OK HB1585

Amends 60 O.S. 2011, Section 668 regarding the Unclaimed Property Fund to require a transfer of 75% of the fund balance to the Teachers' Retirement System of Oklahoma effective July 1, 2015.

Transfer funds are designated specifically for decreasing the unfunded actuarial accrued liability of the Teachers' Retirement System.

Maintains existing provisions allowing the State Treasurer to deduct costs for property sales, mailing and publication, administrative service charges up to 4%, and amounts for the Unclaimed Property Clearinghouse Fund before making deposits.

Act becomes effective July 1, 2015, with an emergency clause declaring it necessary for public peace, health, and safety to take effect immediately upon passage and approval.