{"data":{"id":"us-ok/okla.-stat.-tit.-11-11-49-100.9","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 11, § 11-49-100.9","heading":"Duties of Board","body":"A. The Oklahoma Firefighters Pension and Retirement Board shall\n\ndischarge their duties with respect to the System solely in the\n\ninterest of the participants and beneficiaries and:\n\n1. For the exclusive purpose of:\n\na. providing benefits to participants and their\n\nbeneficiaries, and\n\nb. defraying reasonable expenses of administering the\n\nSystem;\n\n2. With the care, skill, prudence, and diligence under the\n\ncircumstances then prevailing that a prudent person acting in a like\n\ncapacity and familiar with such matters would use in the conduct of\n\nan enterprise of a like character and with like aims;\n\n3. By diversifying the investments of the System so as to\n\nminimize the risk of large losses, unless under the circumstances it\n\nis clearly prudent not to do so; and\n\n4. In accordance with the laws, documents and instruments\n\ngoverning the System.\n\nB. The State Board may procure insurance indemnifying the\n\nmembers of the State Board from personal loss or accountability from\n\nliability resulting from a member's action or inaction as a member\n\nof the State Board.\n\nC. The State Board may establish an investment committee. The\n\ninvestment committee shall be composed of not more than five (5)\n\nmembers of the State Board appointed by the chairman of the State\n\nBoard. The committee shall make recommendations to the full State\n\nBoard on all matters related to the choice of custodians and\n\nmanagers of the assets of the System, on the establishment of\n\ninvestment and fund management guidelines, and in planning future\n\ninvestment policy. The committee shall have no authority to act on\n\nbehalf of the State Board in any circumstances whatsoever. No\n\nrecommendation of the committee shall have effect as an action of\n\nthe State Board nor take effect without the approval of the State\n\nBoard as provided by law.\n\nD. The Board shall retain qualified investment managers to\n\nprovide for the investment of the monies of the System. The\n\ninvestment managers shall be chosen by a solicitation of proposals\n\non a competitive bid basis pursuant to standards set by the State\n\nBoard. Subject to the overall investment guidelines set by the\n\nState Board, the investment managers shall have full discretion in\n\nthe management of those monies of the System allocated to the\n\ninvestment managers. The State Board shall manage those monies not\n\nspecifically allocated to the investment managers. The monies of\n\nthe System allocated to the investment managers shall be actively\n\nmanaged by the investment managers, which may include selling\n\ninvestments and realizing losses if such action is considered\n\nadvantageous to longer term return maximization. Because of the\n\ntotal return objective, no distinction shall be made for management\n\nand performance evaluation purposes between realized and unrealized\n\ncapital gains and losses.\n\nE. Funds and revenues for investment by the investment managers\n\nor the State Board shall be placed with a custodian selected by the\n\nState Board. The custodian shall be a bank or trust company\n\noffering pension fund master trustee and master custodial services\n\nand any related custodial agreement or trust agreement is\n\nincorporated herein by reference. The custodian shall be chosen by\n\na solicitation of proposals on a competitive bid basis pursuant to\n\nstandards set by the State Board. In compliance with the investment\n\npolicy guidelines of the State Board, the custodian bank or trust\n\ncompany shall be contractually responsible for ensuring that all\n\nmonies of the System are invested in income-producing investment\n\nvehicles at all times. If a custodian bank or trust company has not\n\nreceived direction from the investment managers of the System as to\n\nthe investment of the monies of the System in specific investment\n\nvehicles, the custodian bank or trust company shall be contractually\n\nresponsible to the State Board for investing the monies in\nmonies of the System are invested in income-producing investment\n\nvehicles at all times. If a custodian bank or trust company has not\n\nreceived direction from the investment managers of the System as to\n\nthe investment of the monies of the System in specific investment\n\nvehicles, the custodian bank or trust company shall be contractually\n\nresponsible to the State Board for investing the monies in\n\nappropriately collateralized short-term interest-bearing investment\n\nvehicles. Any assets of the System may be invested in a collective\n\ninvestment fund or group trust that satisfies the requirements of\n\nRevenue Ruling 81-100, as further amended by Revenue Ruling 2004-67,\n\nRevenue Ruling 2008-40, and Revenue Ruling 2011-1, and as\n\nsubsequently amended by future guidance. Each such collective\n\ninvestment fund or group trust is adopted, with respect to any\n\nmonies invested therein, as part of the System, its trust, and\n\ncustodial account and each such declaration of trust or trust\n\nagreement and related adoption, participation, investment\n\nmanagement, subtrust or other agreements, as amended from time to\n\ntime, with respect to any monies invested therein, are incorporated\n\nby reference into the System, its trust agreement(s) or custodial\n\nagreement(s), upon approval by the State Board.\n\nF. By November 1, 1988, and prior to August 1 of each year\n\nthereafter, the State Board shall develop a written investment plan\n\nfor the System.\n\nG. The State Board shall compile a quarterly financial report\n\nof all the funds of the System on a fiscal year basis. The report\n\nshall be compiled pursuant to uniform reporting standards prescribed\n\nby the Oklahoma State Pension Commission for all state retirement\n\nsystems. The report shall include several relevant measures of\n\ninvestment value, including acquisition cost and current fair market\n\nvalue with appropriate summaries of total holdings and returns. The\n\nreport shall contain combined and individual rate of returns of the\n\ninvestment managers by category of investment, over periods of time.\n\nThe State Board shall include in the quarterly reports all\n\ncommissions, fees or payments for investment services performed on\n\nbehalf of the State Board. The report shall be distributed to the\n\nGovernor, the Oklahoma State Pension Commission, the Legislative\n\nService Bureau, the Speaker of the House of Representatives and the\n\nPresident Pro Tempore of the Senate.\n\nH. After July 1 and before December 1 of each year, the State\n\nBoard shall publish widely an annual report presented in simple and\n\neasily understood language pursuant to uniform reporting standards\n\nprescribed by the Oklahoma State Pension Commission for all state\n\nretirement systems. The report shall be submitted to the Governor,\n\nthe Speaker of the House of Representatives, the President Pro\n\nTempore of the Senate, the Oklahoma State Pension Commission and the\n\nmembers of the System. The annual report shall cover the operation\n\nof the System during the past fiscal year, including income,\n\ndisbursements, and the financial condition of the System at the end\n\nof the fiscal year. The annual report shall also contain the\n\ninformation issued in the quarterly reports required pursuant to\n\nsubsection G of this section as well as a summary of the results of\n\nthe most recent actuarial valuation to include total assets, total\n\nliabilities, unfunded liability or over funded status, contributions\n\nand any other information deemed relevant by the State Board. The\n\nannual report shall be written in such a manner as to permit a\n\nreadily understandable means for analyzing the financial condition\n\nand performance of the System for the fiscal year.\n\nI. Effective July 1, 2000, the State Board is hereby authorized\n\nto do all acts and things necessary and proper to carry out the\n\npurpose of the System and to make the least costly amendments and\nch a manner as to permit a\n\nreadily understandable means for analyzing the financial condition\n\nand performance of the System for the fiscal year.\n\nI. Effective July 1, 2000, the State Board is hereby authorized\n\nto do all acts and things necessary and proper to carry out the\n\npurpose of the System and to make the least costly amendments and\n\nchanges, if any, as may be necessary to qualify the System under the\n\napplicable sections of the Internal Revenue Code of 1986, as\n\namended.","path":["OK Code","Title 11"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os11.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"1b7faa937dafa30cf7a0b9921857cac010ab1f7bc9a0713b8127cb7ad5a80d66","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-11-11-49-100.8","next":"us-ok/okla.-stat.-tit.-11-11-49-101"},"notice":"GroundRules: Original legal text. Not legal advice."}