Okla. Stat. tit. 74, § 74-1706: Separate employee pension plans

Any agency of the state and any county, county hospital, city or

town, substate planning district and any public or private trust in

which the state or a county, city or town participates or is the

primary beneficiary and which is not funded by state appropriations

or eligible for participation or participating in any state

retirement system, by action of its governing body, may agree to

provide for discretionary contributions in each calendar year to the

Individual Retirement Accounts or Individual Retirement Annuities

(IRA) of all eligible employees as such standards of eligibility may

be determined by the governing body. The standards of eligibility

and other characteristics of the Separate Employee Pension Plan

(SEP) adopted or to be adopted by the governing body shall conform

to the requirements of the Federal Internal Revenue Code and the

rules and regulations promulgated thereunder, all as interpreted and

administered both now and in the future, by the Internal Revenue

Service, which pertain to Simplified Employee Pension Plans and

Individual Retirement Accounts Contribution Agreements as previously

provided for under Section 308(k) of the Internal Revenue Code, and

all future amendments, supplements, and substitutions thereto.