Oklahoma
State Senate
Communications Division
State Capitol
Oklahoma City, Oklahoma 73105
For Immediate Release: May 10, 2011
Senate Select Committee on Pensions Releases Final Report;
Gov. Fallin Signs Major Pension Reforms into Law
Pension reform legislation championed by the State Senate has been
signed into law today. Recommendations from the Senate Select Committee
on Pensions were also released in a final report Tuesday, some of
which became law the same day.
“Reducing the long term unfunded liability of our pension
systems is the single most significant accomplishment of this legislature,”
Bingman said. “With this legislation we are committed to a
sound fiscal future and leaving our state stronger for our kids
and grandkids.”
“When is the last time you heard state government say they
are saving you billions of dollars?” said Sen. Mike Mazzei,
R-Tulsa, who chairs the Senate Select Committee on Pensions. “Today
we are making that announcement; with these key reforms our pension
system will be dramatically stronger.”
Pension bills signed into law today include:
• HB 2132, requiring that all COLA’s have a funding
source, reducing the total unfunded liability between all six of
Oklahoma’s pension systems by $5.4 billion;
• SB 377 raises the normal retirement age for new teachers
from 62 to 65 years of age and establishes a minimum age of 60 for
full retirement benefits for teachers who meet the rule of 90;
• SB 794, treats elected officials the same as public employees
when calculating retirement benefits;
• SB 347 requires that municipal employees forfeit retirement
benefits if they have been convicted of crimes related to their
office; and
• HB 1010 increases the retirement age for new members of
the Uniform Retirement System for Justices and Judges (URSJJ) who
started work after January 1st of this year
Pension Reform Recommendations of the
Select Committee on Pensions (Final Report)
For more information, contact:
Sen. Bingman: (405) 521-5605

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