HJR 1027 Summary

• Proposes a constitutional amendment adding Section 13 to Article XXIII of the Oklahoma Constitution regarding public retirement and pension systems

• Requires the Legislature to establish adequate and predictable funding sources and standards for new benefit improvements in state retirement systems

• Mandates professional actuarial review of proposed laws designed to increase public pension benefits and costs

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

• Requires public retirement system investments be made with the care, skill, and diligence that a prudent person would exercise; directs Secretary of State to refer the amendment to voters for approval or rejection