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OK HCR1029

Concurrent Resolution

Official Source

Status

Passed

4/1/2014

Primary Sponsor

Randy McDaniel

Click for details

Origin

House of Representatives

2014 Regular Session

AI Summary

  • Oklahoma maintains six public pension systems covering state and local employees, including systems for public employees, teachers, law enforcement, judges, firefighters, and police
  • The Governmental Accounting Standards Board (GASB) issued Statements 67 & 68 on June 25, 2012, which separated accounting standards from actuarial funding standards for public pension plans
  • The Legislature supports GASB's efforts to improve pension reporting but expresses concern that using GASB 67 & 68 principles for funding purposes could increase volatility in contribution rates and disrupt government budgeting
  • The resolution endorses continued use of actuarial funding practices consistent with Actuarial Standards of Practice, including asset smoothing and reasonable discount rates to establish stable contribution rates
  • Copies of the resolution are to be distributed to the Oklahoma State Pension Commission, State Treasurer, and executive directors of each state public pension system

Legislative Description

Concurrent resolution; Governmental Accounting Standards Board; Statements No. 67 and 68; distribution.

Retirement

Last Action

Filed with Secretary of State

4/1/2014

Full Bill Text

No bill text available