Okla. Stat. tit. 74, § 74-901: Purpose – Establishment as qualified governmental

retirement plan under federal law.

A. The purpose of this act is to provide an orderly means

whereby employees of the participating employers who qualify by

reason of age, or condition, and service, as herein set forth, may

be transferred to inactive service without prejudice and without

inflicting undue hardship upon the employees transferred, and to

enable such employees to accumulate deferred income reserves for

themselves and their dependents to provide for old age, death, and

inactive service, and for the purpose of effecting economy and

efficiency in the administration of governmental affairs.

B. The System is established as a qualified governmental

retirement plan under Sections 401(a) and 414(d) of the federal

Internal Revenue Code. The Board shall administer the System in

order to comply with the applicable provisions of the federal

Internal Revenue Code.