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Oklahoma County retirement board approves survivor benefit and three retirements; investment chief replaced
Summary
The Oklahoma County Retirement Board approved a survivor benefit payment for Wilma Lisonbee and accepted retirement qualifications for two county employees; the board was also told longtime investment chief Mark Cycle retired and has been replaced by Stacy Rogers.
The Oklahoma County Retirement Board on June 27 approved a defined-benefit survivor payment for Wilma Lisonbee and accepted retirement qualifications for two county employees, and board members were informed that the county’s chief of investments retired and has been replaced.
Board members approved a survivor spouse benefit for Wilma Lisonbee under the defined-benefit plan, with the board noting survivors receive two-thirds of the retiree’s pension. "They received 66 and 2/3 percent of the retiree's pension," said John Wilkerson, a board member, during the presentation of the item. The motion to approve the survivor benefit passed after a second.
The board also approved retirement qualifications for Karen Bassino of the court clerk’s office and Anita Ray of the county clerk’s office. Both items were presented and moved, seconded and approved as presented.
The board received an administrative staffing update: Mark Cycle, who had been identified in the meeting materials as the chief of investments, retired the prior Friday. Board members were told Stacy Rogers has taken over the role and had worked alongside Cycle for several months.
Why this matters: the survivor benefit is a formal pension-plan payout that affects plan liabilities and an individual household; approving retirements finalizes eligibility and any associated benefit starts. The change in chief investment officer is an administrative change relevant to the board’s oversight of plan investments.
Board action and process: the survivor benefit and the retirement qualifications were presented during the agenda items for the defined-benefit plan and retirement approvals. Each item received a motion and a second, and the board voted to approve. The replacement of the chief of investments was presented as an informational update; no formal action was recorded on that staffing announcement.
Details and background: the survivor benefit follows the retirement-plan rule discussed at the meeting that specifies the survivor spouse share; meeting minutes show the commonly used fraction of 66 2/3 percent was applied in Lisonbee’s case. The retirements for Bassino and Ray were presented as qualifying actions by staff and approved by the board. The announcement that Stacy Rogers has replaced Mark Cycle was presented as a personnel update; board members said they were comfortable with Rogers, who had worked side by side with Cycle for several months.
The meeting record shows routine motions and unanimous voice approvals for these items. The board did not indicate any additional conditions or follow-up requirements for these approvals.
