SB 103 Summary

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

• Maintains allocations of 14% to Oklahoma Police Pension and Retirement System and 5% to Law Enforcement Retirement Fund from insurance premium tax revenues

• Requires minimum annual apportionment of $1,250,000 to pension systems beginning July 1, 2006, adjusted annually based on insurance premium tax revenue losses from Section 625.1

• Prohibits tax credits enacted on or after July 1, 2008, from reducing insurance premium tax revenue apportioned to the three law enforcement and firefighter pension systems

• Mandates monthly disbursements by the Insurance Commissioner with annual reporting to the Governor, legislative leaders, and State Auditor and Inspector on collected and disbursed amounts