The Oklahoma State Pension Commission was formed by legislation in 1988 to provide guidance to public officials, legislators, and administrators in developing public retirement objectives and principles, identifying problems and areas of abuse, projecting costs of existing systems and modifications to those systems, and recommending pension reform programs as directed by Statute 74 O.S. § 941.
No member of the governing body of a state retirement system is eligible to be appointed to the Commission.
The Commission held its first meeting in August 1988 and is directed by Statute to hold regular meetings at least once each quarter.
Statute directs that the cost of administrative support shall be apportioned by the State Auditor and Inspector among the Oklahoma Firefighters Pension and Retirement System, the Oklahoma Police Pension and Retirement System, the Uniform Retirement System for Justices and Judges, the Oklahoma Law Enforcement Retirement System, the Teachers’ Retirement System, the Oklahoma Public Employees Retirement System, and the Wildlife Conservation Retirement System in proportion to the percentage that the assets of each system at the end of the preceding fiscal year were to the combined total of the assets of the systems.
The Commission is directed by Statute to hire one or more pension fund management consultants to assist the Commission in accomplishing its objectives. Statutes also direct that the State Auditor and Inspector provide the administrative support required by the Commission.
The Commission employs the firm of RVK, Inc, as the consultant to the Commission. The State Auditor and Inspector also employs Ruth Ann Chicoine as the administrative support to the Commission.
Statute 74 O.S. § 942 directs the Commission to publish on a quarterly basis a performance report analyzing the performance of each of the above state retirement systems on an individual and consolidated basis. The reports contain:
- Combined and individual rates of return of the investment managers by category of investment, over periods of time;
- The data is compared with similar data for a larger population of investment managers by asset class as well as by style of management;
- An analysis of the performance of the custodian bank or trust company of the System including a specific review of the adequacy of the collateralization of the short–term interest–bearing investment vehicles placed by the custodian; and
- Any other information the Commission may have requested.
The Commission also publishes an annual comparative performance report containing:
- On an individual and consolidated basis, an analysis of the written investment plans developed by each retirement system as required by law;
- A qualitative and quantitative analysis of the performance of the custodian employed by each governing body of the retirement systems; and
- The results of the above analyses is compared with similar data for a larger population.
As directed by Statute, the Commission publishes a report of the most recent actuarial valuation including total assets, total liabilities, unfunded liability or over funded status, contributions and any other information deemed relevant by the Commission.
As directed by Statute, the Commission makes recommendations on administrative and legislative changes which are necessary to improve the performance of the retirement systems.
Statute 74 O.S. § 942 created in the State Treasury a revolving fund to be designated the “Oklahoma State Pension Commission Revolving Fund” which shall consist of all monies received by the Commission as provided by law. The fund shall be a continuing fund not subject to fiscal year limitations. Monies accruing to the credit of the fund are hereby appropriated and may be expended by the Oklahoma State Pension Commission for implementing its duties. Expenditures from the fund shall be made upon warrants issued by the State Treasurer against claims submitted by the Commission to the Director of the Office of Management and Enterprise Services for audit and payment.
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