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Politics and Government
Thu September 19, 2013
Oklahoma Lawmakers Say More Pension Changes Needed
Changes to Oklahoma's public pension systems in recent years have reduced their unfunded liability, but a state lawmaker says more changes are needed to assure their long-term financial health.
State Rep. Randy McDaniel of Edmond said Thursday the $11.6 billion unfunded liability of the state's pension systems poses a major financial challenge to state government. McDaniel says lawmakers must do more to secure retirement pensions for public employees because people are living longer and more people are receiving benefits.
McDaniel has authored legislation in recent years to shore up the unfunded liability of the state's pension systems. In 2011, lawmakers cut the system's $16 billion unfunded liability — the amount owed in future benefits that exceeds current funds — by requiring that cost-of-living adjustments be funded before they are awarded.