Pension plans: Oklahoma reform sparks opposition
Pension plans for Oklahoma public workers would convert to work like a 401(k) retirement plan under one proposal.
A coalition of educators, firefighters and other public employees say they're worried about proposed changes to the state's public pension systems.Skip to next paragraph
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Members of the Public Pension Coalition on Tuesday discussed the plan to alter the state's defined benefit system to a defined contribution system for new state workers.
Under a defined benefit plan, retirees receive a set monthly amount based on the length of service and salary. In a defined contribution plan, employers contribute a percentage of income to a fund that's more market-dependent, like existing 401(k) retirement plans.
Legislative leaders have said overhauling the state's pension system will be a priority next year. The state's seven public pension plans have an estimated $15 billion in unfunded liability.