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Stitt says he will veto bills that redirect pension funds

Stitt says he will veto bills that redirect pension funds

May 11, 2020
Ray Carter

Gov. Kevin Stitt announced Monday he will veto two bills that redirect money from state pension systems to education. That will remove a substantial share of funding lawmakers used to avoid making larger cuts to state agency budgets and potentially force a redrafting of the state budget.

Stitt noted the Teachers’ Retirement System of Oklahoma’s portfolio is down more than $1 billion since June 30, 2019. That system’s funded ratio, on a market basis, currently stands at around 64 percent, down from 72.3 percent last year. A system is not considered fully funded until it is at least 80-percent funded.

“We have made great progress shoring up our retirement systems in the last few years,” Stitt said. “Now is not the time to undo that progress. These bills will take tens of millions of dollars away from teachers to fund district costs.” FULL ARTICLE

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