Jenks Aquarium trustees approve defined‑benefit pension move and $2.11 million seed transfer

The Jenks Aquarium Authority approved a shift from the aquarium's current employer contribution to 401(a) accounts toward a defined‑benefit retirement plan administered through the Oklahoma Municipal Retirement Fund (OKMRF), and authorized a $2,108,314 transfer from the aquarium's operating reserves to seed the plan.

City/Aquarium General Manager Mr. Shrout, who presented the proposal, said the aquarium currently contributes 6.8% of payroll to individual 401(a) accounts for 49 full‑time employees and that the aquarium holds roughly $13 million in cash and short‑term investments. "We are not getting much of a return," he said, describing treasury bills that have returned about 2.25% over the past decade and contrasting that with OKMRF's 7% assumed return (he noted the fund's 10‑year average return in his materials was 11.63%). He proposed a one‑time $2 million transfer into OKMRF to establish a defined‑benefit program with a 10‑year vesting schedule and a multiplier of 2.6% for calculating retirement benefits.

Trustee comments were supportive after questions about fiscal prudence. Trustee Brown said he had reviewed vesting schedules and participation rates and, though initially concerned about moving $2 million of reserves, concluded the OKMRF arrangement could reduce employer costs over time and urged eligible employees to consider the offered benefit. "Never leave any money on the table," he told staff, urging employees to take advantage of employer contributions.

Under the package approved by the authority: current employer contribution to 401(a) accounts (6.8%, about $156,000 on a current $2.3 million full‑time payroll) would change if employees elect the new option. The presentation estimated an employer rate of about 5.64% (roughly $130,000 annually) for the defined‑benefit program, and an employee contribution of about 5.25% for those who choose the defined‑benefit option. The proposal allows current employees a one‑time election between a defined‑benefit plan and a defined‑contribution option; new hires after adoption would be automatically enrolled in the defined‑benefit plan. Staff said existing IRS‑limited loan/borrowing provisions from retirement accounts remain available for emergencies, but the one‑time plan election itself would not be reversible.

The authority approved three related resolutions in the same session: Resolution 98 (adopting the defined‑benefit plan), Resolution 99 (establishing the defined‑contribution option for existing employees and setting the one‑time election), and Resolution 97 (a supplemental appropriation of $2,108,314 to the JAA operating fund to provide initial funding for the defined‑benefit plan). In each case the motion carried on a roll‑call vote, with trustees voting unanimously to adopt the measures.

Staff clarified the $2,108,314 is existing aquarium cash held in the aquarium's operating fund and short‑term investments, not new tax revenue. Mr. Shrout said the $2 million portion targeted for OKMRF is a small share of the aquarium's total fund balance and is intended both to increase expected returns and to create a benefit that favors long‑term employees under a 10‑year vesting schedule.

After the votes, staff provided routine operational updates on exhibitions and capital work, including progress on the Aquatic Oklahoma gallery, the Shark Research Center, and a schedule of upcoming events at the aquarium.

The authority did not set an implementation date in the meeting transcript; staff said eligible employees would have a one‑time window in the coming months to choose between the defined‑benefit and defined‑contribution options. The resolutions and appropriation will be implemented according to the administrative procedures specified in the adopted documents and OKMRF's enrollment requirements.