We’re not doing such a great job of financing teacher retirement: the state system has never been more than 60-percent funded, and is now running in the vicinity of 49 percent.
A resolution calling for a vote of Oklahomans to redirect mineral income to the state teachers’ retirement system has been passed by the House.
Under the proposal, sponsored by state Reps. Tad Jones (R-Claremore) and Joe Dorman (D-Rush Springs), voters would decide whether to amend the state’s constitution so the underfunded retirement system could benefit. Once the system was funded at 80 percent, the money would go back to the School Land Commission.
Text of the measure (Rich Text format) is here. Says Doc Hoc:
This seems like a permanent solution to the problem, though voter approval of the measure could be problematic, and the fund needs immediate new funding. Its sponsors say it would not affect overall funding for schools.
I’m sure I could vote for this measure without affecting my status as a tax-cutting right-wing meanie. And it sailed through the House, 98-3; I’d be very surprised if it died in the Senate, though the wild card here has to be Governor Henry, who’s currently in “I have a veto and I’m not afraid to use it” mode.