The economic conditions have been challenging for investments over the past 3 years
Oklahoma City, OK (PRWEB) February 22, 2011
The Oklahoma Teachers Retirement System (OTRS) highlighted major accomplishments for the 2010 calendar year today. The System, which manages the retirement funds for Oklahoma public school teachers and employees of public education institutions, announced a 15.9-percent return on investments from January 1 to December 31, 2010.
According to the Pension Commission’s report, the OTRS’s return of 15.9 percent in calendar year 2010 puts the state teachers’ retirement system fund in the 5th percentile of all public funds in the United States.
Dr. James Wilbanks, executive director of OTRS, attributed the strong return to the overall improvement in the nation’s economy along with several additional factors.
“The economic conditions have been challenging for investments over the past 3 years,” said Wilbanks. “Fortunately, those conditions improved markedly for the OTRS this year, and we saw significant increases in returns on our investments, more so than most other public retirement systems nationwide. I attribute the majority of this success to the OTRS Board’s continued focus on investment fundamentals and long-run asset management.”
Wilbanks says the 15.9-percent return means the fund grew by more than $1.1 billion over the course of the calendar year and $2.6 billion since December 31, 2008. With a fund balance of $9,582 million at the end of 2010, the OTRS fund has reached a new all time high valuation, meaning OTRS has now recovered from the financial crisis of 2007 and 2008.
“With a 9.4-percent annual return since 1992, we have exceeded our 8 percent long-term target by a healthy margin and we’re very pleased with that,” said Wilbanks,
In addition to the financial accomplishments, Wilbanks reports that agency staff members continue efforts to reduce operational costs as it improves service to clients. In the fall of 2010, the OTRS launched a Retirement Planning Seminar series held in five locations throughout the state. These seminars enabled clients, especially those in rural areas, the opportunity to find out more about their retirement options.