OK SB1119

Updates language in Oklahoma Teachers' Retirement System and Public Employees Retirement System statutes by replacing outdated references to "the act" with specific statutory citations (Section 17-101 et seq. and Section 17-101 et seq. respectively).

Requires that designees appointed by the State Superintendent of Public Instruction, Director of Office of Management and Enterprise Services, and Director of Oklahoma Department of Career and Technology Education to retirement board positions must be full-time employees of their respective agencies.

Requires designees for the State Insurance Commissioner position on the Public Employees Retirement System Board to be full-time employees of the Oklahoma Department of Insurance.

Changes terminology from "Chairman" and "Vice Chairman" to "Chair" and "Vice Chair" for board leadership positions in the Public Employees Retirement System.

Becomes effective July 1, 2013, with emergency clause allowing immediate implementation upon passage and approval.