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OK SB1111
Bill
Status
5/6/2013
Primary Sponsor
Patrick Anderson
Click for details
AI Summary
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Creates the Oklahoma Pension Improvement Revolving Fund as a continuing fund in the State Treasury, designated for the retirement systems of Oklahoma.
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Fund shall consist of monies received and placed in it for the benefit of retired members and beneficiaries of state retirement systems from sources designated by law.
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Expenditures from the fund require legislative appropriation and are limited to: paying for legislatively authorized cost-of-living adjustments for retirees or beneficiaries, or reducing unfunded liabilities of state retirement systems.
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Establishes this act as the "Pension Improvement Act," codified in Title 62, Section 254 of the Oklahoma Statutes.
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Effective date is July 1, 2013, with emergency provisions allowing the act to take effect immediately upon passage and approval.
Legislative Description
Public finance; enacting the Pension Improvement Act; creating the Oklahoma Pension Improvement Revolving Fund. Effective date. Emergency.
Public Finance
Last Action
Vetoed 05/06/2013
5/6/2013