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

SB 307 creates the Oklahoma Teachers Legacy Fund in the state treasury, funded by surplus General Revenue Fund monies from 2023 ($563.7 million) and 2024 ($759.4 million). The fund invests principal following state retirement fund guidelines, with income accruing to the fund. When the fund's value grows by $100 million or more above its prior year balance, the excess automatically transfers to boost teacher salaries starting January 1 each year. The fund must maintain sufficient liquidity to enable these transfers, with the bill taking effect July 1, 2025.