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House Speaker Creates Pension Committee (Jun 13, 2011)

OKLAHOMA CITY (AP) — Oklahoma House Speaker Kris Steele has created a select House oversight committee to perform legislative studies on the state's public pension systems.

Among topics that will be reviewed is how pension system investments have been handled, the way assets have been allocated and pension funding formulas.

Steele says the committee will continue the work started by lawmakers this year to address unfunded liabilities in state pension systems. When changes approved this year effect, the unfunded liability of state pensions will drop from around $16.5 billion to about $10 billion.

But the Republican House speaker says officials believe past pension investments and other financial policies may have imperiled an already strained public pension system.

Steele says pension reform will continue to be a top priority in the House next year.

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