The Pension Board met on Wednesday Nov 19, 2014. The system as a whole is still performing well even with the recent market volatility. As of October 31, 2014 the system is currently at $2.2 Billion dollars. We are still on target to obtain 100% funding within about 2 years. November has seen significant market movement and November’s data will be made available at the December meeting. YTD returns are 4.52%, one year return is 7.39% and the three year return is 10.57%.
So far there has been no mention of any legislation that would affect our pension. The State FOP and their lobbyist are meeting with legislators outlining agenda issues for the upcoming legislative session. Raising retiree pension pay is one topic of discussion and a top priority of the State FOP as well as Lodge 123. The big question is how best to get retirees a pay increase in the current state political climate, since they have not had any cost of living increase in approximately 8 years.
One suggestion is to annually take any money above 100% funding and distribute that as a one-time stipend, probably in December, but not to exceed the retirees one month maximum payment. This is just in the infancy of discussion and no legislation has been proposed on this topic. However, the board did approve this concept and supports increased cost of living payments for retirees. However, any additional increases by law, must include legislative involvement/approval.
As your representative for the Pension System, I will continue to monitor for any legislation that could affect the system and it will be forwarded it to the FOP and you as soon as it becomes available.
Additionally, below are the last five years of net system returns. These are the yearly percentages that are included in figuring your individual DOP program currently. These are intended for information purposes. Each individual considering retiring and taking advantage of the DOP Program should make an individual appointment with a Pension System staff member and discuss their specific situation and options:
2010 – 9.40%
2011 – 16.52%
2012 – 7.5%
2013 – 10.65%
2014 – 12.99%
Please contact me if you have any questions or concerns.
Oklahoma Police Pension & Retirement System