITY -- The Oklahoma House approved a bill to cut down some teachers' retirement payouts Wednesday.

It now goes to the Senate.

The bill's author says retirees are double-dipping, and collecting more money in retirement than active teachers do in the classroom.

Lawmakers worry retirees taking more than their fair share will bankrupt the system, leaving nothing in the bank for current teachers.

They say Oklahoma's teacher retirement system is on the hook for 10-billion dollars it doesn't actually have.