State Treasurer: Oklahoma Pensions At 'Crisis Level'

Tuesday, February 22nd 2011, 1:46 pm
By: News On 6

Associated Press

OKLAHOMA CITY (AP) -- State Treasurer Ken Miller says Oklahoma's public pension systems are at "crisis level" because of their $16.5 billion unfunded liability.

Miller spoke Tuesday during a meeting of the Oklahoma State Pension Commission, which monitors the funding of state pensions and recommends reforms.

Miller is the chairman of the commission and says defined benefit pension plans for teachers, public safety workers and other state employees are no longer sustainable in the state. He and other commissioners plan to prepare a list of recommendations for pension reform to deliver to lawmakers.

Legislative leaders say pension reform is a top priority this year. Lawmakers are considering several pieces of legislation designed to strengthen state retirement benefits.

One measure approved by a state House committee requires that all cost-of-living adjustments have a funding source.