Oklahoma County Retirement Board approves service renewals, retiree benefits and hears BOK review

The Oklahoma County Retirement Board on a properly posted April meeting received a performance update from BOK Financial, approved annual renewals for plan service agreements and actuarial/audit contracts, and confirmed retirement benefit awards for multiple long‑service employees.

The board received a BOK presentation that included a summary of a “full claim review” and an overview of a new financial‑wellness tool BOK has rolled out. John Wilkerson, staff member, said the financial‑wellness feature — an addition to the Start Right platform and complementary to Retire Smart — offers employees budgeting and emergency‑savings tools and will be presented to the retirement board for approval next month. “When they log into their account, there will be a financial wellness. They’ll be able to plug in credit card… mortgage, and then it takes all of that and kinda combines it and tells them where they’re at on retirement,” Wilkerson said.

The presenters noted regulatory changes affecting contribution limits: the report cited IRS updates for 2025, including a $500 increase to the regular contribution limit (from $23,000 to $23,500 for employees under 50), unchanged catch‑up limits for those 50 and over ($7,500), and a new ‘‘super catch‑up’’ provision allowing additional contributions for participants age 60–63. The presentation material was reported as reflecting data as of Dec. 31, 2024.

Plan metrics presented in the report showed substantial asset growth and participant counts as of Dec. 31, 2024: the defined contribution (DC) plan assets were reported at roughly $145 million, with stated employer contributions near $8.1 million and earnings near $17 million; the stable‑value fund held the largest share of assets (reported as 26 percent), with 767 participants in that fund. The board discussed participant concentration and the possibility of a postcard campaign encouraging diversification for the roughly 309 participants holding a single fund. The report also included figures for a supplemental plan (reported assets near $3.49 million and active participants with an average balance reported at about $11,591).

On routine business, the board approved multiple motions by voice vote. No roll‑call tallies were recorded in the transcript; votes were taken by voice with the board answering “Aye.” The board approved the following items (motions carried unless otherwise noted):

Votes at a glance

- Receive BOK forfeiture report (item 7): motion to receive the report as presented; voice vote “Aye.” - Receive BOK planned performance review presentation (item 8): presentation heard; motion to receive; voice vote “Aye.” - Renew defined contribution master service agreement (item 9): annual renewal with no changes to agreement or price; motion approved by voice vote. - Renew 457 master service agreement with BOK (item 10): motion approved by voice vote. - Pension valuation/service agreement with Sageway actuary (item 11): board approved renewal; the fee increased by $250 to $12,150 as stated in the item. - Letter of engagement for the annual financial audit (item 12): engagement with Linda Alshwetty approved at $5,750. - Confirm defined contribution retirement and health benefits for Robert Garrett (item 13): motion approved by voice vote. - Confirm retirement benefits for Augie (item 14): motion approved by voice vote. - Confirm retirement benefits for Wallace Henderson (item 15): motion approved by voice vote. - Confirm defined contribution retirement benefits for Brenda Kitchen (subsequent item): motion approved by voice vote. - Retirement board election schedule (item 6): board affirmed dates for sign‑up and the May election with results to be returned in June; motion to reaffirm item 6 approved by voice vote.

Discussion and context

Board members asked clarifying questions about participant counts, fund concentration and average balances; staff repeatedly noted that the presented figures are as of Dec. 31, 2024 and recommended follow up actions such as the potential postcard on diversification. The BOK representative described the financial‑wellness product as a third‑party, no‑charge tool to the county and stated the board would see an implementation agreement at next month’s meeting. John Wilkerson confirmed the retirement board will see the financial‑wellness agreement on the May agenda for formal approval.

Ending

Board chair and members offered brief closing remarks and adjourned after completing the consent and action items. Several retirement approvals recognized employees’ years of service; no formal dissent or recorded no votes appeared in the transcript.