Teacherâ€™s Retirement Fund Could See Financial Boost
Tuesday, March 6th 2007, 3:11 pm
By: News On 6
OKLAHOMA CITY (AP) The state Senate has approved a bill to increase funding for the state's Teacher Retirement System. Money from income and sales tax collections helps fund the system. The bill would increase the amount of money placed in the retirement system from 4.5% to 6.5%. Senator Mike Mazzei says that will provide an extra $27 million a year for the teacher retirement fund.
The fund has been criticized as underfunded and Mazzei says the additional money would mean the retirement system would be at least 80% funded in about 18 years.
The bill now goes to the House for action.