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 use by the Oklahoma Military Department to implement the provisions of the act. Payments from this fund will not commence until November 1, 2027, and will only be available 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 will be based on the retirement benefits the member would receive if they had reached the appropriate age, including any applicable cost-of-living adjustments. Payments will be made in twelve equal monthly installments during the member's lifetime, with specific provisions for distribution upon death. If the available funds are insufficient to cover full payments to all eligible members, the payments will be prorated. The act is set to take effect on November 1, 2025.