The Shortfalls of Oklahoma’s Defined Benefit Public Pension Plans

November 19, 2014

Tulsa Pension System Is Underestimating Its Debt and Investment Risk by Millions

Substantive, structural reform to the way Tulsa offers retirement benefits to its city employees is necessary in the immediate future in order to prevent these fiscal challenges from overwhelming the city budget and weighing down heavily on Tulsa taxpayers.

Tulsa_Actuarial_Analysis.pdf
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August 13, 2014

Expectations of future policy changes, including tax increases and reduced government services, can affect the business climate and labor market within a state. Unfunded public pension liabilities represent a significant source of concern, especially given the guaranteed nature of pension benefits to retirees. Current government statistics obfuscate the underfunding of public pensions. A proper accounting of public pension liabilities shows an increased risk of tax increases and reduced government services. Unfunded public pension obligations are not the only source of such policy changes, but they remain a significant threat to the states’ fiscal health and therefore to the business climate and labor markets within the states. Due to ongoing changes in state pension programs, a slow but continuing economic recovery, and the advent of new accounting rules, this underscores the need for wide-ranging pension reform that assures proper funding of pensions well into the future.

Robert Sarvis - Understanding Public Pen[...]
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March 20, 2014

Across the country, unfunded public pension liabilities are the single largest threat to the stability and solvency of state and municipal governments. According to 2013 valuations, Oklahoma’s six active defined benefit plans, plus the Wildlife Conservation Retirement Plan, which was recently closed to new members, carry an $11.4 billion unfunded liability. They have a combined funded ratio of 66.5 percent. This unfunded liability exceeds the state-appropriated budget by 52 percent. A more accurate accounting suggests that the problem is actually more serious—Oklahoma’s public pension systems have a $43.7 billion unfunded liability. Fortunately, there is a solution that allows Oklahoma to keep its promises to current employees and retirees, protect taxpayers and communities, and ensure long-term fiscal health. The state should close its defined benefit pension systems to new members and instead institute a defined contribution (DC) alternative. A DC plan would give new employees a secure retirement.

Oklahoma's Unfunded Pension Liability.pd[...]
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Get in Touch With Me.

Call me at 405 810-8119 with any questions or to schedule an appointment.

 

Greg Karnes CPA

4301 NW 63rd St, Suite 200

Oklahoma City, OK 73116-1504

 

Or you may use my contact form.

 

Competitive Fee Structure

 

… but if you are looking for the cheapest, you are probably best served by looking elsewhere…

… in addition, due to an extremely busy workload, if it is absolutely critical to have a rapid turnaround in your work & you are inclined to make repeated calls to check on the status, someone else would probably suit you better …

New tax clients are expected to provide copies of their last 3 years of tax returns and provide permission to contact prior accountant to resolve any issues, if necessary.

 

Regretfully, I am unable to accept new clients who have unfiled prior-year’s tax returns,  who are not current with all prior tax obligations, are involved in any marijuana-related business ventures, use marijuana, have any income from gambling, are personal-injury attorneys or copyright or patent trolls.

 

Though not required, supporters of President Donald J. Trump, Governor Kevin Stitt, the National Rifle Association & clients who are cheerful, optimistic and NOT easily offended are generally preferred. Absolutely NO SOCIALISTS allowed beyond the front door, however!

 

Due to the alleged gang activity and drug dealing at the nearby Chelsea Manor Apts. & 7-11 Convenience Store, I would personally recommend avoiding this area. Some believe the OKC Police Dept. has become wussified and are too intimidated to confront these gangbangers and put them behind bars where they rightfully belong. "Talk on the Street" seems to be that the wussification emanates from an extremely weak & naive Mayor who purportedly suffers from a severe case of "Low T," a weak City Manager & a new Police Chief who refuses to enforce our nation's immigration laws.

 

 

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??? Not sure I’d take their approach but not to sure I understand any of the nonsense the Democrats have come up with lately.

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Just one miss ?. Using the @volquartsen_firearms 22 LR Scorpion ?

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Sunday at the range with Betsy and this sweet new rig from @volquartsen_firearms ??

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My family fought in the American Revolution for this right. Damn proud of it too. TGIF ??

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Make The University of Oklahoma Great Again!

 

(Let us return to the time before the “Loudmouth Snowflakes” and the less than competent financial administrators arrived on campus)

ODELL BECKHAM JR.

NOVEMBER 23, 2014

GREATEST CATCH EVER ??

RUSSELL WESTBROOK

FEBRUARY 16, 2015

NBA ALL STAR GAME MVP

41 POINTS  

3RD MOST EVER SCORED

OU SOONER - SAMAJE PERINE

NOVEMBER 22, 2014

427 RUSHING YARDS

MOST EVER BY A COLLEGE RUNNING BACK

Top 10

Taxpayer Enemies

 

Those Individuals Or Groups Most Intent On Penalizing Success & Achievement & Desiring A Return To The Days Of Low Economic Growth During The Jimmy Carter/Barry Obama - "Sleepy Joe" Biden Era

 

(in order, as of today)

Purported Supporter Of A Billion Dollar Slush Fund With Little Accountability

Purported Supporter Of A Billion Dollar Slush Fund With Little Accountability

Purported Supporter Of A Billion Dollar Slush Fund With Little Accountability

The Caracas Caucus

 

(the Top 10 “Americans” who seem most hell-bent on destroying our jobs & economy in order to advance the cause of centralized government control over our lives and private businesses to the point where we are forced to surrender our individual liberties to the state)

The Terrorist Caucus

 

Those Individuals Or Groups Who

Come Across  To Me As Ambivalent Towards Islamic

Terror Activities

LOWER TAXES

=

HIGHER GOVERNMENT REVENUE