{"data":{"id":"us-ok/okla.-stat.-tit.-19-19-953.2","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 19, § 19-953.2","heading":"Fiduciaries - Power and authority - Restrictions","body":"A. A fiduciary with respect to the retirement system shall not\n\ncause the retirement system to engage in a transaction if the\n\nfiduciary knows or should know that such transaction constitutes a\n\ndirect or indirect:\n\n1. Sale or exchange, or leasing of any property from the\n\nretirement system to a party in interest for less than adequate\n\nconsideration or from a party in interest to the retirement system\n\nfor more than adequate consideration;\n\n2. Lending of money or other extension of credit from the\n\nretirement system to a party in interest without the receipt of\n\nadequate security and a reasonable rate of interest, or from a party\n\nin interest to the retirement system with provision of excessive\n\nsecurity or an unreasonably high rate of interest;\n\n3. Furnishing of goods, services or facilities from the\n\nretirement system to a party in interest for less than adequate\n\nconsideration, or from a party in interest to the retirement system\n\nfor more than adequate consideration; or\n\n4. Transfer to, or use by or for the benefit of, a party in\n\ninterest of any assets of the retirement system for less than\n\nadequate consideration.\n\nB. A fiduciary with respect to the retirement system shall not:\n\n1. Deal with the assets of the retirement system in the\n\nfiduciary's own interest or for the fiduciary's own account;\n\n2. In the fiduciary's individual or any other capacity act in\n\nany transaction involving the retirement system on behalf of a party\n\nwhose interests are adverse to the interests of the retirement\n\nsystem or the interests of its participants or beneficiaries; or\n\n3. Receive any consideration for the fiduciary's own personal\n\naccount from any party dealing with the retirement system in\n\nconnection with a transaction involving the assets of the retirement\n\nsystem.\n\nC. A fiduciary with respect to the retirement system may:\n\n1. Invest all or part of the assets of the retirement system in\n\ndeposits which bear a reasonable interest rate in a bank or similar\n\nfinancial institution supervised by the United States or a state, if\n\nsuch bank or other institution is a fiduciary of such plan; or\n\n2. Provide any ancillary service by a bank or similar financial\n\ninstitution supervised by the United States or a state, if such bank\n\nor other institution is a fiduciary of such plan.\n\nD. A person or a financial institution is a fiduciary with\n\nrespect to the retirement system to the extent that the person or\n\nthe financial institution:\n\n1. Exercises any discretionary authority or discretionary\n\ncontrol respecting management of the retirement system or exercises\n\nany authority or control respecting management or disposition of the\n\nassets of the retirement system;\n\n2. Renders investment advice for a fee or other compensation\n\ndirect or indirect, with respect to any monies or other property of\n\nthe retirement system, or has any authority or responsibility to do\n\nso; or\n\n3. Has any discretionary authority or discretionary\n\nresponsibility in the administration of the retirement system.","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":"e6d9b7bf681adcca8a0e80e49c7fd6b600615b004d406f7c5bb1cd5b0608ef2f","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-19-19-953.1a","next":"us-ok/okla.-stat.-tit.-19-19-954"},"notice":"GroundRules: Original legal text. Not legal advice."}