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Council approves amendment and emergency clause to city retirement plan after actuarial review
Summary
City council approved Ordinance 2025-32 to amend the employee retirement plan after hearing an actuarial presentation that placed the fund roughly 88% funded; the council also approved an emergency clause to prevent disruption in employee benefits.
Chris, a representative for the Oklahoma Municipal Retirement Fund, told the council the city’s retirement system has improved from about 65% funded to roughly 88% and that the city has the capacity to upgrade plan-level benefits without new net dollars.
“That is approximately what the city contributes into the retirement system,” Chris said, describing the city’s current effective contribution at about…
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