Oklahoma Gov. Brad Henry signed a bill Monday that will increase state contributions to the $9 billion Oklahoma Teachers Retirement System, Oklahoma City. The legislation will increase contributions to 9.5%, from 7.85%, bringing the systems funding level to about 80% by 2026 from 49% currently.
The law, which goes into effect Jan. 1, will generate roughly $60 million in additional state contributions within four years, said Tom Beavers, executive secretary of the fund. This is the biggest improvement for the retirement system in 30 years, he said.