Public Fund Survey ranked OTRS as having the fourth-lowest funding ratio (assets set aside compared to pension liability) among 126 state pension plans. At the time of that ranking, OTRS’ funding ratio was 50.5%. That figure has since vacillated in the wake of the economic downturn. The retirement system's viability for future retirees has prompted legislative maneuvering in recent years. In 2010, OTRS staff told The Oklahoman newspaper there were only three options to shore up the system. Those three things were putting more money into the system, increase investment returns, or doing something about benefits. The retirement system received a boost in 2006 when the Oklahoma State Legislature increased the employer's contribution to OTRS from 7% to 9% over a three-year period. From 2009 to 2011, the administration of OTRS, with guidance from its board of directors, has renegotiated investment contracts that will save the agency $2.3 million annually. The agency also streamlined processes and instituted other operational efficiencies, which have saved OTRS more than $7.6 million in this two-year time frame. In addition, OTRS has noted that it achieved a 9.4% rate of return on its investment from 1992 through 2011, well outpacing its long-term target of 8%. Legislation to Address the Unfunded Liability In 2011, Oklahoma lawmakers passed Senate Bill 377 and House Bill 2132, which immediately reduced the unfunded liability of the Teachers’ Retirement System by $2.9 billion of debt. The significant changes in SB 377 and HB 2132 include: raising the retirement age for new members coming into the system (current members will be unaffected) and preventing the legislature from granting cost of living adjustments (COLAs) to retirees unless funding is provided. The Oklahoma Legislature still has the ability to grant COLAs but only when it provides the funds to pay for them. This change alone reduces the OTRS' unfunded liability to $7.5 billion. Current Actuarial Status Despite a long history of fiscal troubles, the Oklahoma Teachers' Retirement System has seen a steady improvement in its over-all actuarial condition since 2012. This is due in part to strong investment performance as well as fiscal reforms enacted by the state legislature. In 2017, the state's largest newspaper called the Teacher Retirement System "a rare success story in state government financial management." As of June 30, 2018, the Oklahoma Teachers' Retirement System reduced its unfunded actuarial accrual liability (UAAL) to approximately $6.13 billion and increased its overall