Exclusive: Oklahoma Police Pension Employees Return to Office

Staff members will follow sanitation and social distancing protocols required by the state, the executive director said.

Staff members at the Oklahoma Police Pension & Retirement System (OPPRS) are returning to their office Monday as parts of the state begin to resume operations, according to the executive director. 

“The legislature went back into session [last week], and so long as they feel that they can go back to work, then I feel as a state agency we should follow,” said Ginger Sigler, executive director at OPPRS.

Returning to the office is not mandatory, Sigler said, and the pension plan will work with any employees who wish to continue working from home. 

In the office, the retirement system will follow sanitation and social distancing protocols required by the state by wiping down common areas, such as the break rooms. 

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Each of the 11 members of Sigler’s investment and administrative team also have their own office rooms on the third floor in the building the pension plan occupies.

“We’re going to try to be safe,” Sigler said. The executive director said she strictly adheres to the social distancing protocols, including wearing a mask in public.   

Many states, including Oklahoma, are lifting shelter-in-place orders and slowly resuming operations.

On Friday, Oklahoma Gov. Kevin Stitt moved into Phase Two of the state’s reopening plan. Nonessential travel and organized sports activities can start again, as can funerals and weddings, with some restrictions. Bars can also reopen with limited occupancy. 

Last month, some groups protested the stay-at-home orders from the governor, which they said were financially crippling the state. Oklahoma has among the lowest number of coronavirus cases per capita in the United States.

Some of the largest employers in the nation, however, are pushing back return-to-office policies to later in the year, including Facebook and Google. Last week, Twitter CEO Jack Dorsey said employees can work from home indefinitely. 

But OPPRS’s Sigler said that though the team has proven it can continue business as usual out of the office, she has missed the social interaction with her staff. 

“I like that interaction face-to-face, and going across the office to talk to the person and say everything you want to say to a person, instead of hanging up a call and saying, ‘Oh I should have asked this,’” Sigler said. 

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Forget about Inflation, Deflation Is the Real Threat, BofA Says

The massive Washington stimulus raises fears of spiraling prices. But those anxieties are off-base, bank economist Harris contends.

The gargantuan rescue efforts from the federal government and the Federal Reserve have invited the usual fears that, at some point, inflation will result. But a key Bank of America economist begs to differ.

Nonetheless, possible inflation is the subtext of current skepticism on Capitol Hill about any more federal spending to counter the economic destruction COVID-19 has wrought. And in a LinkedIn video last month, billionaire Ray Dalio said inflation eventually will kick in (although he backs the big government spending as necessary). Higher interest rates and a lot of debt could well bring back inflation, said the founder of Bridgewater Associations, the world’s largest hedge fund operation.

To BofA, however, such fears are groundless because inflation and its brother, low rates, are here to stay for some time. “We continue to be struck by the almost reflexive argument that easy macro policy will inevitably be inflationary,” wrote Ethan Harris, head of global economics research. He noted that the same inflation forecasts cropped up amid the 2008 financial crisis, when policymakers delivered a torrent of Washington aid—and yet no such thing occurred.

In fact, he went on, the “COVID crisis and the policy response to it are disinflationary, and in the next couple of years outright deflation is a bigger risk than serious inflation.”

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Recent data supports the plummeting of inflationary forces, he argued. The core Consumer Price Index (that’s the one without volatile food and energy costs) slid 0.45% in April, “the weakest number since the data started in 1957.” This is on top of a 0.10% decline in March.

Meanwhile, headline CPI, the one that includes everything, was down 0.8% last month and 0.4% in March. Over the past two months, producer prices have descended even faster, off 1.1% for core and 1.5% for headline.

Harris noted that surveys show the public’s inflation expectations are on the rise. Items associated with the economy’s shutdown, of course, namely grocery and cleaning products, have risen in price. But, as Harris described the dynamic, “plunging energy prices offset increasing prices for food at home.”

What’s more, he indicated, “Less visible are the numerous falling prices. For example, some people have been unable to pay their rent, pushing down the average paid price of housing services.”

Deflation has been a bugaboo of the Federal Reserve ever since the financial crisis. The last era of steadily dropping price, during the 1930s, was economically ruinous. People’s incomes (if they had any) were falling, but their debts stayed at the same level, providing pain that prolonged the Great Depression.

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