Oklahoma 2022 Regular Session

Oklahoma Senate Bill SB914 Compare Versions

Only one version of the bill is available at this time.

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53	53	STATE OF OKLAHOMA
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55	55	1st Session of the 58th Legislature (2021)
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57	57	SENATE BILL 914 By: Paxton
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63	63	AS INTRODUCED
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65	65	An Act relating to public finance; creating the
66	66	“Pension Cost-of-Living Adjustment Sav ings Account
67	67	Revolving Fund”; establishing terms of revolving
68	68	fund; providing for use of funds; providing for
69	69	codification; and providing an effective date .
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75	75	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAH OMA:
76	76	SECTION 1. NEW LAW A new section of law to be codified
77	77	in the Oklahoma Statutes as Section 3115 of Title 62, unless there
78	78	is created a duplicatio n in numbering, reads as follows:
79	79	There is hereby created in the State Treasury a revolving fund
80	80	to be designated the “Pension Cost-of-Living Adjustment Savings
81	81	Account Revolving Fund”. The fund shall be a continuing fund, not
82	82	subject to fiscal year limitations . It shall consist of all monies
83	83	appropriated by the Legislature to the Pension Cost-of-Living
84	84	Adjustment Savings Account Revolving Fund and shall be budgeted and
85	85	expended by the Legislature for the sole purpose of funding cost-of-
86	86	living adjustments for the following retirement systems:
87	87	1. The Teachers’ Retirement System of Oklah oma;
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139	139	2. The Oklahoma Public Employees Retirement System;
140	140	3. The Uniform Retirement System for Justice and Judges;
141	141	4. The Oklahoma Firefighters Pension and Retirement System;
142	142	5. The Oklahoma Police Pension and Retirement System;
143	143	6. The Oklahoma Law Enforcement Reti rement System; or
144	144	7. Any new retirement system established by law not in
145	145	existence as of the effective date of this act .
146	146	Expenditures from the fund shall be made upon warrants issued by
147	147	the State Treasurer against claims filed as prescribed by law with
148	148	the Director of the Office of Management and Enterprise Services for
149	149	approval and payment.
150	150	SECTION 2. This act shall become effective November 1, 2021.
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152	152	58-1-1027 CB 1/21/2021 4:45:40 PM