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53	53	STATE OF OKLAHOMA
54	54
55	55	2nd Session of the 59th Legislature (2024)
56	56
57	57	SENATE BILL 1443 By: Rader
58	58
59	59
60	60
61	61
62	62
63	63	AS INTRODUCED
64	64
65	65	An Act relating to state fiscal affairs; creating the
66	66	Oklahoma Pension Legacy Fund; providing sources of
67	67	funds; requiring the State Treasurer to appoint
68	68	investment managers; establishing investment
69	69	guidelines; authorizing realization of losses under
70	70	certain circumstance; requiring income and returns to
71	71	accrue to the balance of the fund; prov iding for
72	72	appropriations of funds for certain purp ose;
73	73	providing for transfer amount upon insufficient
74	74	liquidity; requiring manag ers to maintain certain
75	75	proportion of liquidit y in the fund; requiring
76	76	appropriation of monies transferred from the fund to
77	77	certain state retirement syst ems; providing for
78	78	calculation of appropriation; making appropriation to
79	79	the Office of the State Treasurer; requiring deposit
80	80	in certain fund; providing for codification;
81	81	providing an effective date; and declaring an
82	82	emergency.
83	83
84	84
85	85
86	86
87	87	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
88	88	SECTION 1. NEW LAW A new section of law t o be codified
89	89	in the Oklahoma Statutes as Section 34.601 of Title 62, unless there
90	90	is created a duplication in numbering, rea ds as follows:
91	91	A. There is hereby created in the St ate Treasury a fund to be
92	92	known and designated as the “Oklahoma Pension Legacy Fund”. The
93	93	fund shall be a continuing fund, not subject to fiscal year
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145	145	limitations, and shall consist of surplus monies and savings
146	146	appropriated by the Legislature.
147	147	B. The State Treasurer shall appoint qualified investment
148	148	managers to provide for the inv estment of the monies of the fund.
149	149	The investments shall be consistent with the manner in which state
150	150	retirement funds are invested. The risk of large losses shall be
151	151	minimized by diversifying the investments in the fund, unless, under
152	152	the circumstances, it is clearly p rudent not to do so, which shall
153	153	include the length of time of the investment. The investment
154	154	managers may sell investments and realize losses if such action is
155	155	considered advantageous to lon ger-term return maximization.
156	156	C. The fund principal shall consist of monies which are
157	157	deposited to the fund. Notwithstanding any other provisi ons of law,
158	158	income and investment return on fund principal shall accru e to the
159	159	fund.
160	160	D. For each fiscal year, the Treasurer shall make available a
161	161	report on its website detailing the present value of the investments
162	162	and assets in the Oklahoma Pension Legacy Fund and the increase in
163	163	value from the previous fiscal year .
164	164	E. Except as provided for in subsections F and G of this
165	165	section, upon a determination by the Treasurer, through the report
166	166	provided pursuant to subsection D of this section , that the increase
167	167	in the value of the Oklahoma Pension Legacy Fund, from the previous
168	168	fiscal year, exceeds One Hundred Million Dollars ($100,000,000.00)
169	169
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220	220	or any additional whole increment s of One Hundred Million Dollars
221	221	($100,000,000.00), a transfer to the General Revenue fund , solely
222	222	for the purpose of funding pensions in this state, as provided for
223	223	in subsection H of this section, shall be made on January 1 of each
224	224	subsequent calendar year in an amount equal to the high est whole
225	225	one-hundred-million-dollar increment, as determined by the
226	226	Treasurer.
227	227	F. Except as provided for in subsection G of this se ction, upon
228	228	a subsequent determination by the Treasurer, through the report
229	229	provided pursuant to subsection D of this section , that the Oklahoma
230	230	Pension Legacy Fund increased in value by any whole increments of
231	231	One Hundred Million Dollars ($100,000,000.00) greater than the most
232	232	recent January 1 transfer to the General Revenue Fund made pursuant
233	233	to the provisions of this section, each subsequent January 1
234	234	transfer shall be made in an amount equal to the highest whole one-
235	235	hundred-million-dollar increment that the Oklahoma Pension Legacy
236	236	Fund increased in value, as determined by the Treasurer.
237	237	G. Investment managers appointed pursuant to subsection B of
238	238	this section shall maintain a reasonable proportion of liquid assets
239	239	in the Oklahoma Pension Legacy Fund in order to facilitate any
240	240	expected transfers required pursuant to subsections E a nd F of this
241	241	section. If the balance of the Oklahoma Pension Legacy Fund is
242	242	insufficient or the cash available in the fund is insufficient due
243	243	to lack of liquid assets to make the transfers required pursuant to
244	244
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295	295	subsections E and F of this section, the entire balance availabl e
296	296	for transfer shall be transferred to the fund.
297	297	H. The Legislature shall appropriate monies transferred from
298	298	this fund to state retirement systems that have actuarial value
299	299	funded ratios of less than one hundred percent (100%).
300	300	Appropriations to each of those state retirement systems that have
301	301	actuarial value funded ratios of less than one hundred percent
302	302	(100%) shall be in a proportion equal to the ratio that the state
303	303	retirement system’s dollar difference between its actuarial value of
304	304	assets and actuarial accr ued liabilities bears to those combined
305	305	state retirement system s’ dollar difference between its actuarial
306	306	value of assets and actuarial accrued liab ilities.
307	307	SECTION 2. There is hereby appropriated to the Office of the
308	308	State Treasurer for deposit in the Oklahoma Pension Legacy Fund,
309	309	from any monies not otherwise appropriated from the Genera l Revenue
310	310	Fund of the State Treasury for the f iscal year ending June 30, 202 1,
311	311	the sum of One Hundred Forty-five Million Eight Hundred Eighteen
312	312	Thousand Six Hundred One Dollars ( $145,818,601.00).
313	313	SECTION 3. There is hereby appropriated to the Office of the
314	314	State Treasurer for deposit in the Oklahoma Pension Legacy Fund,
315	315	from any monies not otherwise appropriated from the General Revenue
316	316	Fund of the State Treasury for the fiscal year ending June 30, 202 2,
317	317	the sum of Sixty-four Million Two Hundred Fifty Thousand Two Hundred
318	318	Ninety-nine Dollars ($64,250,299.00).
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370	370	SECTION 4. There is hereby appropriated to the Office of the
371	371	State Treasurer for deposit in the Oklahoma Pension Legacy Fund,
372	372	from any monies not otherwise appropriated from the Ge neral Revenue
373	373	Fund of the State Tr easury for the fiscal year ending June 30, 2023,
374	374	the sum of One Billion Eight Hundred Forty-five Million Two Hundred
375	375	Fifty-three Thousand Seven Hundred Thirteen Dollars
376	376	($1,845,253,713.00).
377	377	SECTION 5. This act shall become effective July 1 , 2024.
378	378	SECTION 6. It being immediately necessary for the preservation
379	379	of the public peace, health or safety, an emergency is hereby
380	380	declared to exist, by reason whereof this act shall take effect and
381	381	be in full force from and after its pa ssage and approval.
382	382
383	383	59-2-3025 QD 12/15/2023 5:08:43 PM

Oklahoma 2024 Regular Session

Oklahoma Senate Bill SB1443 Compare Versions