Okla. Stat. tit. 11, § 11-48-102

Every municipality or municipal authority establishing a

retirement fund and system is authorized and directed to provide for

the control and management of the system by ordinance. The

ordinance shall provide, in addition to other provisions, for:

1. The qualifications of the persons eligible for retirement

benefits;

2. The minimum age for retirement of employees;

3. The limitations of the amounts to be paid to persons

eligible for retirement benefits;

4. A Board of Trustees to administer the fund, and the duties,

membership and powers of such board;

5. The amount of contributions to be made by the municipality

or authority, and the amount to be made by the employee, if any; and

Oklahoma Statutes - Title 11. Cities and Towns Page 509

6. Such rules and regulations as the municipality or authority

shall determine necessary for the proper regulation of the

retirement system and fund.

The retirement fund and system shall be known as the "Employee

Retirement System of ________ (name of municipality), Oklahoma" and

by such name all of its business shall be transacted, all funds

handled and all of its cash and securities and other property held.

Any municipality or any municipal authority may combine or pool by

contract with other municipalities and authorities pension and

retirement funds for purposes of management and investment, and may

create a single board of trustees for such purposes. The provisions

of this section shall not apply to Firemen's Relief and Pension

Funds nor to Police Pension and Retirement System funds.