Oklahoma Police Pension and Retirement System, Oklahoma City, is meeting with consultant Asset Consulting Group to determine how to make up the state's $21 million contribution for the next fiscal year, which begins July 1. Robert J. Wallace, executive director, said the state diverted the money to its general fund. The $1.2 billion system will be able to pay its benefits through the first quarter of the fiscal year, he said, but then will be forced to rebalance and increase its cash investments. The system is 89% funded, he said.
The Oklahoma Firefighters' Pension and Retirement System, also in Oklahoma City, will make up its $52 million state contribution by reducing a $325 million Lehman Aggregate index bond fund run by State Street Global Advisors, said Robert Jones, executive director. The $1.2 billion pension plan will review its benefit payments monthly to determine how much to withdraw, Mr. Jones said. He expects withdrawals to be necessary beginning in August. The plan was 78% funded at the end of the 2002 fiscal year, he said.
The Oklahoma Law Enforcement Retirement System, also in Oklahoma City, will lose $7.2 million as a result of the state's budget cuts, and no changes are planned to compensate for the lost state contribution, said Lawrence F. McCullock, executive director. The $531 million plan was 90% funded at the end of 2002, he said.