Treasurer’s Office
The Oklahoma Tobacco Settlement Endowment Trust Board of Investors has certified $52.7 million in earnings for use in the coming year to fund prevention and reduction of tobacco use and other health issues, State Treasurer Ken Miller announced today.
Miller is chairman of the board that oversees investment of Oklahoma’s share of the national Master Settlement Agreement. The board certified the annual earnings on Thursday.
“We are carefully investing the funds to ensure Oklahomans get the most benefit,” Miller said. “This certification reflects an increase of $13.6 million or 35 percent over the funds made available last year from Oklahoma’s share of the tobacco settlement.”
Oklahoma is the only state with a constitutionally-protected endowment funded by the tobacco settlement. Voters approved creation of the endowment in 2000. Since then, more than $242 million in earnings have been certified by the board of investors.
The endowment contains more than $975 million. Investment of the fund is managed by the board of investors. The earnings are used by appointed members of the Tobacco Settlement Endowment Trust Board of Directors to fund grants and programs to improve health.
A total of 75 percent of Oklahoma’s share of the national Master Settlement Agreement is placed into the endowment each year. The remainder of the settlement payments is appropriated by the Legislature.
The settlement pays states annual amounts based on the number of cigarettes sold in the country. Payments to date to Oklahoma total $1.17 billion, and will continue as long as cigarettes are sold nationally.
For more information: http://www.ok.gov/tset/
