“The state pension system faces $11 billion in unfunded liabilities, putting the solvency of those plans at risk,” Cooper said. “The governor has no plans to consolidate the state pension funds. The governor does feel there is great potential for cost savings by streamlining the management of the state's seven pension systems.”
Bradshaw said he is disappointed about the push to consolidate the pension commissions, especially after firefighters worked the past two years on legislation intended to reduce the unfunded liability of the firefighters' pension system.
Proposed legislation this year calls for a reduction in retirement benefits for future firefighters and increasing the current employee and employer contributions as well as state funding for the firefighters pension.
Also of concern
Firefighters also were told to oppose Senate Bill 1062, which would reduce compensation benefits available to injured workers.
Gary Huddleston, a lobbyist for Lawyers for Working Oklahomans, said the measure would reduce widows' benefits and abolish workers' compensation coverage for all of Oklahoma's volunteer firefighters injured in the line of duty.