OK
Oklahoma Senate Bill SB1830

Oklahoma 2024 Regular Session

Oklahoma Senate Bill SB1830

Introduced
2/5/24  

Caption

Oklahoma Public Employees Retirement System; requiring a report to be made to study the investment of retirement compensation through digital financial assets. Effective date.

Impact

The legislation aims to modernize the investment approach for OPERS by considering digital financial assets—termed as a medium of exchange, unit of account, or store of value not classified as legal tender. This could significantly influence how retirement funds are managed, potentially leading to greater diversification and innovative investment opportunities. The report requirement ensures oversight and accountability in assessing these assets' viability for public employee retirement benefits.

Summary

Senate Bill 1830 introduces provisions for the Oklahoma Public Employees Retirement System (OPERS), focusing on the exploration of investing retirement funds in digital financial assets. The bill mandates that within one year following its effective date, a report must be submitted by the investment committee of OPERS and the Office of the State Treasurer. This report will detail the benefits and costs associated with including digital financial assets in retirement compensation strategies.

Contention

While the bill seeks to embrace new financial technologies, it may also raise concerns amongst stakeholders regarding the risks associated with digital financial assets, such as volatility and regulatory uncertainty. Critics might argue that investing in such assets could jeopardize the financial security of public employees by exposing their retirement funds to unpredictable market fluctuations. Stakeholders will likely debate the appropriateness of this investment strategy as it pertains to the fiduciary responsibilities involved in managing public retirement funds.

Companion Bills

No companion bills found.

Previously Filed As

OK HB2171

Public retirement systems; Oklahoma Firefighters Pension and Retirement System; Oklahoma Police Pension and Retirement System; Uniform Retirement System for Justices and Judges; Oklahoma Law Enforcement Retirement System; Teachers' Retirement System of Oklahoma; Oklahoma Public Employees Retirement System; codification; effective date; emergency.

OK HB1277

Public retirement systems; Oklahoma Public Employee Retirement Benefit Adjustment Act; effective date.

OK HB2592

Retirement; Oklahoma Law Enforcement Retirement System; definition; Oklahoma Public Employees Retirement System; definition; members; retirement benefit; death; employee contributions; effective date.

OK HB1068

Retirement; Oklahoma Public Employees Retirement System; definition; eligibility; death benefits; employee contribution; reference; effective date.

OK HB2854

Public retirement systems; Oklahoma Public Employees Retirement System; defined contribution plan; defined benefit plan; accounts; service credit; effective dates.

OK HB2688

Retirement; Oklahoma Pension System Reform Act of 2023; effective date.

OK HB1391

Public retirement systems; Oklahoma Pension Legislation Actuarial Analysis Act; definition; post-retirement employment; effective dates; emergency.

OK SB1004

Public retirement systems; creating the Oklahoma Pension Fiduciary Duty Act. Effective date.

OK HB2687

Retirement; Oklahoma Pension System Reform Act of 2023; effective date.

OK SB282

Oklahoma Public Employees Retirement System; decreasing separation period for a retired member to return to work for former employer. Effective date.

Similar Bills

No similar bills found.