Tulsa City Council is the next stop for pension change recommendations made by the Municipal Employees Pension Board.
Finance Director Mike Kier told the council's urban and economic development committee this week about the proposed adjustments that would put the city on track to having all its pension liabilities fully funded. The first recommendation affects the current contribution rates.
"It would change the current employee contribution from 6 to 6.5 percent, and the employer contribution from 10 to 11.5 percent, and the effective date of those changes would be July 1, 2014," Kier said.
Those changes would require around $750,000 from the city's general fund.
Another recommendation from the pension board would change the contribution rates for new hires, which could reduce the city's contribution rate to less than 5 percent within 30 years. Kier told the committee that adjustment would have little to no short-term impact.
"Because most of the employees participating are already employees, it will take awhile to build the post-July 1, 2014, workforce," he said.
The City of Tulsa has around $120 million in pension liabilities.