Senate Honors Former Head of Teachers’ Retirement System

The Oklahoma Senate has honored a man who devoted four decades of his life to strengthening one of the state’s largest pension systems. Tommy C. Beavers officially retired as Executive Secretary of the Teachers’ Retirement System of Oklahoma last month. State Sen. Kenneth Corn is the principal author of Senate Resolution 4, which was approved by the full Senate on Monday. Corn said Beavers, who is fighting inoperable lung cancer, has been a remarkable steward of the pension system.

“One of his last official acts was to assure Oklahoma teachers that their pensions are protected from the current economic downturn,” said Corn, D-Poteau. “His leadership, honesty, dedication and integrity have been second to none. We simply wanted to thank him for his service, and wish Tommy and his family all the best.”

Beavers provided the leadership to boost the assets of the Teachers’ Retirement System of Oklahoma from $153 million in 1970 to $8.6 billion in 2008. During that same period membership grew from 48,000 to 147,000 and benefit payments rose from $15 million to $847 million.

Beavers thanked the Senate after the Resolution commending his service was approved unanimously. “I really do appreciate this.”

Although he is a nonsmoker, Beavers was diagnosed with lung cancer shortly before his retirement. He is currently undergoing chemotherapy and spending time with his family.

“Our hopes and prayers are with Tommy for a full recovery so he and his family can enjoy the retirement he so richly deserves,” Corn said.