Okla. Lawmakers Approve Change in Firefighters’ Pension Plan

The rate of return will be 7.5% instead of the current rate of return guaranteed to be the better of the market performance or 7.5%, whichever is higher, the Associated Press reports. The measure also increases the employee contribution rate from 8% to 9% of gross salary and raises the employer contribution rate from 13% to 14% of paid gross salaries.  

Based on current annual payroll figures for the system, the higher contribution rates will generate approximately $2.5 million per year from employer contributions and $2.5 million annually in additional employee contributions for a total of approximately $5 million, according to the Associated Press.