What is OMRF?

 








   

What is our primary business?

OMRF is a retirement program for cities, towns and municipal agencies in Oklahoma. Established in 1966 by the Oklahoma Municipal League, the Oklahoma Municipal Retirement Fund is owned and operated by its members. Currently, OMRF has 203 members (cities, towns, municipal hospitals, agencies, and co-ops). The members elect the OMRF Board of Trustees who manage the fund.

The nine member Board meets monthly to review the activity in the funds and to receive reports from the plan's custodian, attorney and actuary who are retained by the Board to manage the system on a daily basis.

A brief history of OMRF:

OMRF was established in 1966 by the Oklahoma Municipal League (OML). The City of Shawnee and the City of Ada signed the first Trust Agreement which established the OMRF System and Trust. Twenty-six members joined that first year. (Each new member today still joins OMRF by entering into the same Agreement with Shawnee and Ada.) OMRF is authorized under State statutes to pool funds for investment purposes.

Currently, OMRF has assets exceeding $500 million. The System began with a Defined Benefit Plan only, and now also offers a Defined Contribution Plan and offers investment management as a separate service.

OMRF’s Unique Strengths

Overall Purpose and Philosophy:

The purpose of OMRF is to provide Oklahoma Municipal League members a system
by which to establish and maintain qualified retirement programs at
minimal time, cost and effort.

OMRF is owned and operated by its members. Our plans and services have been developed by our members through their representatives - the OMRF Board of Trustees. This nine member board, elected by the members of each district, listens. The Trustees respond to the requests of the employers and employees. This is evident in the continual expansion of services and plan features.

OMRF specializes in government plans by design, and therefore we are very familiar with the needs, objectives and plan requirements (or lack of) which might be unique to the government sector! The OMRF staff and team of consultants provide a professional service which is not duplicated anywhere!

OMRF members share plan costs, enabling many municipalities to provide plans which might not be affordable otherwise. A majority of the plan administrative costs, investment fees and consultant fees are shared pro rata of plan assets. As a result, plan costs are minimal.

OMRF is a non-profit organization. We do not pay any sales commissions or have any type of financial rewards to employees or consultants. There is no hidden agenda or ulterior motive (except maybe for pride) other than providing the best system possible - and remaining the State’s premier municipal retirement program!

The coalition of municipalities provides the best possible avenue of services. All programs are administered and managed locally here in Oklahoma. The direct relationships between the Trustees and the district members provide a communication link which assures employers and employees the ability to be heard and to be a part of the development of new programs and services.


Investment Assets

OMRF manages assets for both the OMRF Defined Benefit Plan and the OMRF Defined Contribution Plan. As of May 31, 2008, the total assets in the OMRF Trust are as follows:

Defined Benefit Plan   $ 299,733,862.78
Defined Contribution Plan   + 198,812,969.58
Defined Contribution Loans   + 7,170,574.71

Total Trust Assets   $ 505,717,407.07

Read George Wilkinson's Message to Our Members regarding the June 30, 2007 Annual Report.


Let OMRF assist your municipal employees prepare for retirement. Call us today!

   

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Contact us toll-free at 1-888-FYI-OMRF, or send us an email.