OK
Oklahoma Senate Bill SB1062

Oklahoma 2024 Regular Session

Oklahoma Senate Bill SB1062

Introduced
2/6/23  

Caption

Public finance; directing State Treasurer to create an investment pool; authorizing certain funds to invest in pool; authorizing purchase of and investment in debts of retirement systems. Effective date.

Impact

The bill specifically affects the statutes governing the investments of public funds, particularly the management by the State Treasurer. By directing the creation of an investment pool for public retirement systems, it seeks to enhance the returns on state-managed funds by allowing them to invest in debt instruments with specified maturity limits and interest rates. This framework is designed to optimize investment strategies while providing a level of risk management, which could influence the financial stability of these retirement systems and, consequently, their beneficiaries.

Summary

Senate Bill 1062, introduced by Senator Montgomery, modifies state investment practices related to public funds. It mandates the State Treasurer to establish an investment pool for eligible funds, including those managed by public retirement systems such as the Teachers’ Retirement System and Oklahoma Public Employees Retirement System. This bill is significant for its focus on restructuring how these funds can be managed and invested, emphasizing a better yield through safe investment strategies.

Contention

There may be points of contention regarding the bill’s impact on previously established investment policies and the powers of the State Treasurer. Critics may argue that centralizing decisions under the Treasurer could limit the flexibility of local retirement systems in managing their investments. Furthermore, the set frameworks for interest rates and maturity may provoke debates about their adequacy in ensuring sufficient returns in varying market conditions. Stakeholders might also express concern over the effectiveness of this new investment approach in safeguarding the interests of public employees relying on these retirement plans.

Latest SB1062 Activity

Companion Bills

OK SB1062

Carry Over Public finance; directing State Treasurer to create an investment pool; authorizing certain funds to invest in pool; authorizing purchase of and investment in debts of retirement systems. Effective date.

Previously Filed As

OK SB1062

Public finance; directing State Treasurer to create an investment pool; authorizing certain funds to invest in pool; authorizing purchase of and investment in debts of retirement systems. Effective date.

OK SB574

Investments of public funds; authorizing purchase of debt from state pension funds. Effective date.

OK HB2538

Public finance; authorized investments; local governments; written investment policies; effective date.

OK SB997

Investments; prohibiting investments of public funds in communist governments and organizations. Effective date.

OK HB2254

Public finance; Board of Investors; Tobacco Settlement Endowment Trust Fund; investments; effective date.

OK SB760

Oklahoma Capital Investment Board; dissolving Board; transferring management of certain investments and agreements. Effective date.

OK SB1101

Public finance; creating the Oklahoma Legacy Investment Board; designating board membership; creating the Oklahoma Legacy Fund; providing sources of funding; providing for appointment of investment managers; providing procedures. Effective date. Emergency.

OK SB66

State government; creating the Oklahoma Rural Investment for Sow Farms Act of 2023. Effective date.

OK SB305

Income tax credit; limiting certain credit for investment in depreciable property to certain years. Effective date.

OK SB315

Income tax credit; limiting certain credit for investment in depreciable property to certain years. Effective date.

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