{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-17-106","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-17-106","heading":"Board of Trustees and other personnel","body":"(1) The general administration and responsibility for the\n\nproper operation of the retirement system and for making effective\n\nthe provisions of the act are hereby vested in a Board of Trustees\n\nwhich shall be known as the Board of Trustees and shall be organized\n\nimmediately after a majority of the trustees provided for in this\n\nsection shall have qualified and taken the oath of office.\n\n(2) The Board shall consist of the following members and all\n\nappointees shall serve their terms at the pleasure of the appointing\n\nauthority and may be removed or replaced without cause:\n\n(a) The State Superintendent of Public Instruction, ex officio\n\nor a designee.\n\n(b) The Director of the Office of Management and Enterprise\n\nServices, ex officio or a designee.\n\n(c) The Director of the Oklahoma Department of Career and\n\nTechnology Education, ex officio, or his or her designee.\n\n(d) The State Treasurer, ex officio, or his or her designee.\n\n(e) One member appointed by the Governor whose initial term of\n\noffice shall expire on January 14, 1991. The members thereafter\n\nappointed by the Governor shall serve a term of office of four (4)\n\nyears which is coterminous with the term of office of the office of\n\nthe appointing authority.\n\n(f) Two members shall be appointed by the Governor of the State\n\nof Oklahoma and approved by the Senate. The two members shall be:\n\n1. a representative of a school of higher education in\n\nOklahoma whose term of office shall initially be one\n\n(1) year, and\n\n2. a member of the System of the nonclassified optional\n\npersonnel status whose initial term of office shall be\n\ntwo (2) years.\n\nAfter the initial terms of office the terms of the members shall be\n\nfour (4) years.\n\n(g) Upon the expiration of the term of office of the\n\nstockbroker member of the Board, the Governor shall appoint a member\n\nto the Board whose initial term of office shall expire on January\n\n14, 1991. The members thereafter appointed by the Governor shall\n\nserve a term of office of four (4) years which is coterminous with\n\nthe term of office of the office of the appointing authority.\n\n(h) Upon the expiration of the term of office of the\n\nrepresentative of the insurance industry member of the Board, the\n\nGovernor shall appoint a member to the Board whose initial term of\n\noffice shall expire on January 14, 1991. The members thereafter\n\nappointed by the Governor shall serve a term of office of four (4)\n\nyears which is coterminous with the term of office of the office of\n\nthe appointing authority.\n\n(i) Upon the expiration of the term of office of the investment\n\ncounselor member of the Board, the Governor shall appoint a member\n\nto the Board whose initial term of office shall expire on January\n\n14, 1991. The members thereafter appointed by the Governor shall\n\nserve a term of office of four (4) years which is coterminous with\n\nthe term of office of the office of the appointing authority.\n\n(j) Upon the expiration of the term of office of the active\n\nclassroom teacher member of the Board, the President Pro Tempore of\n\nthe Senate shall appoint a member to the Board, who shall be an\n\nactive classroom teacher and whose initial term of office shall\n\nexpire on January 8, 1991. The members thereafter appointed by the\n\nPresident Pro Tempore of the Senate shall serve a term of office of\n\nfour (4) years.\n\n(k) Upon the expiration of the term of office of the retired\n\nclassroom teacher member of the Board, the Speaker of the House of\n\nRepresentatives shall appoint a member to the Board, who shall be a\n\nretired member of the System and whose initial term of office shall\n\nexpire on January 8, 1991. The members thereafter appointed by the\n\nSpeaker of the House of Representatives shall serve a term of office\n\nof four (4) years.\nof the term of office of the retired\n\nclassroom teacher member of the Board, the Speaker of the House of\n\nRepresentatives shall appoint a member to the Board, who shall be a\n\nretired member of the System and whose initial term of office shall\n\nexpire on January 8, 1991. The members thereafter appointed by the\n\nSpeaker of the House of Representatives shall serve a term of office\n\nof four (4) years.\n\n(l) The Speaker of the House of Representatives shall appoint a\n\nmember to the Board, who shall be an active classroom teacher and\n\nwhose initial term of office shall expire on January 3, 1989. The\n\nmembers thereafter appointed by the Speaker of the House of\n\nRepresentatives shall serve a term of office of four (4) years.\n\n(m) The President Pro Tempore of the Senate shall appoint a\n\nmember to the Board, who shall be a retired member of the System and\n\nwhose initial term of office shall expire on January 3, 1989. The\n\nmembers thereafter appointed by the President Pro Tempore of the\n\nSenate shall serve a term of office of four (4) years.\n\n(n) A statewide organization representing retired educators\n\nshall appoint a member to the Board who shall be a nonvoting member.\n\n(3) Persons who are appointed to the Board of Trustees by the\n\nGovernor pursuant to paragraphs (e), (g), (h) and (i) of subsection\n\n(2) of this section shall:\n\n(a) have demonstrated professional experience in investment or\n\nfunds management, public funds management, public or private pension\n\nfund management or retirement system management; or\n\n(b) have demonstrated experience in the banking profession and\n\nhave demonstrated professional experience in investment or funds\n\nmanagement; or\n\n(c) be licensed to practice law in this state and have\n\ndemonstrated professional experience in commercial matters; or\n\n(d) be licensed by the Oklahoma Accountancy Board to practice\n\nin this state as a public accountant or a certified public\n\naccountant.\n\nThe appointing authorities, in making appointments that conform\n\nto the requirements of this subsection, shall give due consideration\n\nto balancing the appointments among the criteria specified in\n\nparagraphs (a) through (d) of this subsection.\n\n(4) No member of the Board of Trustees shall be a lobbyist\n\nregistered in this state as provided by law.\n\n(5) If a vacancy occurs in the office of a trustee, the vacancy\n\nshall be filled for the unexpired term in the same manner as the\n\noffice was previously filled.\n\n(6) Each of the trustees, except those who are state officials\n\nserving ex officio, shall receive travel expenses in accordance with\n\nthe State Travel Reimbursement Act.\n\n(7) Each trustee shall, within ten (10) days after his or her\n\nappointment or election, take an oath of office that, so far as it\n\ndevolves upon him or her, the trustee will diligently and honestly\n\nadminister the affairs of the Board of Trustees and that he or she\n\nwill not knowingly violate or willingly permit to be violated any of\n\nthe provisions of law applicable to the retirement system. Such\n\noath shall be subscribed to by the member making it, certified by\n\nthe officer before whom it is taken, and immediately filed in the\n\noffice of the Secretary of State.\n\n(8) Each trustee shall be entitled to one vote on the Board of\n\nTrustees. Eight votes shall be necessary for a decision by the\n\ntrustees at any meeting of the Board.\n\n(9) Subject to the limitations of this act, the Board of\n\nTrustees shall, from time to time, establish rules and regulations\n\nfor the administration of the funds created by this act and for the\n\ntransaction of its business. Provided that such rules and\n\nregulations may include rules and regulations providing for the\n\nwithholding from the retirement allowance due a retired person under\n\nthe provisions of this act an amount requested in writing by the\n\nretiree for the purpose of paying:\ninistration of the funds created by this act and for the\n\ntransaction of its business. Provided that such rules and\n\nregulations may include rules and regulations providing for the\n\nwithholding from the retirement allowance due a retired person under\n\nthe provisions of this act an amount requested in writing by the\n\nretiree for the purpose of paying:\n\n(a) monthly premiums on group hospital and surgical insurance\n\nprograms to which such retiree belongs, and for the transmitting of\n\nthe sums so withheld to the insurance carrier designated by the\n\nretiree; and\n\n(b) membership dues in any statewide association limited to\n\nretired educator membership with a minimum membership of one\n\nthousand (1,000) dues-paying members and for the transmitting of the\n\nsums so withheld.\n\n(10) The Board of Trustees shall elect from its membership a\n\nchair, vice-chair and secretary by a majority vote of all of its\n\nmembers. The Board shall employ an executive director and shall\n\nengage such actuarial and other service as shall be required to\n\ntransact the business of the retirement system. The compensation of\n\nall persons engaged by the Board and all other expenses of the Board\n\nnecessary for the operation of the retirement system shall be paid\n\nat such rates and in such amounts as the Board shall approve.\n\n(11) The members of the Board of Trustees, the Executive\n\nDirector and the employees of the System shall not accept gifts or\n\ngratuities from an individual organization with a value in excess of\n\nFifty Dollars ($50.00) per year. The provisions of this section\n\nshall not be construed to prevent the members of the Board of\n\nTrustees, the Executive Director or the employees of the System from\n\nattending educational seminars, conferences, meetings or similar\n\nfunctions which are paid for, directly or indirectly, by more than\n\none organization.\n\n(12) The Board of Trustees shall keep in convenient form such\n\ndata as shall be necessary for actuarial valuation of the various\n\nfunds of the retirement system and for checking the experience of\n\nthe system.\n\n(13) The Board of Trustees shall keep a record of all of its\n\nproceedings which shall be open to public inspection. It shall\n\npublish annually a report showing the fiscal transactions of the\n\nretirement system for the preceding fiscal year, the amount of the\n\naccumulated cash and securities of the system, and the last balance\n\nsheet showing the financial condition of the system by means of an\n\nactuarial valuation of the assets and liabilities of the retirement\n\nsystem and a detailed accounting of its administrative expenses.\n\n(14) The Board of Trustees shall retain an attorney who is\n\nlicensed to practice law in this state. The attorney shall serve at\n\nthe pleasure of the Board of Trustees for such compensation as may\n\nbe provided by the Board of Trustees. The attorney shall advise the\n\nBoard of Trustees and perform legal services for the Board of\n\nTrustees with respect to any matters properly before the Board of\n\nTrustees. When requested by the Board of Trustees, the Attorney\n\nGeneral of the state also shall render legal services to the Board\n\nof Trustees. In addition to the above, the Board of Trustees may\n\nemploy hearing examiners to conduct administrative grievance\n\nhearings under the provisions of the Administrative Procedures Act.\n\n(15) Suitable offices shall be furnished by the Office of\n\nManagement and Enterprise Services. Upon the failure or inability\n\nof the Office of Management and Enterprise Services to provide\n\nadequate facilities, the Board of Trustees may contract for\n\nnecessary office space in suitable quarters.\no conduct administrative grievance\n\nhearings under the provisions of the Administrative Procedures Act.\n\n(15) Suitable offices shall be furnished by the Office of\n\nManagement and Enterprise Services. Upon the failure or inability\n\nof the Office of Management and Enterprise Services to provide\n\nadequate facilities, the Board of Trustees may contract for\n\nnecessary office space in suitable quarters.\n\n(16) The Board of Trustees shall designate a Medical Board to\n\nbe composed of three physicians not eligible to participate in the\n\nretirement system. The physicians so appointed by the Board of\n\nTrustees shall be legally qualified to practice medicine in Oklahoma\n\nor the state in which they reside and shall be physicians of good\n\nstanding in the medical profession. The Board of Trustees may have\n\nmore than one Medical Board and each Board shall have the same\n\nduties and authority under the statutes. If required, other\n\nphysicians may be employed to report on special cases. The Medical\n\nBoard shall pass upon all medical examinations required under the\n\nprovisions of this act and shall investigate all essential\n\nstatements and certificates by or on behalf of a member in\n\nconnection with an application for disability retirement and shall\n\nreport in writing to the Board of Trustees its conclusion and\n\nrecommendation upon all the matters referred to it. The Board of\n\nTrustees shall adopt such rules and regulations as may be necessary\n\nto properly administer this benefit.\n\n(17) The Board of Trustees shall retain an actuarial firm that\n\nshall be technical advisors of the Board of Trustees on matters\n\nregarding the operation of funds created by the provisions of this\n\nact and shall perform such other duties as are required in\n\nconnection therewith.\n\n(18) At least once each five (5) years the Board of Trustees\n\nshall use an actuarial firm to make an actuarial investigation of\n\nthe experience of the retirement system, including the mortality,\n\nservice and compensation experience of members and beneficiaries.\n\nBased on the results of such investigation the actuarial firm shall\n\nrecommend for adoption by the Board of Trustees such tables and\n\nrates as are required for the operation of the retirement system and\n\nfor the preparation of annual actuarial valuations.\n\n(19) On the basis of such tables and rates as the Board of\n\nTrustees shall adopt, the actuarial firm shall prepare an annual\n\nactuarial valuation of the assets and liabilities of the retirement\n\nsystem and certify the rates of contribution payable by the state\n\nunder the provisions of law concerning the Teachers' Retirement\n\nSystem.","path":["OK Code","Title 70"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os70.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"bc629604344039d5ee892bc92bbffd1264aebf743a10e526386e8adb0a87fe20","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-17-105.2","next":"us-ok/okla.-stat.-tit.-70-70-17-106.1"},"notice":"GroundRules: Original legal text. Not legal advice."}