The bill establishes the "Oklahoma National Guard Supplemental Retirement Pay Revolving Fund" within the State Treasury, aimed at providing supplemental retirement pay to eligible members of the Oklahoma National Guard. The fund will be a continuous revolving fund, appropriated for the Oklahoma Military Department to implement the provisions of the act. Payments from this fund will not commence until November 1, 2027, and will be available only to members who have accrued sufficient service credit for retirement but have not yet reached the required age for full benefits. Eligibility is limited to those who have completed 25 years of military service and excludes individuals retiring with an active duty military pension.

The bill outlines the method for determining the payment amount, which includes calculating the retirement amount the member would receive upon reaching the eligible age and adjusting for any cost-of-living increases. Payments will be made in twelve monthly installments and are only payable during the member's lifetime, with specific provisions for distribution upon death. If the available funds are insufficient to cover all eligible members, payments will be prorated. The act is set to take effect on November 1, 2025.