OK HB2363

Authorizes state agencies to obtain reimbursement from the Voluntary Buyout Agency Reimbursement Revolving Fund for eligible voluntary buyout expenditures paid to state employees through June 30, 2011.

Requires agencies to enter into contingent agreements with employees that explicitly state reimbursement is dependent on Office of State Finance confirmation that funds are available, and the agreement becomes unenforceable if funds are unavailable.

Limits reimbursable expenditures to health insurance premiums, longevity pay, and up to $5,000 in additional payments, available only for employees eligible for unreduced retirement benefits.

Requires agencies to reduce full-time-equivalent positions by the number of buyout recipients for at least 36 months and prohibits former employees from being hired by the same state entity or working under contract for three years.

Creates the Voluntary Buyout Agency Reimbursement Revolving Fund and modifies unemployment benefit provisions to account for employee contributions to pension or retirement plans.