Letter to the Editor

The status of our public retirement systems matters greatly to me, since they exist to provide lasting financial security to men and women who have served the state, educated our children, and paid into the system with the expectation that they would receive benefits in their retirement years.  Fortunately, the Oklahoma Teacher Retirement System (TRS) is on a trajectory to be fully funded due to reforms undertaken by the Legislature in recent years.

Prior to reform efforts, the TRS was burdened with a $7 billion unfunded liability.  However, the legislature approved measures that have increased state contributions to the fund, strengthened actuarial requirements, and protected the funds from being used by the legislature for other purposes.  

In 2010, the TRS was 43 percent funded, and it is now above 63 percent.  This trajectory will continue and accelerate as we move forward.  When this legislation was enacted the unfunded liability in the TRS was greater than the state’s budget as a whole.  Until the passage of these reforms, legislatures had not been making adequate contributions to the retirement fund and COLA’s had been paid out of the fund, which allowed the fund to decline to dangerous funding levels.  

I’m pleased with the progress that has been made in stabilizing the TRS, as are most legislators.  The Senate remains committed to restoring funding to proper levels.  We are currently well ahead of schedule in our efforts to do so.  I would not support any effort that would prevent us from meeting our actuarial commitment to restore the fund to solvency. 

Thank you for your interest.