House Bill No. 1170, known as the "Oklahoma Public Finance Protection Act," aims to establish a framework for fiduciaries managing pension benefit plans in Oklahoma. The bill defines key terms such as "fiduciary," "material," "nonpecuniary," and "pecuniary factor," emphasizing that fiduciaries must act solely based on pecuniary factors and applicable state law requirements. It prohibits the consideration of nonpecuniary factors, such as environmental or social goals, in investment decisions. The bill also mandates that all proxy votes related to pension plans be cast in the pecuniary interest of plan participants and requires annual reporting of these votes to the Board of Trustees.

Additionally, the bill grants the State Treasurer and the Attorney General authority to enforce the act, including the ability to investigate potential violations. It provides immunity for the State of Oklahoma and individuals involved in pension benefit plans from civil liability related to the act, along with provisions for indemnification. The act is set to take effect on July 1, 2025, and includes a severability clause to ensure that if any provision is deemed invalid, the remaining provisions will still be enforceable. An emergency declaration is included to expedite the bill's implementation upon passage and approval.