Okla. Stat. tit. 74, § 74-1701: State and political subdivision employees and employees

of duly constituted authorities or instrumentalities - Participation

in plan - Time limit for transfers of investment options.

A. The State of Oklahoma, its agencies and the political

subdivisions thereof and the employees of a duly constituted

authority or instrumentality of the State of Oklahoma, its agencies

and the political subdivisions thereof, municipalities and any local

governmental entity may enter into a written agreement to defer a

portion of any employee's compensation which is derived from a state

or local government. The compensation to be deferred shall be

subject to any federal limitations imposed by the Internal Revenue

Code, Sections 1 et seq. of Title 26 of the United States Code. The

state or local governments may, under a written agreement, invest

the deferred compensation in life insurance, annuities, United

States Agency or Treasury Bills, Notes or Bonds, savings accounts

and/or mutual funds with a company licensed or eligible to do

business in the state or in a contract or commingled trust or

program. Deferred compensation programs shall exist and be in

addition to, and not be a part of, any existing retirement, pension

or Social Security system provided for the benefit of state and

local government employees.

B. The Oklahoma Public Employees Retirement System Board shall

offer a deferred compensation program and shall be responsible for

establishing rules and regulations and participation agreement forms

for said program. The Oklahoma State Employee Benefits Council

shall communicate this program with eligible participants.

C. The Office of the Attorney General of this state shall be

responsible for interpreting all applicable laws and fiduciary

responsibilities for the deferred compensation programs of state and

local governments if the programs do not maintain in-house counsel.

D. Prior to January 1, 1991, the Board of Trustees of the

Oklahoma Public Employees Retirement System, the Plan Administrator,

and the Office of Management and Enterprise Services shall jointly

develop a system that provides for state employee participation

amounts in the deferred compensation plan be posted and transferred

to the investment option selected by the state employee within ten

(10) business days of the payday, the end of the payroll period, or

the process date for supplemental payrolls, whichever is later.