{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-942","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-942","heading":"Duties of Commission - Reports - Management consultants -","body":"Fiduciary duties.\n\nA. The Oklahoma State Pension Commission shall:\n\n1. Publish, on a quarterly basis, a performance report\n\nanalyzing the performance of the Oklahoma Firefighters Pension and\n\nRetirement System, the Oklahoma Police Pension and Retirement\n\nSystem, the Uniform Retirement System for Justices and Judges, the\n\nOklahoma Law Enforcement Retirement System, the Teachers' Retirement\n\nSystem of Oklahoma, the Oklahoma Public Employees Retirement System\n\nand the retirement plan adopted by the Wildlife Conservation\n\nCommission on an individual and consolidated basis. The Commission\n\nshall establish a format for use by each of the state retirement\n\nsystems in submitting the information requested by the Commission\n\nfor the report. The report shall contain:\n\na. combined and individual rates of return of the\n\ninvestment managers by category of investment, over\n\nperiods of time,\n\nb. the data obtained pursuant to subparagraph a of this\n\nparagraph compared with similar data for a larger\n\npopulation of investment managers by asset class as\n\nwell as by style of management, and\n\nc. any other information that the Commission may include;\n\n2. Publish widely an annual report in simple and easily\n\nunderstood language containing:\n\na. on an individual and consolidated basis, a report of\n\nthe changes in the investment policy statements\n\nadopted by each retirement system in the prior year,\n\nb. an analysis of the performance of the securities\n\nlending program and short-term investment fund of the\n\ncustodian employed by each governing body of the\n\nretirement systems specified in paragraph 1 of this\n\nsubsection with regard to short-term investment funds,\n\nif any, containing retirement system monies,\n\nc. recommendations on administrative and legislative\n\nchanges which are necessary to improve the performance\n\nof the retirement systems in accordance with current\n\nstandards for large public fund portfolio management,\n\nd. a summary of the results of the most recent actuarial\n\nvaluation to include total assets, total liabilities,\n\nunfunded liability or over funded status,\n\ncontributions and any other information deemed\n\nrelevant by the Commission. The results shall be\n\ndetermined using the standards prescribed by the\n\nGovernment Accounting Standards Board or any successor\n\nentity, and\n\ne. a listing by category of the expenses of the\n\nCommission;\n\n3. Make recommendations to the Governor, the Speaker of the\n\nHouse of Representatives and the President Pro Tempore of the State\n\nSenate, based upon the advice of pension consultants, for updating\n\nor standardizing retirement system benefit designs; and\n\n4. Make recommendations to the Governor, the Speaker of the\n\nHouse of Representatives and the President Pro Tempore of the State\n\nSenate regarding the methods for the adequate financing of benefits\n\nauthorized or required by law for performance of service upon behalf\n\nof employers participating in any of the retirement systems\n\nadministered by the entities identified in paragraph 1 of this\n\nsubsection, including, but not limited to, recommendations regarding\n\nthe use of dedicated tax or other revenue sources or the\n\nmodification of such tax or other revenue sources to provide\n\nadditional funding to retirement systems the actuarial condition of\n\nwhich would benefit from such sources.\n\nB. The Commission shall distribute its reports and\n\nrecommendations to the Governor, the President Pro Tempore of the\n\nSenate, the Speaker of the House of Representatives and the chairman\n\nand vice-chairman of the Joint Committee on Fiscal Operations. The\n\nCommission shall make the reports widely available to the members of\n\nthe Legislature, members of the retirement systems and the general\n\npublic.\n\nC. The Commission shall hire one or more pension fund\n\nmanagement consultants to assist the Commission in accomplishing its\n\nman\n\nand vice-chairman of the Joint Committee on Fiscal Operations. The\n\nCommission shall make the reports widely available to the members of\n\nthe Legislature, members of the retirement systems and the general\n\npublic.\n\nC. The Commission shall hire one or more pension fund\n\nmanagement consultants to assist the Commission in accomplishing its\n\nobjectives specified in subsection A of this section. Consultants\n\nshall be chosen by a solicitation of proposals on a competitive bid\n\nbasis pursuant to standards set by the Commission. A consultant:\n\n1. Shall be experienced in providing unbiased third-party\n\nconsulting services;\n\n2. Shall have in its client base individual clients that are\n\ncomparable in size to the combined total assets of the retirement\n\nsystems specified in paragraph 1 of subsection A of this section;\n\nand\n\n3. Shall not be under contract with any of the individual\n\ngoverning bodies of the various state retirement systems.\n\nD. For purposes of this subsection, pension fund management\n\nconsultants hired by the Commission are hereby considered\n\nfiduciaries of the state retirement systems.\n\n1. A fiduciary with respect to the state retirement systems\n\nshall not cause or advise a retirement system to engage in a\n\ntransaction if the fiduciary knows or should know that such\n\ntransaction constitutes a direct or indirect:\n\na. sale or exchange, or leasing of any property from a\n\nretirement system to a party in interest for less than\n\nadequate consideration or from a party in interest to\n\na retirement system for more than adequate\n\nconsideration,\n\nb. lending of money or other extension of credit from a\n\nretirement system to a party in interest without the\n\nreceipt of adequate security and a reasonable rate of\n\ninterest, or from a party in interest to a retirement\n\nsystem with provision of excessive security or an\n\nunreasonably high rate of interest,\n\nc. furnishing of goods, services or facilities from a\n\nretirement system to a party in interest for less than\n\nadequate consideration, or from a party in interest to\n\na retirement system for more than adequate\n\nconsideration, or\n\nd. transfer to, or use by or for the benefit of, a party\n\nin interest of any assets of a retirement system for\n\nless than adequate consideration.\n\n2. A fiduciary with respect to the state retirement systems\n\nshall not:\n\na. deal with the assets of a retirement system in the\n\nfiduciary's own interest or for the fiduciary's own\n\naccount,\n\nb. in the fiduciary's individual or any other capacity\n\nact in any transaction involving a retirement system\n\non behalf of a party whose interests are adverse to\n\nthe interests of a retirement system or the interests\n\nof its participants or beneficiaries, or\n\nc. receive any consideration for the fiduciary's own\n\npersonal account from any party dealing with a\n\nretirement system in connection with a transaction\n\ninvolving the assets of a retirement system.","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":"c5c468014ea32f327a7764e97a1bfa8e99c131b5b8008dfdbcc61400479c0887","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-941","next":"us-ok/okla.-stat.-tit.-74-74-943"},"notice":"GroundRules: Original legal text. Not legal advice."}