Report shows state pension systems at crisis level

OKLAHOMA CITY (AP) _ A report shows Oklahoma's state pension systems are in serious financial crisis with more than 10 billion dollars in unfunded liabilities. <br/><br/>That's according to a draft

Sunday, March 5th 2006, 11:24 am

By: News On 6

OKLAHOMA CITY (AP) _ A report shows Oklahoma's state pension systems are in serious financial crisis with more than 10 billion dollars in unfunded liabilities.

That's according to a draft copy of an Oklahoma Pension Oversight Commission report obtained by The Oklahoman.

The worst of the pension systems is the state Teachers' Retirement System, with $7.1-billion in unfunded liabilities.

State Treasurer Scott Meacham says the system is the third worst-funded public pension system in the nation.

Unfunded liabilities are the difference between what a pension has promised to pay and the money the pension has on hand and expects to receive by the time the payment is due.