{"data":{"id":"us-ok/okla.-stat.-tit.-20-20-1108","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 20, § 20-1108","heading":"Management of the Uniform Retirement System for Justices","body":"and Judges and the State Judicial Retirement Fund - Retirement\n\nMedical Benefit Fund.\n\nA. The Board of Trustees of the Oklahoma Public Employees\n\nRetirement System shall have the responsibility for management of\n\nthe Uniform Retirement System for Justices and Judges and the State\n\nJudicial Retirement Fund. All benefits payable under The Uniform\n\nRetirement System for Justices and Judges, refunds of contributions\n\nand overpayments, purchases or investments under the law, and all\n\nexpenses in connection with the System shall be paid from the\n\nOklahoma Judicial Retirement Fund. The State Judicial Retirement\n\nFund shall be invested and managed in the same manner as now or\n\nhereinafter provided by law for the investment and management of\n\nfunds belonging to the Oklahoma Public Employees Retirement System.\n\nThe Uniform Retirement System for Justices and Judges shall be an\n\ninstrumentality of the State of Oklahoma. The System shall be\n\nvested with the powers and duties specified in this act and such\n\nother powers as may be necessary to enable it, its officers,\n\nemployees, and agents to carry out fully and effectively the\n\npurposes and intent of this act.\n\n1. The Board shall distribute the corpus and income of the\n\nSystem to the members and their beneficiaries in accordance with the\n\nSystem’s law. At no time prior to the satisfaction of all\n\nliabilities with respect to members and their beneficiaries shall\n\nany part of the corpus and income be used for, or diverted to,\n\npurposes other than the exclusive benefit of the members and their\n\nbeneficiaries.\n\n2. The Board may not engage in a transaction prohibited by\n\nSection 503(b) of the federal Internal Revenue Code.\n\n3. The Board shall be responsible for the policies and rules\n\nfor the general administration of the System, subject to the\n\nprovisions of this act. Except as specifically provided in this\n\nact, the Uniform Retirement System for Justices and Judges shall\n\ngenerally be managed in the same manner as now or hereinafter\n\nprovided by law or by rule for the management of the Oklahoma Public\n\nEmployees Retirement System.\n\n4. The Board shall establish rules for the administration of\n\nthe System and for the transaction of its business consistent with\n\nlaw, which rules shall be promulgated in compliance with the\n\nAdministrative Procedures Act.\n\n5. The Board may adopt all necessary actuarial tables to be\n\nused in the operation of the System as recommended by the actuary\n\nand may compile such additional data as may be necessary for\n\nrequired actuarial valuation calculations.\n\n6. All decisions of the Board as to questions of fact shall be\n\nfinal and conclusive on all persons except for the right of review\n\nas provided by law and except for fraud or such gross mistake of\n\nfact as to have effect equivalent to fraud.\n\n7. Any person who shall knowingly make any false statement, or\n\nwho shall falsify or permit to be falsified any record necessary for\n\ncarrying out the intent of this act for the purpose of committing\n\nfraud, shall be guilty of a misdemeanor, and upon conviction shall\n\nbe punished by a fine not exceeding Five Hundred Dollars ($500.00)\n\nor by imprisonment for not exceeding one (1) year. Should any error\n\nin any records of the Uniform Retirement System for Justices and\n\nJudges result in any member or beneficiary receiving more or less\n\nthan he or she would have been entitled to receive had the records\n\nbeen correct, the Board shall correct such error, and, as far as\n\npracticable, make future payments in such manner that the actuarial\n\nequivalent of the benefit to which such member or beneficiary was\n\nentitled shall be paid, and to this end, may recover any\n\noverpayments.\n\nB. The Board of Trustees of the Oklahoma Public Employees\n\nRetirement System shall compile a quarterly financial report of all\n\nthe funds of the State Judicial Retirement Fund on a fiscal year\n\nbasis. The report shall be compiled pursuant to uniform reporting\nequivalent of the benefit to which such member or beneficiary was\n\nentitled shall be paid, and to this end, may recover any\n\noverpayments.\n\nB. The Board of Trustees of the Oklahoma Public Employees\n\nRetirement System shall compile a quarterly financial report of all\n\nthe funds of the State Judicial Retirement Fund on a fiscal year\n\nbasis. The report shall be compiled pursuant to uniform reporting\n\nstandards prescribed by the Oklahoma State Pension Commission for\n\nall state retirement systems. The report shall include several\n\nrelevant measures of investment value, including acquisition cost\n\nand current fair market value with appropriate summaries of total\n\nholdings and returns. The report shall contain combined and\n\nindividual rate of returns of the investment managers by category of\n\ninvestment, over periods of time. The Board of Trustees shall\n\ninclude in the quarterly reports all commissions, fees or payments\n\nfor investment services performed on behalf of the Board of Trustees\n\nwith respect to the State Judicial Retirement Fund. The report\n\nshall be distributed to the Governor, the Oklahoma State Pension\n\nCommission, the Legislative Service Bureau, the Speaker of the House\n\nof Representatives and the President Pro Tempore of the Senate. In\n\nlieu of compiling and distributing the quarterly report, the Board\n\nmay provide the Pension Commission with direct access to the same\n\ndata from the custodian bank for the System.\n\nC. There is hereby created the Retirement Medical Benefit Fund.\n\nThe fund shall be maintained as a subaccount of the State Judicial\n\nRetirement Fund. The Retirement Medical Benefit Fund is composed of\n\nall assets which may be contributed to this subaccount to pay the\n\nretirement system’s portion of the monthly retiree health insurance\n\npremium benefit described by Section 1316.2 of Title 74 of the\n\nOklahoma Statutes. All such allocated assets and any earnings\n\nthereon in the Retirement Medical Benefit Fund shall be held for the\n\nexclusive purpose of providing retiree medical benefits. The\n\nRetirement Medical Benefit Fund is to be administered in accordance\n\nwith the requirements of Section 401(h) of the Internal Revenue Code\n\nof 1986, as amended from time to time. The Board of Trustees may\n\npromulgate such rules as are necessary to implement the funding and\n\nadministration of the fund pursuant to the provisions of this\n\nsubsection.\n\nD. After July 1 and before December 1 of each year, the Board\n\nof Trustees of the Oklahoma Public Employees Retirement System shall\n\npublish widely an annual report presented in simple and easily\n\nunderstood 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 B 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 overfunded status, contributions\n\nand any other information deemed relevant by the Board of Trustees.\n\nThe annual 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\nE. The Board shall adopt a cost of living adjustment actuarial\n\nassumption in its annual actuarial valuation report.","path":["OK Code","Title 20"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os20.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"a87d73b39feb36cf41db20f06767535ecbd36da7f6fd5924ceb9b6ab565dcb6e","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-20-20-1107","next":"us-ok/okla.-stat.-tit.-20-20-1108a"},"notice":"GroundRules: Original legal text. Not legal advice."}