The Oklahoma Supreme Court ruled that a law requiring state entities to divest from financial companies that have policies deemed hostile to fossil fuel companies is unconstitutional. The court also issued a permanent injunction against state Treasurer Todd Russ, the defendant, to prevent him from enforcing or applying the Oklahoma Energy Discrimination Elimination Act of 2022 to the Oklahoma Public Employees Retirement System.
Justice James Edmondson, in his majority ruling available here, wrote: “We conclude Energy Discrimination Elimination Act of 2022 is unconstitutional in its entirety when applied to (the Oklahoma Public Employees Retirement System)”
Tim Hill, President of The Alliance for Prosperity and a Secure Retirement (APSR), which has been at the forefront of the national effort to protect retirees from the politicization of their retirement programs and pensions, said:
“I commend the Oklahoma Supreme Court for its thoughtful ruling on Tuesday. By finding the Energy Discrimination Elimination Act of 2022 unconstitutional, the Court has reaffirmed a foundational principle: public retirement funds must be administered for the exclusive benefit of their members and beneficiaries — not in service of political objectives. This decision correctly places the financial security of Oklahoma’s retirees above partisan considerations.
“Oklahoma is not alone. Similar laws have been struck down in Texas, and more than a dozen other states have enacted comparable statutes built on the same flawed model. Legislators and the courts in those states should take note. As President of the Alliance for Prosperity and a Secure Retirement (APSR), I applaud the Oklahoma Supreme Court for upholding both the letter and spirit of the state constitution and correctly prioritizing financial returns for retirees over political hot topics,” Hill added.
About: Alliance for Prosperity and a Secure Retirement (APSR) is a 501(c)(4) non-profit organization to represent the investor’s voice and advance constructive solutions to address the American retirement crisis. We help policymakers understand the long-term implications of politicizing pension funds and the importance of supporting policies that increase access to retirement and savings solutions.