funded ratio to 73.5%. OTRS has also revised its assumed rate of return to "7.50% per year, net of investment-related expenses and compounded annually, composed of an assumed 2.50% inflation rate and a 5.00% real rate of return." Impact of the COVID-19 Pandemic (2019 - present) The Oklahoma Teacher Retirement System experienced significant investment volatility as a result of the COVID-19 pandemic. As of June 2020, the UAAL had increased to $8.641 billion and the funded ratio had decreased slightly, to 71.5%. Although a marked decline in comparison to pre-pandemic levels, this nevertheless represented an improvement in performance over the previous year. According to the OTRS Board of Trustees, "[t]he primary cause of the increase was strong investment returns for the year." References Public pension funds in the United States State agencies of Oklahoma 1943 establishments in Oklahoma