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Oklahoma County retirement board approves $400,000 transfer from forfeiture fund to pension plan
Summary
The Oklahoma County Retirement Board voted to transfer $400,000 from its forfeiture account into the pension plan, citing sufficient forfeiture receipts and a projected account balance of about $1 million after the move.
The Oklahoma County Retirement Board approved an additional $400,000 transfer from its forfeiture account into the county pension plan on a voice vote.
A board member told trustees the board already made a required fiscal-year contribution of $733,000 and that projected forfeitures for the year are about $1,300,000. The presenter said the forfeiture account held $1,400,000 in cash and that the transfer would leave roughly $1,000,000 in the account.
The motion to approve the transfer was moved and seconded and carried by voices in favor. No member asked follow-up questions during the presentation.
Why it matters: Forfeiture funds are discretionary resources that the board uses for authorized purposes; the board said projected receipts make the transfer feasible without fully depleting the forfeiture account. The board did not identify any additional restrictions or conditions attached to the transfer.
