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.

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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.

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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.

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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

 

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… in addition, due to an extremely hectic schedule, only serious inquiries may expect a response …

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 or illegal drugs, have any income from gambling, invest in cryptocurrency, are experiencing extreme financial difficulties, are personal-injury attorneys, in the construction industry or are in the country illegally. Newly formed businesses are frowned upon as well.

 

Though not required, supporters of President Donald J. Trump, Governor Kevin Stitt, the National Rifle Association & clients who are alpha males & females, ethical, hard-working, cheerful, optimistic and NOT easily offended are generally preferred.

 

Absolutely NO LAZY, TREE-HUGGING, CRITICAL RACE THEORY PROMOTING, ECONOMICALLY ILLITERATE,  GODLESS, RIOTING, KNEELING, CENSORING, RACIALLY & GENDER OBSESSED, DR. SEUSS BOOK-BANNING, FIREARM CONFISCATING,  BIG GOVERNMENT 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 "packing some heat" while in this area (and perhaps Penn Square Mall as well). Some believe the OKC Police Dept. has become too constrained and are hesitant to confront these gangbangers and put them behind bars where they rightfully belong. "Talk on the Street" seems to be that this emanates from an extremely weak & naive Mayor who purportedly suffers from a severe case of "Low T," a weak City Manager, a new, effeminate-looking Police Chief, who refuses to enforce our nation's immigration laws & a Ward 6 Council Girl who took her Oath Of Office using a book on Marxism.

Everything that Mayor David “Pajama Boy” Holt & Police Chief “Wily” Wade Gourley need to know to improve law enforcement in OKC is in this book…if only they had some courage...

Calm Guide Sheet by Greg Karnes on Scribd

Make The University of Oklahoma Great Again!

 

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

Sooner Football Commitment List

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 Who Seem 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)

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

The "Soft On Crime"

"Hug-A-Thug" Caucus

 

The Top 10 Individuals Or Groups Who

Come Across  To Me As Coddling The Criminal Element At The Expense Of The Public Safety Of  Law-Abiding Citizens

The “Ugly” Caucus

 

The Top 10 Individuals On The Taxpayer Payroll That Strike Me As Being Just As Unattractive On The Inside As They Are On The Outside.

LOWER TAXES

=

HIGHER GOVERNMENT REVENUE

Per Capita Taxes Have More Than Doubled Since JFK

Employers: Click here to verify that all your employees are legally in the United States

How To Anonymously Report Illegal Aliens 

AOC end of worldCountdown

The United States leads the world in CO2 reductions

Is the individual depicted above the most ill-prepared person Oklahoma has ever had in a General Election for a U.S. Senate seat?