Oklahoma Public Employees Retirement System

Oklahoma Public Employees Retirement System
Oklahoma Public Employees Retirement System
Seal of Oklahoma.svg
Great Seal of Oklahoma
Agency overview
Formed 1964
Headquarters 5801 N. Broadway Extension
Oklahoma City
Annual budget $400 million in retirement payments each year
Ministers responsible Scott Meacham, Secretary of Finance and Revenue
Scott Meacham
Agency executive Tom Spencer, Executve Director
Website
[4]

The Oklahoma Public Employees Retirement System (OPERS) is an agency of the government of Oklahoma that manages the public pension system for majority of Oklahoma state employees.[1][2] The System provides pension benefits such as normal retirement, disability retirement, surviving spouse benefits and a death benefit.

The System receives its funding from employer and member contributions, and returns on investments. OPERS is the largest state employment pension for Oklahoma State Employees covering 27,000 retired and 45,000 active state employees. There is approximately 5.1 billion dollars in pension assets.[3]

Contents

Investment Losses in 2008 and 2009

The stock market decline in 2008, during the financial crisis of 2007-2010, has created large losses in the OPERS investment portfolio. There was a 271 million dollar investment loss in 2008 and 962 million in 2009; for a combined loss of 1.2 billion dollars for this two year period.[4] This is a 20 percent decrease in the 5.1 billion investment portfolio.

These losses are not unique to OPERS. Similar losses occurred in CalPERS, the largest public empolyees retirement system in the United States.

Board of trustees

The Board of Trustees are Chairman Don Kilpatrick, Vice Chairman Steve Paris, and members Dawn Cash, Michael Clingman, Jeff Cloud, Michael D. Evans, Jonathan Barry Forman, Richard Haugland, Oscar B. Jackson, Jr., Jerry Johnson, Brian Maddy, DeWayne McAnally, Frank Stone.[5] The Oklahoma State Pension Commission is responsible for overseeing financial status and conditions of OPERS.

References

External links


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