The unfunded liabilities and the funded ratios of Oklahoma’s two largest public retirement systems improved in fiscal year 2014, the systems’ governing boards learned this week.
According to their independent actuarial reports: The unfunded actuarially accrued liability of the Oklahoma Public Employees Retirement System improved from $1.6 billion at the end of FY2013 to $994 million at the end of FY2014 and its funded ratio moved from 81.6 percent to 88.6 percent.
The unfunded actuarially accrued liability of the Oklahoma Teachers Retirement System declined from $8.1 billion to $7.2 billion and its funded ratio moved from 57.2 percent to 63.2 percent.
The two numbers are considered somewhat of a measure of the relative health of the retirement system and often are focused on in discussions about likely reform proposals to the state's pension funds.
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