SB 1111 Summary

• Establishes the "Pension Improvement Act" and creates the Oklahoma Pension Improvement Revolving Fund in the State Treasury.

• Fund operates as a continuing fund not subject to fiscal year limitations and receives monies designated by law for benefit of retired members and beneficiaries of Oklahoma state retirement systems.

• Expenditures from the fund require legislative appropriation and may only be used for legislatively authorized cost-of-living adjustments for retirees or to reduce unfunded liabilities of state retirement systems.

• Effective date is July 1, 2013, with emergency clause allowing immediate effect upon passage and approval.