Director Wants Verizon Settlement Money To Go To Pension Fund

OKLAHOMA CITY (AP) -- The director of the state's Public Employees Retirement System wants the pension system to get the nearly $12 million Verizon is paying the state.<br/><br/>Verizon is the successor

Thursday, August 16th 2007, 10:14 am

By: News On 6

OKLAHOMA CITY (AP) -- The director of the state's Public Employees Retirement System wants the pension system to get the nearly $12 million Verizon is paying the state.

Verizon is the successor to the WorldCom which went bankrupt and cost state pension systems about $66 million in investments. About $25 million of those dollars was lost by the employees' retirement system.

Public Employees Retirement System director Tom Spencer now wants the State Pension Commission to recommend to the state Legislature that the settlement go to the pension systems.

Verizon initially agreed to create 1,600 jobs in Oklahoma during a 10-year period but later agreed to make the payment to settle the case.

The money is currently being held by the state Commerce Department.