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STATE OF OKLAHOMA
1st Session of the 60th Legislature (2025)
SENATE BILL 307 By: Rader
AS INTRODUCED
An Act relating to state fiscal affairs; creating the
Oklahoma Teachers Legacy Fund; providing sources of
funds; requiring the State Treas urer to appoint
investment managers; establishing investment
guidelines; authorizing realization of losses under
certain circumstance; requiring income and returns to
accrue to the balance of the fund; providing for
appropriations of funds for certain purp ose;
providing for transfer amount upon insufficient
liquidity; requiring mana gers to maintain certain
proportion of liquidity in the fund; making
appropriation to the Office of the State Treasurer;
requiring deposit in certain fund; providing for
codification; providing an effective date; and
declaring an emergency .
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 34.601 of T itle 62, unless there
is created a duplication in numbering, reads as follows:
A. There is hereby created in the State Treasury a fund to be
known and designated as the “Oklahoma Teachers Legacy Fund ”. The
fund shall be a continuing fund, not subject to fiscal year
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limitations, and shall consist of surplus monies and savings
appropriated by the Legislature.
B. The State Treasurer shall appoint qualified investment
managers to provide for the investment of the monies of the fund.
The investments shall be consistent with the manner in which state
retirement funds are invested. The risk of large losses shall be
minimized by diversifying the investments in the fund, unless, under
the circumstances, it is clearly prudent not to do so, which shall
include the length of time of the investment. The investment
managers may sell investments and realize losses if such action is
considered advantageous to longer -term return maximization.
C. The fund principal shall consist of monies which are
deposited to the fund . Notwithstanding any other provisions of law,
income and investment return o n fund principal shall accrue to the
fund.
D. For each fiscal year, the State Treasurer shall make
available a report on its website detailing the present value of the
investments and assets in the Oklahoma Teachers Legacy Fund and the
increase in value from the previous fiscal year.
E. Except as provided for in subsections F and G of this
section, upon a determination by the State Treasurer, through the
report provided pursuant to subsection D of this section, that the
increase in the value of the Oklaho ma Teachers Legacy Fund from the
previous fiscal year exceeds One Hundred Million Dollars
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($100,000,000.00) or any additional whole increments of One Hundred
Million Dollars ($10 0,000,000.00), a transfer to the General Revenue
Fund, solely for the purpose of increasing the wages of school
teachers in this state, shall be made on January 1 of each
subsequent calendar year in an amount equal to the highest whole
one-hundred-million-dollar increment, as determined by the State
Treasurer.
F. Except as provided for in subsection G of this section, upon
a subsequent determination by the State Treasurer, through the
report provided pursuant to subsection D of this section, that the
Oklahoma Teachers Legacy Fund increased in value by any whole
increments of One Hundred Million Dollars ($100,000,000.00) greater
than the most recent January 1 transfer to the General Revenue Fund
made pursuant to the provisions of this section, each subsequen t
January 1 transfer shall be made in an amount equal to the highest
whole one-hundred-million-dollar increment that the Oklahoma
Teachers Legacy Fund increased in value, as determined by the State
Treasurer.
G. Investment managers appointed pursuant to s ubsection B of
this section shall maintain a reasonable proportion of liquid assets
in the Oklahoma Teachers Legacy Fund in order to facilitate any
expected transfers required pursuant to subsections E and F of this
section. In the event the balance of th e Oklahoma Teachers Legacy
Fund is insufficient or the cash available in the f und is
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insufficient due to lack of liquid assets to make the transfers
required pursuant to subsections E and F of this section, the entire
balance available for transfer shall b e transferred to the fund.
SECTION 2. There is hereby appropriated to the Office of the
State Treasurer for deposit in the Oklahoma Teachers Legacy Fund,
from any monies not otherwise appropriated from the General Revenue
Fund of the State Treasury for the fiscal year ending June 30, 2023,
the sum of Five Hundred Sixty-three Million Six Hundred Ninety -six
Thousand Six Hundred Twenty -six Dollars ($563,696,626.00) .
SECTION 3. There is hereby appropriated to the Office of the
State Treasurer for deposit in the Oklahoma Teachers Legacy Fund,
from any monies not otherwise appropriated from the General Revenue
Fund of the State Treasury for the fiscal year ending June 30, 2024,
the sum of Seven Hundred Fifty-nine Million Three Hun dred Ninety-two
Thousand Nine Hundred Sixty -four Dollars ($759,392,964.00) .
SECTION 4. This act shall become effective July 1, 2025.
SECTION 5. It being immediately necessary for the preservation
of the public peace, healt h or safety, an emergency is hereby
declared to exist, by reason whereof this act shall take effect and
be in full force from and after its passage and approval.
60-1-75 QD 12/30/2024 11:53:11 PM