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)