Oklahoma Senate
Senate Leaders Praise Bipartisan Agreement on Teacher Retirement System
The bipartisan leadership of the Oklahoma Senate praised the passage of Senate Bill 357 by the House of Representatives, part of a bipartisan legislative agreement that will pump more than $200 million over the next five years into the fiscally-troubled Oklahoma Teachers Retirement System (TRS). When fully implemented in 2010, the plan will infuse $60 million a year into the TRS.
“In conjunction with last year’s reforms, Senate Bill 357 represents a strong, bipartisan effort to put the ailing TRS on firm financial footing, thereby averting a future financial crisis,” stated Sen. Mike Mazzei, R-Tulsa, co-chairman of the Senate Finance Committee.
“One of the key elements of this agreement is a provision that will hold the Oklahoma Teachers’ Retirement System harmless if state revenues are reduced in the future. By making certain that a reduction in state revenue won’t impact the system, Senate Bill 357 will ensure the future viability of OTRS,” said Senator Kenneth Corn, D-Poteau.
“The Senate has worked very hard to make the Teacher Retirement System a top priority in the 2007 legislative session. This agreement shows that bipartisan cooperation is still working in the Oklahoma Legislature,” stated Sen. Mike Johnson, R-Kingfisher, co-chairman of the Senate Appropriations Committee.
“Finding a workable solution that will, over time, considerably reduce the unfunded liability in the Oklahoma Teachers Retirement System has long been one of my top priorities. Senator Johnson and I committed to each other early in the session that we would not leave here until we had done something about teachers’ retirement. I am pleased the House leadership has agreed to join us and I think the measure passed today will provide stability to the system as well as protecting state’s bond rating,” said Senator Johnnie Crutchfield, D-Ardmore, co-chair of the Senate Appropriations Committee.
