Teacher’s Retirement Fund Could See Financial Boost
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 wouldTuesday, 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.
Get The Daily Update!
Be among the first to get breaking news, weather, and general news updates from News on 6 delivered right to your inbox!
More Like This
March 6th, 2007
September 29th, 2024
September 17th, 2024
Top Headlines
December 11th, 2024
December 11th, 2024
December 11th, 2024
December 11th, 2024