Governor Plans To Sign Teachers Retirement Bill

OKLAHOMA CITY (AP) _ Governor Brad Henry said Sunday he will sign a bill to help shore up the state's financially strapped teachers' retirement system. Under Senate Bill 357, approved last week

Sunday, May 6th 2007, 1:45 pm

By: News On 6

OKLAHOMA CITY (AP) _ Governor Brad Henry said Sunday he will sign a bill to help shore up the state's financially strapped teachers' retirement system. Under Senate Bill 357, approved last week by the Legislature, contributions to the system would be increased by $60 million a year, when fully implemented in four years. That will raise the percentage of ``employer'' contributions to the system.

``Teachers perform an invaluable service for this state and the least we can do is offer them a stable pension system,'' Henry said in a statement released Sunday.

One of the worst funded pension systems in the country, the teacher pension system in Oklahoma is only 49% funded and has a long-range ``unfunded liability'' of more than $7 billion. The bill sent the governor will raise that funding level to more than 80% by the year 2026.

Henry will host a bill signing ceremony at the state Capitol on Monday.