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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.
OMRFs
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 States 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.
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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 |
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$ 299,733,862.78 |
| Defined Contribution Plan |
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+ 198,812,969.58 |
| Defined Contribution Loans |
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+ 7,170,574.71 |
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| Total Trust Assets |
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$ 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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