OKLAHOMA CITY—The Oklahoma House author of a series of changes to the state's pension systems says the modifications already have resulted in a total reduction of nearly $5.5 billion in unfunded liability among the six largest systems.
Oklahoma City Republican Rep. Randy McDaniel released the figures Thursday during a meeting of the House Pension Oversight Committee.
McDaniel says the overall unfunded liability among the pension systems has dropped from $16 billion to $10.6 billion since the changes took effect.
The most significant change was a new requirement that any cost-of-living adjustment granted to retirees be funded by the Legislature. That eliminated a common practice of lawmakers approving a 2 percent COLA, typically during an election year. Other changes included increasing the retirement age for future employees.