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STATE OF OKLAHOMA
2nd Session of the 58th Legislature (2022)
COMMITTEE SUBSTITUTE
FOR
HOUSE BILL NO. 4452 By: Wallace and Martinez of the
House
and
Thompson and Hall of the
Senate
COMMITTEE SUBSTITUTE
An Act relating to public finance; amending 62 O.S.
2021, Section 34.93, which relates to the Tea chers'
Retirement System Dedicated Revenue Revolving Fund;
limiting transfers to amounts authorized by
Legislature; providing an effective date; and
declaring an emergency.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 62 O.S. 2021, Section 34.93, is
amended to read as follows:
Section 34.93 A. The Office of Management and Enterprise
Services shall separately account for revenues which are deposited
to the credit of the Teachers' Retirement System Dedicated Revenue
Revolving Fund of the State Treasury pursua nt to the provisions of
Sections 1353, 1403 and 2352 of Title 68 of the Oklahoma Statutes on
a fiscal year basis and shall provide an accounting to the Gover nor,
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President Pro Tempore of the Senate, and the Speaker of the House of
Representatives within th irty (30) days after the end of the fiscal
year.
B. Funds separately accounted for herein shall be used only to
fund the currently unfunded liability of the Teachers' Retirement
System and for no other purpose. Any appropriation or expenditure
of any of such funds for any other purpose shall be null and void
and of no effect. Each month the State Department of Education
shall transfer the monies apportioned to the Teachers' Retirement
System Dedicated Revenue Revolving Fund to the Teachers ' Retirement
System of Oklahoma to be used by the System for the purposes
prescribed by this section , provided that in no fiscal year shall
the total amount of such transfers exceed the amount authorize d by
the Legislature for transfer in such fiscal year.
C. There is hereby created in the State Treasury a revolving
fund for the benefit of the Oklahoma Teachers ' Retirement System to
be designated the "Teachers' Retirement System Dedicated Revenue
Revolving Fund" which fund shall be administered by the State
Department of Education. The fund shall consist of any monies as
apportioned to the fund by Sections 1353, 1 403 and 2352 of Title 68
of the Oklahoma Statutes. The fund herein created may be expended
for the purpose set forth in subsection B of this section and in the
same manner as appropriated funds.
SECTION 2. This act shall become effective July 1, 2022.
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SECTION 3. It being immediately necessary for the preservation
of the public peace, health or safety, an emergency is hereby
declared to exist, by reason whereof thi s act shall take effect and
be in full force from and after its passage and approval.
58-2-10925 JM 03/02/22