Government jobs are known for generous pensions, relative to the private sector. This has been especially true for career politicians in Oklahoma.
When she leaves office, Gov. Fallin’s pension will be more than she ever earned while in office. She’ll collect about $176,000 per year. That’s $29,000 more than her salary as governor. David Boren’s annual state and federal pension payments are $207,198.
Public pressure forced the politicians to scale back the sweetheart deal that Fallin and Boren benefit from. But more reform is needed, since Oklahoma still has unfunded pension liabilities around $8 billion.
Pensions let politicians make promises that don’t come due until far into the future. That’s always a bad idea. Like government debt, pensions let politicians buy political favor today with little regard to future costs.
The solution is to replace government pensions with accounts that are actually owned by employees. That’s how things work for almost all private-sector workers. Employees—not politicians—should have control over their own retirement. And hard-working taxpayers should never be left on the hook for the unrealistic promises of politicians.
If you want pension reform in Oklahoma, sign our petition now.
It is time to get serious about pension reform. Help us get this message to lawmakers by signing the petition today.