Term limits to take bite out of state pension fund
Sunday, November 2nd 2003, 12:00 am
By: News On 6
Oklahoma's pension plan for elected officials will be hit hard next year when 41 state lawmakers are forced from office by term limits.
Lawmakers retiring after the 2004 elections with 26 years in the Legislature will make more than the 38-thousand-400 dollar base salary they now earn.
A legislator must contribute ten percent of their salary into the retirement plan to get the maximum pension. Elected officials can draw their retirement at age 60 or earlier, if their age and years of service equal 80.
Next year will mark the first round of retirements due to term limits in Oklahoma. In 1990, voters limited the terms of legislators to 12 years. It went into effect in 1992.
The pension figures were reported today in a copyright story in The Oklahoman.