Bill Summary: HB1005

• Creates the Task Force on Pension Benefit Funding and Security consisting of 7 members (4 House representatives selected by Speaker, 3 Senate members selected by President Pro Tempore)

• Task Force authorized to study cost-of-living adjustment funding methods and strategies to improve funded status of 6 Oklahoma public retirement systems (firefighters, police, law enforcement, teachers, public employees, and justices/judges)

• Task Force required to hold organizational meeting by September 30, 2011, with majority quorum rule and must select chair and vice-chair from membership

• Staff assistance provided by House and Senate staff; Task Force subject to Open Meeting Act and Open Records Act requirements

• Final report due December 31, 2011 to Governor and legislative leaders; Task Force terminates January 1, 2012; effective date July 1, 2011 with emergency declaration