Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.
Administration October 2, 2011
Oklahoma Teachers Retirement Plan on Track to Reach Full Funding
October 2, 2011 (PLANSPONSOR.com) – The retirement fund for
Oklahoma public schools teachers is expected to eliminate its unfunded
liability in 22 years, reports Tulsa World.
Reported by Tara Cantore
James Wilbanks, the Executive Director of the state agency says the turnaround in the fund is being attributed to legislation approved this year that is meant to improve the financial shape of the Oklahoma Teachers Retirement Systems and strong investment returns.
Wilbanks said the pension funds’ unfunded liability has dropped from more than $10.4 billion to $7.6 billion. Its funded ratio is improving from 47.9% to 56.7%; that means that if all teachers and retired teachers cashed in their pensions at once, the pension plan could pay 57 cents instead of 48 cents on the dollar. The retirement plan has about 146,000 members, including 90,000 active teachers and about 49,000 retirees and beneficiaries.
The article states, the pension fund’s strengthened position means it is expected to reach 100%-funded status in 22 years. Just a year ago the fund was projected to never reach a fully funded status.
« ASPPA Recommends Self Correction for Late Deferral Deposits