OK SB103

Increases the Oklahoma Firefighters Pension and Retirement Fund allocation from 36% to 38% of insurance premium taxes collected under Section 624, effective January 1, 2016.

Maintains allocation of 14% to the Oklahoma Police Pension and Retirement System and 5% to the Law Enforcement Retirement Fund, with remainder going to the General Revenue Fund.

Requires minimum annual apportionment of $1,250,000 to pension systems beginning July 1, 2006, adjusted annually based on insurance premium tax revenue loss calculations.

Prohibits tax credits authorized after July 1, 2008, from reducing insurance premium tax revenue apportioned to the three pension systems.

Mandates monthly disbursements by the Insurance Commissioner with annual reporting to the Governor, legislative leaders, and State Auditor and Inspector.