{"data":{"id":"us-ok/okla.-stat.-tit.-19-19-953.1a","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 19, § 19-953.1A","heading":"Board of trustees - Counties having a population of","body":"675,000 or less.\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 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\nC. 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\nD. The board of trustees shall 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\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\nE. Funds and revenues for investment by the investment managers\n\nor the board of trustees shall be placed with a custodian selected\n\nby the 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\nolicy\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\nF. Prior to August 1 of each year, the board of trustees shall\n\ndevelop a written investment plan for the retirement system.\n\nG. The board of trustees shall compile a quarterly financial\n\nreport of all the funds of the system on a fiscal year basis. The\n\nreport shall include several relevant measures of investment value,\n\nincluding acquisition cost and current fair market value with\n\nappropriate summaries of total holdings and returns. The report\n\nshall contain combined and individual rate of returns of the\n\ninvestment managers by category of investment, over periods of time.\n\nThe report shall be distributed to the board of county\n\ncommissioners.\n\nH. After July 1 and before December 1 of each year, the board\n\nof trustees shall publish widely an annual report presented in\n\nsimple and easily understood language. The report shall be\n\nsubmitted to the board of county commissioners, and to the\n\nindividual members of the retirement system. The annual report\n\nshall cover the operation of the retirement system during the past\n\nfiscal year, including income, disbursements, and the financial\n\ncondition of the retirement system at the end of the fiscal year.\n\nThe annual report shall also 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\nas well as a summary of the results of the most recent actuarial\n\nvaluation to include total assets, total liabilities, unfunded\n\nliability or over-funded status, contributions and any other\n\ninformation deemed relevant by the board of trustees. The annual\n\nreport shall be written in such a manner as to permit a readily\n\nunderstandable means for analyzing the financial condition and\n\nperformance of the retirement system for the fiscal year.\n\nI. The requirements of this section shall apply to retirement\n\nfunds and systems in counties which do not have a population in\n\nexcess of six hundred seventy-five thousand (675,000) according to\n\nthe latest Federal 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":"fcae917fde15abf0c71be6c5cc716fddfc7abd3cdb45efbbc3c59e4c7c9581c5","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-19-19-953.1","next":"us-ok/okla.-stat.-tit.-19-19-953.2"},"notice":"GroundRules: Original legal text. Not legal advice."}