Pension Change Problematics | Blue Oklahoma
I'm glad that at least one statewide Republican leader has publicly asked for an actuarial study to determine the specific financial impact of a proposed and radical change to one state pension plan. Oklahoma State Auditor and Inspector Gary Jones, writing in The Oklahoman/, argues, "Any changes to the pension systems must be verified by an actuarial study to provide the impact those changes will have to the fiscal stability of the plan. It only makes sense to give the pension experts, CPAs and actuaries a chance to fix this problem. Working with these experts, legislators would be able to make the necessary, tough, informed decisions to find an actuarially sound solution." Jones' point makes perfect sense, but some Republican leaders, such as Oklahoma Treasurer Ken Miller and Gov. Mary Fallin, both Republicans, are simply relying on reductionist rhetoric to move some new state employees into 401(k)-styled pensions without defined benefit payments and thereby putting one