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OK HJR1091
Joint Resolution
Status
3/1/2012
Primary Sponsor
Randy McDaniel
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AI Summary
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Proposes constitutional amendment adding Section 13 to Article XXIII regarding public retirement systems in Oklahoma
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Prohibits Legislature from enacting laws violating federal tax-qualified pension plan requirements regarding prohibited diversion of plan assets
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Requires public pension system investments follow prudent investor rule and receive actuarially required contributions annually, unless contribution exceeds 10% of state revenues or Legislature passes 3/5 supermajority measure to reduce it
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Mandates professional actuarial review of proposed laws affecting retirement benefits and establishes duty for Legislature to define funding standards ensuring actuarial soundness of public pension systems
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Submits proposed amendment to Oklahoma voters for approval with specified ballot title and directs Secretary of State to file with Attorney General
Legislative Description
Oklahoma Constitution; public retirement systems; funding; procedures; ballot title; filing.
Retirement
Last Action
Referred to Appropriations
4/2/2012