The Oklahoma State Pension Commission is an Oklahoma state agency responsible for analyzing the performance of the State's public pension systems. The Commission also advices the Governor of Oklahoma and the Oklahoma Legislature on necessary action to improve the pension systems. The Commission is provided administrative support by the Office of the State Auditor and Inspector.
Video Oklahoma State Pension Commission
Members
The Commission is composed of seven members: the Oklahoma State Auditor and Inspector, the Oklahoma State Treasurer, the Director of the Oklahoma Office of Management and Enterprise Services, a sitting State Senator appointed by the President pro tempore of the Oklahoma Senate, a sitting State Representative appointed by the Speaker of the Oklahoma House of Representatives, and two members appointed by the Governor of Oklahoma.
Maps Oklahoma State Pension Commission
Duties
The State Pension Commission provides guidance to the Governor of Oklahoma and the Oklahoma Legislature concerning the state's public retirement systems, including identifying problems and areas of abuse, projecting costs of existing systems and modifications to those systems, and recommending pension reform programs. Funding for the Commission is apportioned among the public pension systems in proportion to the percentage that each system's assets to the combined total of the assets of all systems.
The chief duty of the Commission is to publish on a quarterly basis a performance report analyzing the performance of each of the above state pension systems. The report includes rates of return on each systems' investments and details the solvency of each custodian bank or trust companies holding system funds. The Commission also analyses the investment plans developed by each system. Upon review, the Commission makes recommendations on administrative and legislative changes which are necessary to improve the performance of the retirement systems.
The Commission has no responsibility for or power over the actual day-to-day management or policy decisions of the various systems.
Entities Overseen
The Pension Commission is responsible for overseeing financial status and conditions of the following:
- Oklahoma Firefighters Pension and Retirement System
- Oklahoma Police Pension and Retirement System
- Oklahoma Uniform Retirement System for Justices and Judges
- Oklahoma Law Enforcement Retirement System
- Oklahoma Teachers' Retirement System
- Oklahoma Public Employees Retirement System
- Oklahoma Department of Wildlife Conservation Retirement System
External links
- Official Oklahoma State Pension Commission website
Source of the article : Wikipedia
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