{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-909.2","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-909.2","heading":"Duties of fiduciaries","body":"A. A fiduciary with respect to the Oklahoma Public Employees\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 Public Employees\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 Public Employees\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 Public Employees 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 Public Employees\n\nRetirement System or exercises any authority or control respecting\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.\n\nE. In addition to any other prohibitions contained in this\n\nsection, the Board may not engage in a transaction prohibited by\n\nSection 503(b) of the federal Internal Revenue Code.","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":"d12cb887a2e579b9fe1a6b20f74635f36d94cd2ec17c61d17de0aa55590d947a","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-909.1","next":"us-ok/okla.-stat.-tit.-74-74-910"},"notice":"GroundRules: Original legal text. Not legal advice."}