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The Oklahoma Public Employees Retirement System was created in 1964 and administers retirement plans for several different types of government employees, including state and local government employees, state and county elected officials and hazardous duty employees.
In the years before the Second World War, the retirement systems of the United States military were highly varied between the different branches of service.In 1916, the military instituted new "up or out" policies, forcing the retirement of members who were not selected for promotion in a prescribed amount of time.
The company was founded as SHPS in 1997 as a joint venture between SYKES Enterprises and Health Plan Services, and financed by Prudential Financial Services. [1]In December 1997, Prudential Financial Services and SYKES Enterprises, Incorporated formed SYKES Health Plan Services (SHPS), Inc.
Public employees hired before January 1, 1996 [2] receive the system's most generous pension benefit. Benefits under this program have been described as "expensive" and "overly generous," often entitling retired workers to lifetime monthly payments over 100% of their pre-retirement earnings.
The fund receives contributions from the Federal Government of Malaysia, statutory bodies and local authorities. [1] The contributions are invested by the fund in a mix of equities, bonds, property, private equity and infrastructure, with the investment returns used to finance the government's pension liabilities.
The TRS is governed by a 15-member Board of Trustees composed of 10 appointed members, four ex officio members, and one non-voting member. The Governor of Oklahoma appoints six members to the Board and the Speaker of the State House of Representatives and the President Pro Tempore of the State Senate each appoint two members to the Board.
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