OK SB847

Creates the Oklahoma Pension Stabilization Fund as a revolving fund in the State Treasury under the Office of Management and Enterprise Services, not subject to fiscal year limitations.

Transfers surplus General Revenue Fund amounts exceeding Constitutional Reserve Fund requirements to the Pension Stabilization Fund each July 1, beginning with the preceding fiscal year's surplus.

Allocates Pension Stabilization Fund amounts by legislative appropriation to reduce unfunded liability of state pension systems when any system has a funded ratio below 90 percent, prioritizing the system with the lowest ratio.

Any unappropriated amounts revert to their original fund source unless the Legislature directs alternative allocation.

Codifies the fund in Title 62, Section 46.4 of the Oklahoma Statutes, effective upon passage (April 30, 2013).