Bill > SB302

This bill creates the Oklahoma Law Enforcement Legacy Fund, a new fund in the State Treasury designed to support law enforcement wages. The fund will be established with substantial initial deposits of $563,696,626 in fiscal year 2023 and $759,392,964 in fiscal year 2024, comprised of surplus state monies. The State Treasurer will appoint investment managers to invest the fund's money using strategies similar to state retirement fund investments, with an emphasis on diversification to minimize large investment losses. When the fund's value increases by increments of $100 million, the Treasurer will transfer an equivalent amount to the General Revenue Fund specifically for increasing law enforcement wages. Investment managers must maintain a reasonable proportion of liquid assets to facilitate these transfers, and if the fund lacks sufficient liquidity, the entire available balance will be transferred. The fund will be a continuing fund not subject to fiscal year limitations, and all investment income will accrue back to the fund. The Treasurer is required to publish an annual report detailing the fund's investment value and year-over-year increase. The bill becomes effective on July 1, 2025, with an emergency clause indicating immediate implementation upon passage.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb302&Session=2500