Governor Kevin Stitt announced yesterday afternoon that he is vetoing HB2741 and HB2742, which were part of the state budget passed by the Legislature, and which removed payments of $73M from the Oklahoma Teachers Retirement System, and nearly $39M from Oklahoma Firefighters Retirement, Police Pension and Law Enforcement Employees Retirement Systems in order to limit cuts elsewhere in the state budget.
Gov. Stitt quoted Tom Spencer, executive director of the Teacher Retirement System, "The TRS portfolio is down $1,000,000,000 [one billion] since June 30th of 2019. If we closed the books today, the funded ratio on a market basis would drop from 72.3% to around 64%."
"I will not play a part in harming Oklahoma's teachers," Gov. Stitt said during a press conference that began with an update on the COVID-19 in Oklahoma.
Watch the relevant portion of Stitt's comments here:
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