Oklahoma Administrative Code, Title 590

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Chapter 1 Administrative Operations

Subchapter 1 General Provisions

Okla. Admin. Code § 590:1-1-1 Purpose

The purpose of Chapter 1 is to outline the administrative structure of the Oklahoma Public Employees Retirement System, including the Board of Trustees and Executive Director. It further provides the procedures for enforcing administrative rights of members of the System.

Okla. Admin. Code § 590:1-1-2 System purpose and authority

(a) This agency, known as the Oklahoma Public Employees Retirement System, was established to provide:

(1) an orderly means whereby employees, of participating employers, who are eligible as set by statute, may transfer to inactive service without undue hardship and without prejudice;

(2) for said employees to accumulate reserves adequate to provide for themselves and their dependents;

(3) to effectively and efficiently administer the programs necessary to attain these goals for public employees;

(4) to effectively and efficiently administer the programs necessary to attain these goals for Justices and Judges; and

(5) to effectively and efficiently administer the Defined Contribution Plans for state employees.

(b) The System shall be vested with the powers and duties specified in Title 74 O.S. Sections 901 to 935 and Title 20 O.S. Sections 1101 to 1112 and such other powers as may be necessary to enable it, its officers, employees, and agents to carry out fully and effectively the purpose and intent of said retirement laws.

History

• Amended at 22 Ok Reg 125, eff 10-6-04 (emergency); Amended at 22 Ok Reg 1353, eff 5-26-05

Okla. Admin. Code § 590:1-1-3 Board of Trustees

(a) The membership of the Board of Trustees shall be governed by statute, namely 74 O.S., Section 905.

(b) The Board shall serve the System without compensation but shall receive their actual and necessary expenses, subject to statutory limitations applying to other State employees, as are incurred in the performance of duties of the Board, which shall be paid as an operating expense from the appropriate operating fund of the System.

(c) The Board shall elect one of its Members as Chairman of the Board at its annual meeting and shall also elect another Member to serve as Vice Chairman and the Vice Chairman shall perform the duties of the Chairman in the absence of the latter.

(d) The Board may establish such committees as may be needed. Each committee shall be composed of not more than five (5) members of the Board of Trustees, appointed by the Chairman of the Board. The committees shall make recommendations on any matters before them, but shall have no authority to act on behalf of the Board. No recommendations of any committee shall have effect without approval of the Board of Trustees.

History

• Amended at 12 Ok Reg 3235, eff 7-27-95