Oklahoma House Approves Firefighter Pension Changes
(NewsOK.com)

February 17, 2012 - A bill intended to shore up the state firefighter pension system passed overwhelmingly Thursday in the Oklahoma House of Representatives, even though some members said cities in their districts were concerned about the measure's increased costs. The measure now heads to the Senate.

House Bill 2320 calls for increased contributions by employees, cities and the state for the Oklahoma Firefighters Pension and Retirement System. Under the bill, the contribution from employees and cities each would increase by 1 percent; the state would increase the amount of insurance premium taxes dedicated to the system. “It requires shared sacrifice ... which will greatly improve the financial condition of the plan,” said Rep. Randy McDaniel, the bill's author.

Rep. Mark McCullough, R-Sapulpa, had harsh words for McDaniel because he negotiated directly with the firefighters' union on his own instead of consulting with House members. He also inquired who wrote the language in the bill.

McDaniel, R-Oklahoma City, said he wrote the bill, and that, as chairman of a House task force looking at the state's pension system, he tried to come up with a solution for the underfunded firefighter pension system. “There are a few that aren't, but most people are for this bill,” he said. (Read More...)

2nd Annual Firefighter Day - Oklahoma State Capitol
(Oklahoma State Firefighters Association)

February 12, 2012 - The 2nd Annual Firefighter Day at the State Capitol will begin with a rally on March 12, 2012 at the Capitol's South steps at 9 a.m.

If your department is interested in hosting a display on the Fourth Floor Rotunda, please notify the OSFA office via email (osfa@osfa.info) or phone (405-424-1452).  There is room for approximately 17 more displays, and space will be distributed on a first-come, first-serve basis. As well, exhibits need to be set up an hour beforehand and will remain throughout the afternoon. This is a very important legislative year, and the Oklahoma Fire Service needs to have a strong showing. So make plans now to be a part of Firefighter Day.

Firefighters Pension System Sues Citigroup/Discover
Over Student Loan Corp Losses
(Bloomberg)

February 3, 2012 - Citigroup Inc., Discover Financial Services and Student Loan Corp. were sued by a union pension fund over claims that Student Loan Corp. misled investors about increasing losses beginning in 2008.

The Oklahoma Firefighters Pension & Retirement System sued the companies and several Student Loan Corp. officials in federal court in Manhattan today, claiming it lost money when the company's stock price dropped after information about the losses became public.

Student Loan Corp., formerly a unit of Citigroup, was sold to Riverwoods, Illinois-based Discover in September 2010. The pension fund seeks to represent all Student Loan Corp. investors from Jan. 15, 2008, to Sept. 23, 2010. The company originated and held student loans.

“At the same time STU was failing to properly account for its mounting risks and losses, defendants issued materially false and misleading statements regarding the company's business and financial results, by telling the investing public that it was well positioned and performing well despite adverse market conditions,” the pension fund said in its complaint.
Student Loan Corp. in September 2010 told the U.S. Securities and Exchange Commission in a public filing that it was taking a $900 million charge, just days after it announced was being sold, according to the complaint. The lender became a wholly-owned subsidiary of Discover on December 31, 2010.

“The suit is baseless and we will seek its prompt dismissal,” said Shannon Bell, a spokeswoman for New York-based Citigroup, in an e-mail. Leslie Sutton, a spokeswoman for Discover, declined to comment.

The case is Oklahoma Firefighters Pension & Retirement System v. Student Loan Corp., 12-CV-895, U.S. District Court, Southern District of New York (Manhattan).

Oklahoma Legislative Action Plan Meetings

January 20, 2012 - At the 2011, OSFA Annual Convention, a resolution was passed to collectively support the Executive Board as we approach the 2012 session of the Oklahoma Legislature in developing a ”plan of action” that would have:

1. a positive effect on the unfunded liability of the pension system with;
2. the least impact on the members of the pension system and to;
3. garner consensus from the members on the action plan.

Legislative Action Plan highlights:

• It includes the shared sacrifice of active members, employers, the current members who have opted to leave their balances in the system, and the State.
• It has the unanimous support of the PFFO, OFCA, ORFA and OSFA Executive Boards.
• It has received support from both Houses: Particularly support from Representative McDaniels and Senator Mazzei.

Here are the site venues as of this date for our legislative presentations:

• Friday, February 3, 2012 at 6:00 p.m. at Muskogee Central Fire Station (505 Columbus Street).
• Tuesday, February 7, 2012 7 p.m. at Broken Bow Fire Station (11 N. Main Street in Broken Bow).

FY 2012 Contract Ratification Vote Meets Approval of Membership

January 18, 2011 - The Ballot Box Vote on the Tentative Agreement for the 2012 Contract resulted in a vote of 114 accept votes to 9 reject votes. The Negotiation Team will be signing the new CBA for FY2012 on Monday, January 30, 2012 at 9:00 a.m. in the City Manager's Conference Room. Thank you to all for your support and participation. See Agreement changes to be included in the FY2012 Contract.

IAFF Sends City Annual 'Letter of Intent' to Negotiate FY13 Contract

January 5, 2012 - The Local 2067 I.A.F.F., Bargaining Agent for the Norman Fire Department, made notice today as provided under O.S.A. 11 (1994) s51-101, et seq., of the intention to negotiate for items requiring the appropriations of monies and other contract terms. (Read Letter of Intent to Negotiate...) (FY 2013 Negotiations...)