{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-908","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-908","heading":"Executive Director - Employees - Acceptance of gifts or","body":"gratuities - Actuary - Legal counsel - Membership status - Internal\n\nauditor.\n\n(1) The Board of Trustees of the Oklahoma Public Employees\n\nRetirement System shall appoint an Executive Director and shall\n\nestablish his compensation. Subject to the policy direction of the\n\nBoard, he shall be the managing and administrative officer of the\n\nSystem and as such shall have charge of the office, records, and\n\nsupervision and direction of the employees of the System.\n\n(2) The Executive Director shall recommend to the Board the\n\nadministrative organization, the number and qualifications of\n\nemployees necessary to carry out the intent of this act, and the\n\npolicy direction of the Board. Upon approval of the organizational\n\nplan by the Board, the Executive Director may employ such persons as\n\nare deemed necessary to administer this act.\n\n(3) 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(4) The Board of Trustees shall select and retain a qualified\n\nactuary who shall serve at its pleasure as its technical advisor or\n\nconsultant on matters regarding the operation of the System. The\n\nactuary shall:\n\n(a) make an annual valuation of the liabilities and reserves of\n\nthe System, and a determination of the contributions required by the\n\nSystem to discharge its liabilities and administrative costs under\n\nthis act, and recommend to the Board rates of employer contributions\n\nrequired to establish and maintain the System on an adequate reserve\n\nbasis.\n\n(b) as soon after the effective date as practicable and once\n\nevery three (3) years thereafter, make a general investigation of\n\nthe actuarial experience under the System, including mortality,\n\nretirement, employment turnover, and interest, and recommend\n\nactuarial tables for use in valuations and in calculating actuarial\n\nequivalent values based on such investigation.\n\n(c) perform such other duties as may be assigned by the Board.\n\n(5) The Board may retain an attorney licensed to practice law\n\nin this state. The attorney shall serve at the pleasure of the\n\nBoard for such compensation as specified by the Board. The attorney\n\nshall advise the Board and perform legal services for the Board with\n\nrespect to any matters properly before the Board. In addition, the\n\nattorney shall advise and perform legal services for the State and\n\nEducation Employees Group Insurance Board with respect to any\n\nmatters properly before that Board as provided in Section 1301 et\n\nseq. of this title.\n\n(6) The Board shall decide in each instance the membership\n\nstatus of member employees whose membership in the System becomes a\n\nmatter of conjecture on account of mergers or consolidations of\n\nstate agencies.\n\n(7) The Board may retain an internal auditor to serve at the\n\npleasure of the Board for such compensation as specified by the\n\nBoard. In addition to the duties assigned by the Board, the\n\ninternal auditor is authorized to audit all records of any\n\nparticipating employer in order to ensure compliance with the\n\nprovisions of Section 901 et seq. of this title.","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":"517e42a8e578af1939084f183efbdae87128912b4d98a988f666d618ed87fb25","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-9079","next":"us-ok/okla.-stat.-tit.-74-74-9080"},"notice":"GroundRules: Original legal text. Not legal advice."}