CNBC.com
By Associated Press
Published: Tuesday, 22 Feb 2011 | 5:09 PM ET
OKLAHOMA CITY - Oklahoma's public pension systems are at "crisis level" because of a collective $16.5 billion unfunded liability that threatens to place new financial burdens on the state's ability to finance road and bridge construction and other capital projects, state Treasurer Ken Miller told members of the Oklahoma State Pension Commission on Tuesday.
"Defined benefit as it has been practiced in Oklahoma is unsustainable," Miller, the commission's new chairman, said as board members discussed preparing a list of pension reforms for state lawmakers to consider during the legislative session that began Feb. 7. The pension panel monitors pension funding and recommends pension reform programs.
A study performed for Miller's office by Goldman Sachs Group indicated that Oklahoma ranks seventh in the nation in unfunded liability per capita.
"It's a political problem and a resource problem," Miller said. "The solution is not going to be popular."
Legislative leaders have said pension reform is among their top priorities this year and several measures have already been considered by House and Senate committees to strengthen pension systems that provide retirement benefits to teachers, public safety workers and other state employees... FULL ARTICLE
Posted on
Tue, February 22, 2011
by John Cox