2016 Oklahoma Statutes
Title 62. Public Finance
§62-46.4. Oklahoma Pension Stabilization Fund.

A. There is hereby created in the State Treasury a revolving fund for the Office of Management and Enterprise Services to be designated the "Oklahoma Pension Stabilization Fund". The fund shall be a continuing fund, not subject to fiscal year limitations and shall consist of amounts allocated as provided in subsection B of this section.

B. Each July 1, or as soon thereafter as feasible, the Office of Management and Enterprise Services shall transfer to the Oklahoma Pension Stabilization Fund any surplus funds that are in excess of the funds required to be deposited in the Constitutional Reserve Fund, which accrue to the General Revenue Fund of the State of Oklahoma for the immediately preceding fiscal year.

C. If one or more of the state pension systems has a funded ratio of less than ninety percent (90%), the Oklahoma Pension Stabilization Fund shall be allocated, by legislative appropriation, to reduce the unfunded liability of any one or any combination of state pension systems. Priority shall be given to the pension system with the lowest funded ratio.

D. Any amounts not appropriated by the Legislature pursuant to subsection C of this section shall revert to the fund from which they came unless otherwise allocated by the Legislature.

Added by Laws 2013, c. 207, § 1.