Oklahoma § 62-3111 - Retirement bills having a fiscal impact - Effective dates

§ 62-3111. Retirement bills having a fiscal impact - Effective dates

- Appropriations - Other funding.

A. Any retirement bill having a fiscal impact which is enacted

by the Legislature and which is approved by the Governor or which

otherwise becomes law shall become effective on the first day of

July immediately following the regular session during which it was

enacted, but only if the enacted bill is concurrently funded as

provided by this section and only if the bill is approved as an

emergency measure by a vote of two-thirds (2/3) of all members

elected to each House. If an enacted bill does not receive a twothirds (2/3) vote of all members, the law shall become effective on

the first day of September immediately following the regular session

during which it was enacted. If an enacted bill, including one

approved by the Governor, is not concurrently funded as required by

this section, then such bill shall not become effective as law.

B. When a retirement bill having a fiscal impact amends a

retirement system having employer contributions funded from

appropriations by the Legislature, then appropriations for the first

fiscal year of effectiveness of the bill, after it becomes law, must

include funds to pay the amount determined by the actuarial

investigation under paragraph 5 of subsection A of Section 3109 of

this title. It is the intent of the Legislature that future

appropriations for subsequent fiscal years must include an amount

necessary to maintain the actuarial soundness of the retirement

system in accordance with the findings of the actuarial

investigation. Any limitation on the rate of employer contributions

that may be included in a law which is the source of authority for a

retirement system affected by this subsection shall be amended to

the extent necessary to comply with the requirements of this

subsection.

C. When a retirement bill having a fiscal impact amends a

retirement system having employer contributions funded wholly or

partially from the funds of a political subdivision, that political

subdivision shall have a duty to produce funds as necessary to pay

all or its proportionate share of the amount determined by actuarial

investigation under paragraph 5 of subsection A of Section 3109 of

this title.

D. When a retirement bill having a fiscal impact creates a new

retirement system, then employer contributions in conformity with

paragraph 5 of subsection A of Section 3109 of this title must be

made to the retirement system either by direct appropriations by the

Legislature or by another source of employer contributions

specifically provided for in the bill creating the new retirement

system.

Added by Laws 2006, c. 292, § 11, eff. July 1, 2006. Amended by

Laws 2007, c. 186, § 3, eff. Nov. 1, 2007; Laws 2011, c. 199, § 2.

Oklahoma Statutes - Title 62. Public Finance