Bill RBS No. 3869 amends Oklahoma law regarding the Teachers Retirement System and the allocation of lottery proceeds. It modifies the distribution of funds from the Oklahoma Education Lottery Trust Fund, halting certain apportionments to the Teachers Retirement System Dedicated Revenue Revolving Fund under specific conditions, while increasing funding for public education and educational initiatives. The bill establishes that all apportionments to the Teachers Retirement System will cease by June 30, 2036, or when the system achieves a funded ratio of 100% or greater. Additionally, it introduces new provisions for the timely distribution of appropriations to various educational entities, ensuring effective allocation throughout the fiscal year.

The legislation also revises the apportionment of sales tax revenues, detailing specific percentages for allocation to the General Revenue Fund and other designated funds, including the Education Reform Revolving Fund. It sets forth a new benefit increase structure for retired members of the Teachers Retirement System based on their length of retirement, with increases ranging from 0% to 6%. The bill further updates definitions and statutory language related to pension legislation, clarifying conditions for benefit increases and the computation of retirement benefits. Overall, RBS No. 3869 aims to enhance the management and funding of retirement systems while ensuring adequate revenue for state functions.

Statutes affected:
Committee Substitute: 3A-713, 62-3103, 68-1353