{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-1305.2","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-1305.2","heading":"Fiduciaries - Duties, powers and responsibilities","body":"(1) A fiduciary with respect to the State and Education\n\nEmployees Group Insurance Board shall not cause the Board to engage\n\nin a transaction if the fiduciary knows or should knowthat such\n\ntransaction constitutes a direct or indirect:\n\n(a) sale or exchange, or leasing of any property from the Board\n\nto a party in interest for less than adequate consideration or from\n\na party in interest to the Board for more than adequate\n\nconsideration;\n\n(b) lending of money or other extension of credit from the\n\nBoard 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 Board with provision of excessive security or an\n\nunreasonably high rate of interest;\n\n(c) furnishing of goods, services or facilities from the Board\n\nto a party in interest for less than adequate consideration, or from\n\na party in interest to the Board for more than adequate\n\nconsideration; or\n\n(d) transfer to, or use by or for the benefit of, a party in\n\ninterest of any assets of the Board for less than adequate\n\nconsideration.\n\n(2) A fiduciary with respect to the Board shall not:\n\n(a) deal with the assets of the Board in the fiduciary's own\n\ninterest or for the fiduciary's own account;\n\n(b) in the fiduciary's individual or any other capacity act in\n\nany transaction involving the Board on behalf of a party whose\n\ninterests are adverse to the interests of the Board or the interests\n\nof its participants or beneficiaries; or\n\n(c) receive any consideration for the fiduciary's own personal\n\naccount from any party dealing with the Board in connection with a\n\ntransaction involving the assets of the Board.\n\n(3) A fiduciary with respect to the Board may:\n\n(a) invest all or part of the assets of the Board 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\n(b) provide any ancillary service by 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.\n\n(4) A person or a financial institution is a fiduciary with\n\nrespect to the Board to the extent that the person or the financial\n\ninstitution:\n\n(a) exercises any discretionary authority or discretionary\n\ncontrol respecting management of the Board or exercises any\n\nauthority or control respecting management or disposition of the\n\nassets of the Board;\n\n(b) renders investment advice for a fee or other compensation,\n\ndirect or indirect, with respect to any monies or other property of\n\nthe Board, or has any authority or responsibility to do so; or\n\n(c) has any discretionary authority or discretionary\n\nresponsibility in the administration of the Board.","path":["OK Code","Title 74"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os74.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"454002e90d3f8d6308e4f139f0fbf69bc944c7d24b6e5de2df44c34cdf6e4d95","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-1305.1","next":"us-ok/okla.-stat.-tit.-74-74-1306.1"},"notice":"GroundRules: Original legal text. Not legal advice."}