OK HB1538

Creates the Oklahoma Pension Improvement Revolving Fund in the State Treasury for state retirement systems.

Fund receives monies designated by law and operates as a continuing fund not subject to fiscal year limitations.

Expenditures require legislative appropriation and may only be used for legislatively authorized cost-of-living adjustments for retirees and beneficiaries or to reduce unfunded liabilities of state retirement systems.

Becomes effective July 1, 2015, with an emergency clause allowing it to take effect immediately upon passage and approval.