Stillwater News Press

Letters to the Editor

February 22, 2014

LETTER: Oklahoma Senate puts pensions at risk

STILLWATER, Okla. — Jackie Gaston

Stillwater

To the editor:

The Oklahoma Senate just passed legislation that would trade the solvent Oklahoma Public Employees Retirement System for a risky 401K plan for new employees.

The state would contribute 9 percent less to new employees retirement package and ask more than twice as much match from them under this legislation, which now moves on to the House of Representatives for consideration.

Teachers Retirement, which is funded at 57 percent is exempt from the legislation this year.

Only OPERS, vested at 84 percent, is in the crosshairs. Public pension funds are actuarially sound at 80 percent.  

This is a giveaway to Wall Street carpetbaggers that legislators say won’t affect people in the current retirement system.

But how can they put all the new employees’ contributions into a separate system without negatively affecting the current systems that depend on those contributions to balance?

Legislators need to slow down and let reforms they implemented in past sessions to work rather than ruining the state’s solvent retirement system. If we expect state employees to be efficient and capable, then we must offer fair and reasonable pay and benefits for work that serves everybody from business leaders to the most vulnerable in our communities. It’s only fair, and it’s only right. It’s time to stop treating state employees like second class citizens.

1
Text Only | Photo Reprints
Letters to the Editor
Buy & Share Photos
NewsPress e-Edition
NewsPress Specials
AP Video
Ariz. Inmate Dies 2 Hours After Execution Began Crash Kills Teen Pilot Seeking World Record LeBron James Sends Apology Treat to Neighbors Raw: Funeral for Man Who Died in NYPD Custody Migrants Back in Honduras After US Deports Israeli American Reservist Torn Over Return Raw: ISS Cargo Ship Launches in Kazakhstan Six Indicted in StubHub Hacking Scheme Former NTSB Official: FAA Ban 'prudent' EPA Gets Hip With Kardashian Tweet Bodies of MH17 Victims Arrive in the Netherlands Biden Decries Voting Restrictions in NAACP Talk Broncos Owner Steps Down Due to Alzheimer's US, UN Push Shuttle Diplomacy in Mideast Trump: DC Hotel Will Be Among World's Best Plane Crashes in Taiwan, Dozens Feared Dead Republicans Hold a Hearing on IRS Lost Emails Raw: Mourners Gather As MH17 Bodies Transported Robot Parking Valet Creates Stress-free Travel Raw: Fight Breaks Out in Ukraine Parliament
Stocks
NDN Video
LeBron James -- Dropped $2k On Cupcake Apology ... Proceeds To Benefit Charity Snoop Dogg Says He Smoked Weed at the White House Raw: Fight Breaks Out in Ukraine Parliament Chris Pratt Interrupts Interview To French Braid Intern's Hair Shirtless Super Mario Balotelli Dances While Ironing - @TheBuzzeronFOX Whoa! Watch "Housewives" Star Do the Unthinkable LeBron apologizes to neighbors with cupcakes Justin Bieber In Calvin Klein Underwear Shoot Samsung Pre-Trolls The IPhone 6 With New Ad Jimmy Kimmel Introduces His Baby Girl Swim Daily, Nina Agdal in the Cook Islands Guilty Dog Apologizes to Baby for Stealing Her Toy Prince George Turns 1 and is Already a Trendsetter Train Collides With Semi Truck Carrying Lighter Fluid Kanye West Tells-All on Wedding in "GQ" Interview Tony Dungy Weighs in on Michael Sam Scarlett Johansson Set To Marry In August New Star Wars Episode XII X-Wing Revealed Obama: Putin must push separatists to aid MH17 probe Michigan inmates no longer allowed to wear orange due to 'OITNB'
Must Read