Oklahoma Lawmakers Aiming To Revamp State Pension Fund

Oklahoma state lawmakers return to work Monday.

At least half a dozen bills have been filed to modify the state pension system.

Retirement systems for teachers and public safety workers have an unfunded liability of $16.5 billion. That's twice the state's annual budget.

Some of the proposals lawmakers have filed include one that would require any cost of living increases for retires be partially funded by the government.

Another would raise the normal retirement age of firefighters and make them contribute more of their own money. There is also talk of replacing defined-benefit pension system with 401(k)-style defined contribution plans for new hires.