Okla. Stat. tit. 11, § 11-49-100.6: Executive Director - Employees - Acceptance of gifts

and gratuities - Actuary - Legal services.

A. The State Board shall appoint an Executive Director.

Subject to the policy direction of the State Board, the Executive

Director shall be the managing and administrative officer of the

System and as such shall have charge of the office, records, and

supervision and direction of the employees of the System.

B. The Executive Director shall recommend to the State Board

the administrative organization, the number and qualifications of

employees necessary to carry out the intent of this article, and the

policy direction of the State Board. Upon approval of the

organizational plan by the State Board, the Executive Director may

employ such persons as are deemed necessary to administer this

article.

C. The members of the State Board, the Executive Director and

the employees of the System shall not accept gifts or gratuities

from an individual organization with a value in excess of the amount

per year permitted by the Ethics Commission for all state officials

and employees pursuant to Rule 257:20-1-9(b) of the Ethics

Commission Rules. The provisions of this section shall not be

construed to prevent the members of the State Board, the Executive

Director or the employees of the System from attending educational

seminars, conferences, meetings or similar functions which are paid

for, directly or indirectly, by more than one organization.

D. The State Board may select and retain a qualified actuary

who shall serve at its pleasure as its technical advisor or

consultant on matters regarding the operation of the System. The

actuary may at the direction of the State Board:

1. Make an annual valuation of the liabilities and reserves of

the System, and a determination of the contributions required by the

System to discharge its liabilities and administrative costs under

this article, and recommend to the State Board rates of employer

contributions required to establish and maintain the System on an

adequate reserve basis;

2. As soon after the effective date of this act or as deemed

necessary by the State Board, make a general investigation of the

actuarial experience under the System, including mortality,

retirement, employment turnover, and interest, and recommend

actuarial tables for use in valuations and in calculating actuarial

equivalent values based on such investigation; and

3. Perform such other duties as may be assigned by the State

Board.

E. The State Board shall retain an attorney licensed to

practice law in this state. The attorney shall serve at the

pleasure of the State Board for such compensation as set by the

State Board. The Attorney General of the state shall furnish such

legal services as may be required by the State Board.