Oklahoma Gov. Mary Fallin signed a bill last week to increase employee and employer contributions for new hires in the $1.8 billion Oklahoma Firefighters Pension and Retirement System, Oklahoma City.
Employee contributions will increase to 9% from 8% and municipal contributions will increase to 14% from 13% for employees hired after Oct. 31.
The law also requires new hires to have at least 22 years of service before they can retire at a minimum age of 50, up from 20 years of services. The years to become vested increased to 11 years from 10 years.
The pension fund was 61% funded as of July 1 and had about $1.13 billion in unfunded liabilities.
