Oklahoma City Employee Retirement System - June 11, 2026

The Oklahoma City Employee Retirement System held a meeting on June 11, 2026, primarily focused on pension system actuarial assumptions, experience studies, and administrative contracts. The board reviewed a detailed actuarial experience study covering 2019-2024, discussing demographic and economic assumptions such as retirement rates, mortality tables, wage inflation, and investment return assumptions. The actuary recommended modest adjustments to assumptions, including a slight increase in price and wage inflation assumptions and maintaining the investment return assumption at 7%. The board deferred final decisions on these actuarial assumptions to the July meeting to allow further review. Additionally, the board approved several procurement-related items, including amendments to the fiscal year 2026 audit contract with Allen Gibbs & Holic LLC not to exceed $29,840, administrative service agreements with the Central Oklahoma Transportation Parking Authority and McGee Creek Authority (the latter for $5,000 for deferred compensation plan administration), and a $49,544 agreement with the City of Oklahoma City for professional and non-professional services. The fiscal year 2026-27 retirement system budget was also approved, reflecting a 2.7% increase largely due to personnel costs and an IT chargeback for pension system integration with the city's Oracle system. The investment consultant reported strong portfolio performance with assets nearing $1.07 billion and noted that the current 7% investment return assumption remains reasonable but may be adjusted downward in the future. Overall, the meeting combined actuarial review with contract approvals and budget considerations relevant to the retirement system's operations and financial management.