{"data":{"id":"us-ok/okla.-stat.-tit.-19-19-953.1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 19, § 19-953.1","heading":"Board of trustees - Counties having a population in","body":"excess of 675,000.\n\nA. The board of trustees shall discharge their duties with\n\nrespect to the retirement system solely in the interest of the\n\nparticipants 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\nretirement system;\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 retirement system so\n\nas to minimize the risk of large losses, unless under the\n\ncircumstances it is clearly prudent not to do so; and\n\n4. In accordance with the laws, documents and instruments\n\ngoverning the retirement system.\n\nB. The monies of the retirement system shall be invested only\n\nin assets eligible for the investment of funds of legal reserve life\n\ninsurance companies in this state as provided for in Sections 1602\n\nthrough 1611, 1613 through 1620, and 1622 through 1624 of Title 36\n\nof the Oklahoma Statutes. The term \"admitted assets\" shall mean the\n\namount of the monies of the retirement system and the provisions\n\nrelating to limitation of investments as a percentage of surplus and\n\nloans to policyholders shall be inapplicable with respect to\n\ninvestment of the monies of the retirement system. The monies of\n\nthe retirement system may be invested in certificates of\n\nindebtedness or such other enforceable evidences of obligation as\n\nmay be utilized in the rights-of-way acquisitions by the Department\n\nof Transportation. The monies of the retirement system may also be\n\ninvested in bonds secured by first mortgages, pass-through\n\nsecurities and insured participation certificates representing\n\ninterests in first mortgages or insured mortgage pass-through\n\ncertificates on one-to four-family residences located within this\n\nstate.\n\nC. The board of trustees may procure insurance indemnifying the\n\nmembers of the board of trustees from personal loss or\n\naccountability from liability resulting from a member's action or\n\ninaction as a member of the board of trustees.\n\nD. The board of trustees may establish an investment committee.\n\nThe investment committee shall be composed of not more than five (5)\n\nmembers of the board of trustees appointed by the chair of the board\n\nof trustees. The committee shall make recommendations to the full\n\nboard of trustees on all matters related to the choice of custodians\n\nand managers of the assets of the retirement system, on the\n\nestablishment of investment and fund management guidelines, and in\n\nplanning future investment policy. The committee shall have no\n\nauthority to act on behalf of the board of trustees in any\n\ncircumstances whatsoever. No recommendation of the committee shall\n\nhave effect as an action of the board of trustees nor take effect\n\nwithout the approval of the board of trustees as provided by law.\n\nE. The board of trustees may retain qualified investment\n\nmanagers to provide for the investment of the monies of the\n\nretirement system. The investment managers shall be chosen by a\n\nsolicitation of proposals on a competitive bid basis pursuant to\n\nstandards set by the board of trustees. Subject to the overall\n\ninvestment guidelines set by the board of trustees, the investment\n\nmanagers shall have full discretion in the management of those\n\nmonies of the retirement system allocated to the investment\n\nmanagers. The board of trustees shall manage those monies not\n\nspecifically allocated to the investment managers. The monies of\n\nthe retirement system allocated to the investment managers shall be\n\nactively managed by the investment managers, which may include\n\nselling investments and realizing losses if such action is\nnagement of those\n\nmonies of the retirement system allocated to the investment\n\nmanagers. The board of trustees shall manage those monies not\n\nspecifically allocated to the investment managers. The monies of\n\nthe retirement system allocated to the investment managers shall be\n\nactively managed by the investment managers, which may include\n\nselling investments and realizing losses if such action is\n\nconsidered advantageous to longer term return maximization. Because\n\nof the total return objective, no distinction shall be made for\n\nmanagement and performance evaluation purposes between realized and\n\nunrealized capital gains and losses.\n\nF. Funds and revenues for investment by the investment managers\n\nor the board of trustees may be placed with a custodian selected by\n\nthe board of trustees. The custodian shall be a bank or trust\n\ncompany offering pension fund master trustee and master custodial\n\nservices. The custodian shall be chosen by a solicitation of\n\nproposals on a competitive bid basis pursuant to standards set by\n\nthe board of trustees. In compliance with the investment policy\n\nguidelines of the board of trustees, the custodian bank or trust\n\ncompany shall be contractually responsible for ensuring that all\n\nmonies of the retirement system are invested in income-producing\n\ninvestment vehicles at all times. If a custodian bank or trust\n\ncompany has not received direction from the investment managers of\n\nthe retirement system as to the investment of the monies of the\n\nretirement system in specific investment vehicles, the custodian\n\nbank or trust company shall be contractually responsible to the\n\nboard of trustees for investing the monies in appropriately\n\ncollateralized short-term interest-bearing investment vehicles.\n\nG. By November 1, 1989, and prior to August 1 of each year\n\nthereafter, the board of trustees shall develop a written investment\n\nplan for the retirement system.\n\nH. After July 1 and before October 1 of each year, the board of\n\ntrustees shall publish widely an annual report presented in simple\n\nand easily understood language. The report shall be submitted to\n\nthe board of county commissioners, and to the individual members of\n\nthe retirement system. The annual report shall cover the operation\n\nof the retirement system during the past fiscal year, including\n\nincome, disbursements, and the financial condition of the retirement\n\nsystem at the end of the fiscal year. The annual report shall also\n\ninclude several relevant measures of investment value, including\n\nacquisition cost and current fair market value with appropriate\n\nsummaries of total holdings and returns. The report shall contain\n\ncombined and individual rate of returns of the investment managers\n\nby category of investment, over periods of time as well as a summary\n\nof the results of the most recent actuarial valuation to include\n\ntotal assets, total liabilities, unfunded liability or over-funded\n\nstatus, contributions and any other information deemed relevant by\n\nthe board of trustees. The annual report shall be written in such a\n\nmanner as to permit a readily understandable means for analyzing the\n\nfinancial condition and performance of the retirement system for the\n\nfiscal year.\n\nI. The requirements of this section shall apply to retirement\n\nfunds and systems in counties which have a population in excess of\n\nsix hundred seventy-five thousand (675,000) according to the latest\n\nFederal Decennial Census.","path":["OK Code","Title 19"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os19.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"b3ebb7d500b82524d52de0078579c2c358479b97524dfdf94f93d77ed4313438","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-19-19-953","next":"us-ok/okla.-stat.-tit.-19-19-953.1a"},"notice":"GroundRules: Original legal text. Not legal advice."}