Oklahoma Public Employees Retirement System
Encyclopedia
The Oklahoma Public Employees Retirement System (OPERS) is an agency of the government of Oklahoma
that manages the public pension system for majority of Oklahoma state employees. The System provides pension benefits such as normal retirement, disability retirement, surviving spouse benefits and a death benefit.
The System receives its funding from employer and member contributions, and returns on investments. OPERS is the largest state employment pension for Oklahoma State Employees covering 27,000 retired and 45,000 active state employees. There is approximately 5.1 billion dollars in pension assets.
These losses are not unique to OPERS. Similar losses occurred in CalPERS
, the largest public empolyees retirement system in the United States.
is responsible for overseeing financial status and conditions of OPERS.
Oklahoma
Oklahoma is a state located in the South Central region of the United States of America. With an estimated 3,751,351 residents as of the 2010 census and a land area of 68,667 square miles , Oklahoma is the 28th most populous and 20th-largest state...
that manages the public pension system for majority of Oklahoma state employees. The System provides pension benefits such as normal retirement, disability retirement, surviving spouse benefits and a death benefit.
The System receives its funding from employer and member contributions, and returns on investments. OPERS is the largest state employment pension for Oklahoma State Employees covering 27,000 retired and 45,000 active state employees. There is approximately 5.1 billion dollars in pension assets.
Investment Losses in 2008 and 2009
The stock market decline in 2008, during the financial crisis of 2007-2010, has created large losses in the OPERS investment portfolio. There was a 271 million dollar investment loss in 2008 and 962 million in 2009; for a combined loss of 1.2 billion dollars for this two year period. This is a 20 percent decrease in the 5.1 billion investment portfolio.These losses are not unique to OPERS. Similar losses occurred in CalPERS
CalPERS
The California Public Employees' Retirement System or CalPERS is an agency in the California executive branch that "manages pension and health benefits for more than 1.6 million California public employees, retirees, and their families"...
, the largest public empolyees retirement system in the United States.
Board of trustees
The Board of Trustees are Chairman Don Kilpatrick, Vice Chairman Steve Paris, and members Dawn Cash, Michael Clingman, Jeff Cloud, Michael D. Evans, Jonathan Barry Forman, Richard Haugland, Oscar B. Jackson, Jr., Jerry Johnson, Brian Maddy, DeWayne McAnally, Frank Stone. The Oklahoma State Pension CommissionOklahoma State Pension Commission
The Oklahoma State Pension Commission is an Oklahoma state agency responsible for analyzing the performance of the State's public pension systems. The Commission also advices the Governor of Oklahoma and the Oklahoma Legislature on necessary action to improve the pension systems...
is responsible for overseeing financial status and conditions of OPERS.