{"data":{"id":"us-ok/okla.-stat.-tit.-47-47-2-303.2","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 47, § 47-2-303.2","heading":"Duties of fiduciaries","body":"A. A fiduciary with respect to the Oklahoma Law Enforcement\n\nRetirement System shall not cause the System to engage in a\n\ntransaction if the fiduciary knows or should know that such\n\ntransaction constitutes a direct or indirect:\n\n1. sale or exchange, or leasing of any property from the System\n\nto a party in interest for less than adequate consideration or from\n\na party in interest to the System for more than adequate\n\nconsideration;\n\n2. lending of money or other extension of credit from the\n\nSystem to a party in interest without the receipt of adequate\n\nsecurity and a reasonable rate of interest, or from a party in\n\ninterest to the System with provision of excessive security or an\n\nunreasonably high rate of interest;\n\n3. furnishing of goods, services or facilities from the System\n\nto a party in interest for less than adequate consideration, or from\n\na party in interest to the System for more than adequate\n\nconsideration; or\n\n4. transfer to, or use by or for the benefit of, a party in\n\ninterest of any assets of the System for less than adequate\n\nconsideration.\n\nB. A fiduciary with respect to the Oklahoma Law Enforcement\n\nRetirement System shall not:\n\n1. deal with the assets of the System in the fiduciary's own\n\ninterest 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 System on behalf of a party whose\n\ninterests are adverse to the interests of the System or the\n\ninterests 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 System in connection with a\n\ntransaction involving the assets of the System.\n\nC. A fiduciary with respect to the Oklahoma Law Enforcement\n\nRetirement System may:\n\n1. invest all or part of the assets of the System in deposits\n\nwhich bear a reasonable interest rate in 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; 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 Oklahoma Law Enforcement Retirement System to the\n\nextent that the person or the financial institution:\n\n1. exercises any discretionary authority or discretionary\n\ncontrol respecting management of the Oklahoma Law Enforcement\n\nRetirement System or exercises any authority or controlrespecting\n\nmanagement or disposition of the assets of the 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 System, or has any authority or responsibility to do so; or\n\n3. has any discretionary authority or discretionary\n\nresponsibility in the administration of the System.","path":["OK Code","Title 47"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os47.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"4cd8f0b47d5ef50759ae5e25deb9652444ccae96438186bb0b68768b3ab25851","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-47-47-2-303.1","next":"us-ok/okla.-stat.-tit.-47-47-2-303.3"},"notice":"GroundRules: Original legal text. Not legal advice."}