Teachers Retirement System Funding

Friday, February 23rd 2007, 6:28 am
By: News On 6

OKLAHOMA CITY (AP) _ A state Senate committee approves a bill that would increase the rate at which Oklahoma's teachers retirement system is funded.

Tulsa Republican Mike Mazzei says his bill would infuse the retirement system with $36 million per year, and that number would go up as teachers' salaries increase.

Mazzei says the adjustment could help the teacher retirement system become 80 percent funded in 20 to 25 years.

Mazzei says that could happen in as few as 10 to 12 years if the bill and another one aimed at the retirement system are both passed into law.

They're both currently headed to the full Senate.