HB 1110 Summary

• Amends 20 O.S. Section 1108 regarding the Uniform Retirement System for Justices and Judges managed by the Oklahoma Public Employees Retirement System Board of Trustees.

• Requires quarterly financial reports of the State Judicial Retirement Fund compiled on a fiscal year basis using uniform reporting standards, including investment value measures, rate of returns by investment manager category, and all investment service commissions and fees.

• Allows the Board to provide the Oklahoma State Pension Commission direct access to custodian bank data instead of compiling and distributing quarterly reports.

• Requires annual reports distributed to state leadership and the Oklahoma State Pension Commission containing financial condition, actuarial valuation results, and standardized financial information using specific assumptions (7.5% return rate, 2% cost-of-living adjustment, 30-year amortization period).

• Becomes effective September 1, 2009.