Managers of Oklahoma's public retirement systems say the financial condition of the state's pension systems has improved.
Officials presented status reports on the conditions of the state's retirement systems to members of the House Economic Development and Financial Services Committee on Wednesday.
In 2010, the pension system's unfunded liability was more than $16 billion. But officials say the unfunded liability has dropped to $9.6 billion and — for the first time in a decade — is below $10 billion.
Overhauling Oklahoma's pension systems has been a top priority of the Republican-controlled Legislature. Lawmakers have worked to lower the unfunded liability — the amount owed to pensioners beyond what the systems can afford to pay. The funded ratio has improved from 58 percent four years ago to 74.4 percent.
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