Oklahoma House Speaker Charles McCall is making changes to his appointees on a state pension system board.
This decision is a response to a board vote in August that used an exemption from a new state law prohibiting business with financial firms considered hostile to the oil and gas industry.
The OPERS board voted 9-1 in August to exercise a financial responsibility exemption to avoid divesting $6 billion in pension assets managed by BlackRock Inc., a company on the restricted companies list.
The potential cost of divestment from BlackRock was estimated at $10 million.
Do, who works for the House, referred questions about her replacement to the speaker's office, while Ritz, who was recommended for her position by the Oklahoma Public Employees Association in 2019, had not been contacted about her reappointment.
Ritz explained that her vote to take the exemption was based on fiduciary responsibility and a desire to protect the retirement system, as divestment would impact state employees.
– McCall's office has not specified when new appointees will be named to the OPERS board. – The next OPERS board meeting is scheduled for October 19.