OK SB2119

Creates the Oklahoma Unified Pension Board with 9 members: 1 active/retired educator appointed by Senate President Pro Tempore, 1 active/retired state employee appointed by House Speaker, 3 finance experts appointed by Governor, 2 finance experts appointed by legislative leaders, plus the Director of OMES and State Treasurer serving ex officio

Consolidates oversight of the Oklahoma Public Employees Retirement System and Teachers' Retirement System of Oklahoma under the new unified board, which assumes all duties previously held by their separate boards of trustees

Requires the Board to hold quarterly meetings, publish quarterly performance reports, provide annual reports to the Governor and Legislature, and adopt a unified investment strategy within 6 months of first meeting

Mandates the Board develop a plan within 6 months to streamline administrative expenses, including recommendations for consolidating management, personnel, and operating costs with projected net savings

Repeals existing statutes governing the separate Board of Trustees for the Teachers' Retirement System (70 O.S. Section 17-106) and Oklahoma Public Employees Retirement System (74 O.S. Section 941), effective November 1, 2014