Omaha school retirement system is improving. Other plans are still hurting

Officials say the Omaha school retirement system is becoming more financially sound. But the state is keeping an eye on that and other pension systems.

The state took over investment decisions from the Omaha School Employees Retirement System about five years ago, after a series of bad decisions left the plan significantly underfunded. At a hearing Tuesday, Sen. Mark Kolterman, head of the Retirement Systems Committee, said things are looking more positive, and credited Omaha Superintendent Cheryl Logan.

“It’s underfunded, obviously. It’s at about 63% funding. But I would say the last five years since Dr. Logan has been here, it’s been nothing but a positive relationship,” Kolterman said.

Logan said the district is working hard to ensure it can pay the pensions that it has promised.

“It’s a priority for us to get it where it needs to be. And we are moving in the right direction,” Logan said.

Kolterman said other Omaha city pension funds are in worse shape, with the civilian employees funded at less than 54% of liabilities, and police and fire under 58%.