A House-backed plan to give Oklahoma’s public pensioners a 4% cost-of-living increase has been delayed in the Senate, which is opting to have a study conducted over the interim.
The Senate Committee on Retirement and Insurance voted 7-1 on Thursday to have an actuary study the impact of a 2% raise on the state’s six pension systems.
The Senate author of the bill , Republican Dewayne Pemberton, says the actuarial report should be completed by December. Lawmakers would then be able to consider whether to approve a cost-of-living increase next session.
Over the last 10 years, Oklahoma has dramatically improved the financial position of its pension systems. But retirees also haven’t had a cost-of-living adjustment since 2008 and had been pushing lawmakers to approve one this year.