{"data":{"id":"us-ok/okla.-stat.-tit.-11-11-49-122.3","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 11, § 11-49-122.3","heading":"Assets of funds - Right to assets - Valuation","body":"The assets of the Fund shall consist of such assets and the\n\nincome therefrom, including monthly contributions made to the State\n\nBoard by each municipality, or property for which any of the same\n\nshall be exchanged or into which any of the same shall be converted,\n\ntogether with any other assets held from time to time hereunder by\n\nthe State Board. All legal right, title and interest in and to the\n\nassets of the Fund shall at all times be held in trust and vested\n\nexclusively in the State Board or its nominee and no municipality\n\nshall be deemed to have severable ownership of any asset of the Fund\n\nor any right of partition or possession.\n\nThe State Board shall appraise and place valuation upon the\n\nassets of the Fund held by it as of the last business day of each\n\nmonth. Any assets not held by the State Board shall be appraised\n\nand valued by the Executive Director on said date.\n\nThe valuation of all assets of the Fund shall be both at cost\n\nand at the fair market value thereof, as determined by reference to\n\nthe best available source or sources, in the opinion of the\n\nExecutive Director and the State Board and both the Executive\n\nDirector and State Board may rely on figures, or statements\n\nappearing in any reputable publication purporting to state sales\n\nprices, market quotations, values, bid and asking prices or any\n\nfacts affecting values and upon the opinion of one or more persons\n\nfamiliar with the reasonable market value of any assets to be valued\n\nand shall incur no liability for error in any such valuation made in\n\ngood faith. The reasonable and equitable decision of the Executive\n\nDirector and State Board regarding the method used in determining\n\nvalues shall be conclusive and binding upon all persons, natural or\n\nlegal, having interest, direct or indirect, in the Fund's assets.\n\nEffective July 1, 2011, upon termination or partial termination\n\nof the System, or a permanent discontinuance of contributions, the\n\nbenefits accrued up to the date of termination or discontinuance, to\n\nthe extent then funded, by the affected members and their\n\nbeneficiaries, respectively, or the amounts credited to the affected\n\nmembers' accounts, shall be nonforfeitable.","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":"c5beb54c5ac8b96cbe8e6ebbbe5db9b38323a3eaa40be37fb2735e6bc2ebf67e","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-11-11-49-122.2","next":"us-ok/okla.-stat.-tit.-11-11-49-122.4"},"notice":"GroundRules: Original legal text. Not legal advice."}