State fiscal affairs; creating the Oklahoma Teachers Legacy Fund. Effective date. Emergency.

SB 307 creates the Oklahoma Teachers Legacy Fund in the state treasury using $563 million from the 2023 fiscal surplus and $759 million from the 2024 surplus. The fund's investments must follow state retirement fund guidelines, with income accruing to the fund itself. When the fund grows by $100 million or more in a fiscal year, the State Treasurer must transfer the full $100 million increment to the General Revenue Fund on January 1 each year. These transfers are specifically designated to increase school teacher wages in Oklahoma, with the fund becoming effective July 1, 2025.