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The Oklahoma State Pension Commission was formed to provide guidance to public officials, legislators and administrators in developing public retirement objectives and principles, identifying problems and areas of abuse, projecting costs of existing systems and modifications to those systems, and recommending pension reform programs.
No member of the governing body of a state retirement system is eligible to be appointed to the Commission.
The Commission held its first meeting in August 1988 and is directed by Statute to hold regular meetings at least once each quarter.
Statute directs that the cost of administrative support shall be apportioned by the State Auditor and Inspector among the Oklahoma Firefighters Pension and Retirement System, the Oklahoma Police Pension and Retirement System, the Uniform Retirement System for Justices and Judges, the Oklahoma Law Enforcement Retirement System, the Teachers’ Retirement System, the Oklahoma Public Employees Retirement System, and the Wildlife Conservation Retirement System in proportion to the percentage that the assets of each system at the end of the preceding fiscal year were to the combined total of the assets of the systems.
The Commission is directed by Statute to hire one or more pension fund management consultants to assist the Commission in accomplishing its objectives. Statutes also direct that the State Auditor and Inspector provide the administrative support required by the Commission.
The Commission employs the firm of New England Pension Consultants, as the consultant to the Commission. The State Auditor and Inspector also employs Ruth Ann Chicoine as the administrative support to the Commission.
Statute directs the Commission to publish on a quarterly basis a performance report analyzing the performance of each of the above state retirement systems on an individual and consolidated basis. The reports contain:
The Commission also publishes an annual comparative performance report containing:
As directed by Statute, the Commission publishes a report of the most recent actuarial valuation including total assets, total liabilities, unfunded liability or over funded status, contributions and any other information deemed relevant by the Commission.
As directed by Statute, the Commission makes recommendations on administrative and legislative changes which are necessary to improve the performance of the retirement systems.