STATE OF OKLAHOMA

1st Session of the 53rd Legislature (2011)

SENATE BILL 810	By:	Jolley

AS INTRODUCED

An Act relating to CompSource Oklahoma; stating legislative intent to require the assets of CompSource Oklahoma to be managed by the Teachers’ Retirement System of Oklahoma by certain date; requiring the President and Chief Executive Officer of CompSource Oklahoma and the Executive Director of the Teachers’ Retirement System of Oklahoma to make report by certain date; stating distribution; stating requirements for report; providing for noncodification; and declaring an emergency.

BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1.     NEW LAW     A new section of law not to be codified in the Oklahoma Statutes reads as follows:
It is the intent of the Legislature that all assets and the management of CompSource Oklahoma be transferred to the Teachers’ Retirement System of Oklahoma within three (3) years from the effective date of this act.  The President and Chief Executive Officer of CompSource Oklahoma and the Executive Director of the Teachers’ Retirement System of Oklahoma shall jointly make a report to the Governor, the President Pro Tempore of the Senate and the Speaker of the House outlining a plan to fulfill the requirements of this act.  The report shall include a plan outlining the details of the transfer, including any legislative recommendations necessary to fulfill the requirements of this act.  The report shall be completed no later than November 1, 2011.
SECTION 2.  It being immediately necessary for the preservation of the public peace, health and safety, an emergency is hereby declared to exist, by reason whereof this act shall take effect and be in full force from and after its passage and approval.

53-1-678	ARE	1/20/2011 11:16:29 AM