HB 2581 Summary

• Creates the Oklahoma Pension Improvement Revolving Fund, a continuing revolving fund in the State Treasury for retirement system improvements and unfunded liability reduction.

• Authorizes expenditures from the fund only by legislative appropriation for cost-of-living adjustments to retirees/beneficiaries or to reduce unfunded liabilities of state retirement systems.

• Amends 68 O.S. Section 1403 to apportion a portion of use tax revenues to the Oklahoma Pension Improvement Revolving Fund while maintaining existing apportionments to other funds.

• Establishes effective date of July 1, 2014, and declares an emergency for immediate implementation.