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