Oklahoma Retirees Asking For Cost Of Living Adjustment To Their Pensions

Retired state workers lobbied the legislature for a cost of living increase Monday. It would be their first in 11 years. But lawmakers are concerned about how the state would pay for it. 

Retirees are hoping for a four percent cost of living adjustment, or COLA. That would mean a few extra dollars for each individual retiree. But it could mean hundreds of millions of dollars to the system.

Theo Crawley retired from teaching in 1992. She has a masters degree and 31 years’ experience, but often has to decide between buying food or medicine.

“Medicine is $300 and $400 a month right off the top if you want to live, and of course food,” Crawley said. “Food takes a backseat.”

That’s what brings dozens of state retirees to the capitol. They’re pushing for a 4% cost of living adjustment in their pensions.

“The average pension in Oklahoma, it’s about $1,600 for teachers, and so you’re not talking about a huge increase monthly,” said Sabra Tucker of the Oklahoma Retired Educators Association. 

On average, that’s about $64 bucks a month.  

“We’ve been able to prove that no pension system will take a heavy hit so I think it’s time to fund it,” said Senator Carri Hicks (D) Oklahoma City.

Maybe. The numbers show The Oklahoma Firefighters Pension System is only 68 percent funded. The Teachers’ Retirement System is 73 percent funded. 

Senate President Pro Tempore Greg Treat (R) is setting up a republican working group to investigate the feasibility of a cost of living adjustment.   

“I’m not opposed to a COLA. I want to make sure that we don’t backtrack on the progress we made on making those funds more solvent.” Treat said.

But retirees say it’s necessary. Crawley says she can’t afford a car and is forced to buy cheaper, less nutritional food, and these are supposed to be her golden years.

“Yes, they haven’t been as golden as I could have hoped,” she said.

Senator Treat says he hopes to have recommendations by April 1, giving the legislature plenty of time to either vote for or against the cost of living adjustments.