Okla. Stat. tit. 70, § 70-17-204: Board of regents – Establishment and administration of

alternative retirement plan.

A. On or before June 30, 2005, the Board of Regents of a

participating institution may establish an alternate retirement plan

pursuant to the provisions of this act, for the entities under the

jurisdiction of such Board of Regents, for eligible employees in

lieu of membership in the Teachers' Retirement System of Oklahoma.

The Board of Regents of the applicable participating institution

shall determine the terms and conditions of the alternate retirement

plan including, by example, terms for eligibility, contributions,

vesting and the amount of benefits, and provide for the

administration of such an alternate retirement plan and perform or

authorize the performance of such functions as may be necessary for

such purpose in accordance with this act.

B. The Board of Regents shall select the company or companies

that shall administer the qualified retirement trust, custodial

accounts or from which annuity contracts are to be purchased under

the alternate retirement plan and shall approve the form and content

of all agreements governing such trusts, accounts or contracts.

C. The Board of Regents of the participating institutions may

delegate certain responsibilities for administering the alternate

retirement plan with respect to each institution's own employees.