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Maintain the minimum funding schedule as provided in Enrolled Senate Bill 357 (2007), which increases statutory employer contribution rates by one-half of one percent on January 1, 2008, January 1, 2009 and January 1, 2010, and 68 O.S. §§ 1353, 1403, and 2352, which allocates five percent on state revenues from sales, use and income tax collections.
Fund any benefit increase improvements over a period consistent with standard actuarial assumptions.
Provide additional funding to provide biennial cost of living increases to retired members of the Teachers’ Retirement System equivalent to increases provided to retirees in other state-run pension plans.
Title 70 O.S. § 17-108.1, sets annual contribution level local school districts must remit to the Teachers' Retirement System in the form of "employer" contributions. Senate Bill 357, enacted in 2007, increases employer contribution rates by 1.5% over a three year period beginning January 1, 2008. Increases in the employer contribution is predicated on additional state appropriations to cover the increase cost to local school districts, colleges and universities.
During FY-2007, TRS received $243.5 million from the State and $292.4 million from local schools. Last year’s combined annual contributions from the state and local employers was still $40 million less than required to pay down the System’s unfunded liabilities over a 30-year period.
Properly fund the existing obligations of the Retirement System as provided by current statutes.
Maintain funding levels from the state and local school to amortize unfunded liabilities over as short a time period as possible by:
- Appropriate funds to cover cost of increasing contributions rates each January 1 through FY-2010.
- Re-establishing a percentage of the tax on natural gas as an additional source of funding for the Teachers’ Retirement System to provide cost of living increases to retired educators at a rate equivalent to retired state employees and retired police officers, firefighters and law enforcement officers.
- Dedicating a percentage of available funds in the state’s Rainy Day Account to be appropriated to the Teachers’ Retirement System.
- Dedicating a portion of any windfall revenue received by the state to TRS.
Adopted November 28, 2007