Senator Bullard Advances Performance-Based Pension Reform

OKLAHOMA CITY — Sen. David Bullard, R-Durant, has advanced legislation to remove politics from decisions about when to grant cost-of-living adjustments for retired state employees, teachers and public safety professionals.

Bullard advanced Senate Bill 172 through the Senate Retirement and Government Resources Committee on Tuesday. This bill would shift the ability to give COLAs from the Oklahoma Legislature to the oversight boards of the state's six retirement systems.

“Oklahoma has learned some hard lessons when it comes to managing our pension funds,” Bullard said. “If we grant cost-of-living adjustments without making sure the system can support them, we risk hurting the very retirees we’re trying to help. That’s why this legislation ensures COLAs are granted based on financial performance, not political pressure.”

To maintain the fiscal stability of Oklahoma’s pension systems, SB 172 requires each system to meet specific funded ratio benchmarks before its oversight board may approve a 2% COLA.

“We all know that recent inflation has put pressure on our retirees,” Bullard said. “This bill aims to find the right balance between making sure that we can provide cost-of-living increases when they’re needed and protecting the long-term health of our retirement systems.”

SB 172 now awaits a hearing in the Senate Appropriations Committee.

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For more information, contact: Sen. David Bullard at (405) 521-5586 or David.Bullard@oksenate.gov