Oklahoma City, OK – Money in the Oklahoma Teachers' Retirement System has dropped 30 percent since July but the head of the system says retirement checks for former teachers are safe.
There are currently more than 130,000 current and former teachers in the system.
Tommy Beavers says the economic downturn has resulted in a decline in the fund's balance from $8.6 billion to under $7 billion.
Beavers says teachers are insulated from the decline because they're paid according to a defined benefit plan.
The amount of their paychecks is based on years of service and ending salary.
And Beavers says while the retirement portfolio is down now, it was up 104 percent from 2003 to 2007.
The Teachers' Retirement System is the state's most underfunded pension system with an unfunded liability of about $9 billion.