Proposed Changes to State Pension Law

OKLAHOMA CITY (AP) – Oklahoma lawmakers plan to launch a legislative study into proposed changes to the state’s pension systems.

The study will be conducted Thursday by the House Economic Development and Financial Services Committee. Committee Chairman Rep. Randy McDaniel of Edmond requested the stud to explore possible changes to state pension systems as well as their structure and management.

McDaniel has authored legislation in recent years that’s intended to shore up the unfunded liability of the state’s pensions by increasing the retirement age for new hires and changing how the state provides cost of living adjustments for retirees.

Legislators reduced the system’s $1 billion unfunded liability – the amount owed in future benefits that exceeds current funds – by an estimated $6 billion in 2011 by changing the way they award cost-of-living adjustments.