HJR 1027 Summary

• Proposes a constitutional amendment adding Section 13 to Article XXIII of the Oklahoma Constitution to establish new requirements for state public retirement and pension systems.

• Requires the Legislature to define adequate and predictable funding sources and standards for any new public pension benefit improvements.

• Mandates that the Legislature obtain professional actuarial review for any proposed laws designed to increase public pension benefits and costs.

• Prohibits the Legislature from enacting legislation that would violate federal tax-qualified pension plan provisions or allow prohibited diversion of plan assets.

• Requires that public retirement system investments be made with the care, skill, and diligence that a prudent person would exercise (prudent investor rule).