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WHEREAS, the Governor of Oklahoma, the Oklahoma State Senate and the Oklahoma House of Representatives have made a significant commitment to increase funding of the Teachers' Retirement System of Oklahoma by increasing employer contribution rates, and
WHEREAS, this commitment is designed to bring the funding level of the Teachers’ Retirement System to at least 80% within the next twenty years, which should have an ancillary benefit of improving the state’s credit rating, resulting in tax savings to state entities and school districts, and
WHEREAS, even though the June 30, 2007 actuarial report shows a decrease from 37 to 22 years to fully fund the Teachers' Retirement System, and that the System’s funded ratio increased from 49.3% to 52.6% of actuarial assets available to cover actuarial accrued liabilities, the Teachers’ Retirement System continues as one of the five worst-funded state-run retirement plans in the United States, and
WHEREAS, the state of Oklahoma, its school districts and other educational entities have met the actuarially required employer contribution in only eight of the last 38 years, causing the underfunded condition of the Teachers' Retirement System to deteriorate, and
WHEREAS, the passage of Enrolled Senate Bill 357, during the 2007 Legislative Session, will provide additional revenues to the Teachers’ Retirement System to address the unfunded condition if annual appropriations are made to local school districts, colleges and universities to cover the cost of the increase in contribution rates, and
WHEREAS, the liabilities of the Teachers' Retirement System are a financial obligation to more than 144,800 active, inactive and retired educators who depend on the state of Oklahoma for certain earned benefits when they become eligible to retire, and that these liabilities are a legal and moral obligation of the state of Oklahoma.
NOW, THEREFORE, BE IT RESOLVED, that the Board of Trustees of the Teachers' Retirement System of Oklahoma hereby commend the Governor and each member of the State Senate and House of Representatives for their commitment to improve the funding status of the Teachers’ Retirement System with passage of Senate Bill 357, and
BE IT FURTHER RESOLVED, that the Board of Trustees of the Teachers' Retirement System of Oklahoma earnestly implores the Governor and members of the House of Representatives and the State Senate to set the funding of the provisions in Senate Bill 357 as one of their highest priorities in the next Legislative Session and in years to come, and
BE IT FURTHER RESOLVED, that the Board of Trustees of the Teachers’ Retirement System of Oklahoma respectively requests the Governor and the House of Representatives and the State Senate provide additional new funds to ensure retired members of the Teachers’ Retirement System receive post-retirement benefits equivalent to the level of benefit increases provided to other state retirees.
ADOPTED BY THE BOARD OF TRUSTEES OF THE TEACHERS' RETIREMENT SYSTEM OF OKLAHOMA ON THIS THE TWENTY-EIGHTH DAY OF NOVEMBER 2007