Senator Jeff Rabon stated today that Oklahoma’s retired educators need legislative support to ensure the Oklahoma Teachers Retirement System and the Oklahoma State and Education Employees Group Insurance Board (OSEEGIB) do not have their funds depleted.

The two tax reform packages currently on the table could be detrimental to Oklahoma’s retired educators, who support a tax rebate as opposed to a permanent tax reduction that will affect many other teachers programs as well. If a permanent tax cut is enacted, then the retired educators need an appropriation of $25 million to keep their system healthy.

“For too long Oklahoma’s teachers have taken the brunt of legislative shortcomings. These retired educators have dedicated their lives to our children and now they are once again the ones that could possibly suffer,” stated the Assistant Majority Floor Leader, a Democrat from Hugo. “I urge members of the Senate and the House as well as the Governor, to reach a compromise this year that will not sacrifice the needs of Oklahoma’s retired educators.”

There were five pieces of legislation in the House that dealt with teachers’ retirement but were not heard by the House Retirement Law Committee. Senate Bill 437 was killed by the Senate Committee on Group Health and Retirement by a vote of 3-4, which would have increased medical supplements to retired teachers.

“There is legislation still alive that can serve as a vehicle to save our teachers’ retirement system. We have three options to ensure this valuable program does not go bankrupt. Legislative leaders could give a Cost of Living Adjustment (COLA) since our Rainy Day fund has a surplus; we could provide insurance premium assistance to retired educators or we could give a one-time bulk appropriation to build up the program and avoid a potential loss in years to come,” stated Rabon. “We have money for tax cuts, tax elimination and even tax rebates, but nothing available to help retired teachers who struggle every month? I have a moral problem with leaving our retired teachers behind.

“We only have a little more than two weeks left in this legislative session and we need to ensure that on the compromise table, Oklahoma’s retired teachers are not placed on the chopping block.”

For more information contact:
Senate Communications Office- (405) 521-5774