Okla. Stat. tit. 70, § 70-17-116.7

A. After the effective date of this act, before entering into

any type of contract that creates an unfunded liability and is for

Oklahoma Statutes - Title 70. Schools Page 791

the purpose of enhancing pension benefits for employees beyond the

provisions of the Teachers' Retirement System of Oklahoma, a state

institution of higher education, technology center school district,

or public school district, unless otherwise provided by law, shall

forward to the Office of the Attorney General a copy of the contract

and a copy of an actuarial report indicating the amount of unfunded

liability that would be created pursuant to the contract. The

Attorney General shall review the contract to ensure that the

contract conforms to state law. No such contract shall be signed by

the education entity until the Attorney General approves the

contract. Any such contract entered into without complying with the

requirements of this section shall be void.

B. In order to make the Legislature and Governor more aware of

the effect of unfunded pension benefits and other post-employment

benefits on state finances, annual audits conducted pursuant to law

on state institutions of higher education, technology center school

districts, and school districts shall be prepared in accordance with

appropriate accounting standards pertaining to unfunded pension

benefits and other post-employment benefits. The State Regents for

Higher Education, the State Board of Career and Technology Education

and the State Board of Education, jointly, shall have the

information pertaining to benefits compiled into an annual report

that shall be distributed to the Governor, the Speaker of the House

of Representatives, and the President Pro Tempore of the Senate.