SB 847 Summary

• Creates the Oklahoma Pension Stabilization Fund as a revolving fund administered by the Office of Management and Enterprise Services in the State Treasury.

• Directs the Office of Management and Enterprise Services to transfer any surplus General Revenue Fund amounts (exceeding Constitutional Reserve Fund requirements) to the Pension Stabilization Fund each July 1.

• Allocates Pension Stabilization Fund amounts by legislative appropriation to reduce unfunded liability in state pension systems with funded ratios below 90%, prioritizing the system with the lowest funded ratio.

• Requires unappropriated amounts to revert to their original fund source unless otherwise allocated by the Legislature.

• Codified as Section 46.4 of Title 62 of the Oklahoma Statutes.