State's retired teachers want benefit increase

The Norman Transcript

November 21, 2007 12:24 am

— Oklahoma's retired teachers receive some of the lowest benefits in the nation. Their cost of living increases are below those of retirees in other pension systems.
They'll take their request for a 4 percent benefit adjustment to the Legislature in February. Also, the state's 43,000 retired educators want an additional $50 per month increase in health insurance premium assistance.
Educators currently receive a little over $100 per month toward their insurance premiums. However, the president of the retired teachers' association says some retirees spend their entire benefits check on health insurance premiums.
Lawmakers have made some progress on shoring up the finances of the state's teacher retirement program. As of June 30, the system had about $9.5 billion in assets with a little over $7 billion in liabilities.
It remains one of the poorest funded major public pension systems in the United States. Teachers paid in their share when they were working, but legislators overlooked their duty to properly fund the system.