State fiscal affairs; creating the Oklahoma Law Enforcement Legacy Fund; making an appropriation. Effective date. Emergency.

SB 302 creates the Oklahoma Law Enforcement Legacy Fund, funded by state surplus and specific appropriations ($563.6 million for 2023 and $759.4 million for 2024), to support higher wages for law enforcement officers. The State Treasurer will invest the fund following retirement fund guidelines (requiring diversification to minimize risk) and must transfer $100 million increments to the General Revenue Fund whenever the fund's value increases by $100 million or more in a fiscal year. The fund must maintain sufficient liquid assets for these transfers, and the Treasurer will publish annual reports on the fund's value and growth. This bill directly affects Oklahoma law enforcement officers through guaranteed wage increases funded by state savings.