OKLAHOMA CITY (AP) — The Oklahoma House has approved changes to the Oklahoma Teacher's Retirement System to address the pension system's $10.4 billion unfunded liability.
The House voted 66-24 Wednesday for a measure by Rep. Randy McDaniel of Edmond that supporters say will help improve the system's solvency. The measure now goes to the Senate for consideration.
Among other things, the bill increases the retirement age for teachers who enroll in the system after Nov. 1. Career teachers whose age and years of service equal 90 could receive full benefits at age 60. Non-traditional teachers with fewer years of service could retire at age 65 with full benefits.
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McDaniel says the changes will produce $1.4 billion in savings over the next 30 years and $4.8 billion in savings over 50 years.
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