Earlier this year, the Pew Center on the States designated Oklahoma as ranking (variously) 2nd or 3rd worst among the nation’s most poorly funded public (government) retirement systems.

Soon after, high-ranking Oklahoma officials took note of the concerns. Tom Spencer, executive director of the Oklahoma Public Employees Retirement System (OPERS) said the report was informative and raised some valid concerns.

However, he said he believes it to be slightly misleading because Oklahoma’s overall pension fund picture looks worse than it is because sound retirement systems are being lumped in with unsound ones.

The TRS’ funded ratio (assets set aside for pension liabilities) was pegged at 66.8 percent at FY 2009’s end.

However, the Illinois-based Institute for Truth in Accounting recently said it had plummeted to 38 % due to the economic downturn compared to five years ago.

IFTA, run by economist Sheila Weinberg, has estimated that Oklahoma’s unfunded debt amounts to $14,600 per family.

Studies by the Foundation for Educational Choice and the Manhattan/Friedman Institute concurred with IFTA’s assessment, issuing a scathing study also placing the system’s funding ratio at 34-38 percent.  More here.