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Bill > HB1617

OK HB1617

OK HB1617
Public finance; Oklahoma Public Finance Protection Act; terms; standard of care; non-pecuniary; factors; authority; shares; Attorney General; codification; effective date; emergency.

summary

Introduced
02/06/2023
In Committee
04/08/2024
Crossed Over
03/18/2024
Passed
Dead
05/31/2024

Introduced Session

2023 Regular Session

Bill Summary

An Act relating to public finance; enacting the Oklahoma Public Finance Protection Act; defining terms; providing fiduciary's standard of care; prohibiting consideration of non-pecuniary factors; providing who has authority to vote on certain shares; providing for delegation of authority; providing that proxy votes be reported annually; authorizing Attorney General to enforce act and examine certain persons and records; providing immunity for the State of Oklahoma and certain individuals; providing for indemnification; providing for severability; providing for codification; providing an effective date; and declaring an emergency.

AI Summary

This bill enacts the Oklahoma Public Finance Protection Act, which defines key terms such as "fiduciary" and "non-pecuniary factors." It requires fiduciaries to discharge their duties solely in the pecuniary interest of plan participants, prohibiting the consideration of non-pecuniary factors. The bill also outlines requirements for proxy voting, including that all proxy votes be tabulated and reported annually. The Attorney General is authorized to enforce the act and examine relevant records. The bill provides immunity and indemnification for the State of Oklahoma, pension benefit plans, and their officers, board members, and employees. The act will become effective on July 1, 2024, and an emergency clause is included.

Committee Categories

Budget and Finance, Business and Industry, Government Affairs

Sponsors (6)

Last Action

Coauthored by Senator Rader (on 04/08/2024)
(1 Companion Bills)

bill text

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bill summary

Document Type Source Location
State Bill Page http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1617&Session=2400
State Bill Page http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1617&Session=2300
BillText http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20FLR/SFLR/HB1617%20SFLR.PDF
Committee Amendment 1 http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20COMMITTEE%20AMENDMENTS/Senate/HB1617%20CA1.PDF
BillText http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20ENGR/hB/HB1617%20ENGR.PDF
Fiscal Note/Analysis - House: HB1617 FA1 AO OPLAA http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20SUPPORT%20DOCUMENTS/impact%20statements/oplaa%20actuarial/house/HB1617%20FA1%20AO.PDF
Fiscal Note/Analysis - House: Floor Amendment 1 http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20SUPPORT%20DOCUMENTS/BILLSUM/House/HB1617%20FA1%20BILLSUM.PDF
1 Floor Amendment by LEPAK http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20FLOOR%20AMENDMENTS/House/HB1617%20FA1%20LEPAKMA-CMA.PDF
BillText http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20FLR/HFLR/HB1617%20HFLR.PDF
Fiscal Note/Analysis - House: HB1617 PCS AO OPLAA http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20SUPPORT%20DOCUMENTS/impact%20statements/oplaa%20actuarial/house/HB1617%20PCS%20AO.PDF
Fiscal Note/Analysis - House: HB1617 FULLPCS1 AO OPLAA http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20SUPPORT%20DOCUMENTS/impact%20statements/oplaa%20actuarial/house/HB1617%20FULLPCS1%20AO.PDF
Fiscal Note/Analysis - House: Proposed Committee Substitute (full committee) 1 http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20SUPPORT%20DOCUMENTS/BILLSUM/House/HB1617%20FULLPCS1%20BILLSUM.PDF
HB1617 FULLPCS1 MARK LEPAK-CMA http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20COMMITTEE%20AMENDMENTS/House/HB1617%20FULLPCS1%20MARK%20LEPAK-CMA.PDF
BillText http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20INT/hB/HB1617%20INT.PDF
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