Okla. Stat. tit. 11, § 11-49-100.2: Firefighters Pension and Retirement System - Creation

- Powers and duties.

There is created the Oklahoma Firefighters Pension and

Retirement System which shall be a body corporate and an

instrumentality of this state. The System shall be vested with the

powers and duties specified in this article and such other powers as

may be necessary to enable it and its officers and employees to

carry out fully and effectively the purposes and intent of this

article. All assets of the System shall be held in trust for the

exclusive purpose of providing benefits for the members and

beneficiaries of the System or defraying reasonable expenses of

administering the System, and shall not be encumbered for or

diverted to any other purpose or purposes. This System shall be the

responsibility of the state and not that of the participating

municipalities. The System is a qualified governmental retirement

plan under Sections 401(a) and 414(d) of the Internal Revenue Code

of 1986, as amended (26 U.S.C.A. §§ 401, 414) and Section 3(32) of

the Employee Retirement Income Security Act of 1974 (29 U.S.C.A.

§1002(32)). The Board shall administer the System in order to

comply with the applicable provisions of the Internal Revenue Code

of 1986, as amended.