Bill > SB307

This bill creates the Oklahoma Teachers Legacy Fund, a new state treasury fund designed to potentially increase teacher wages. The fund will be established with significant initial appropriations of $563,696,626 in fiscal year 2023 and $759,392,964 in fiscal year 2024, and will be managed by investment professionals appointed by the State Treasurer. These investment managers will be required to diversify investments similar to state retirement funds and minimize potential losses, while maintaining a reasonable proportion of liquid assets. When the fund's value increases by increments of $100 million, transfers will be automatically made to the General Revenue Fund specifically to increase school teachers' wages. The State Treasurer must publish an annual report detailing the fund's present value and year-over-year increase, and if insufficient liquid assets are available for a required transfer, the entire available balance will be transferred. The bill has an effective date of July 1, 2025, and includes an emergency clause, indicating its immediate importance for public welfare. The fund is not subject to fiscal year limitations and aims to provide a sustainable mechanism for potential future teacher salary increases.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb307&Session=2500