Okla. Stat. tit. 11, § 11-50-106

The State Board shall, in addition to other powers herein

granted, have power to:

1. Compel witnesses to attend and testify before it upon all

matters connected with the operations of this article or ordinances

enacted by any municipality relative to the System, and in the same

manner as is or may be provided by law for the taking of testimony

Oklahoma Statutes - Title 11. Cities and Towns Page 625

before notaries public; and its Chairman or any member of the State

Board may administer oaths to such witnesses;

2. Provide for the payment of all its necessary expenses, and

pay for actuarial, legal and such other services as shall be

required to transact the business of the System;

3. Provide all rules and regulations necessary for its guidance

in conformity with the provisions of this article including the

physical requirements for eligibility for initial membership in the

System. In connection with such authority, on or after July 1,

2011, the State Board may permit, effective for applicable notices,

elections and consents provided or made for a member, beneficiary,

alternate payee or individual entitled to benefits under the System,

the use of electronic media to provide such applicable notices and

make such elections and consents as described in Section 1.401(a)-21

of the Income Tax Regulations;

4. For the purpose of meeting disbursements for pensions and

other payments, to keep on deposit in one or more banks, trust

companies or savings and loan associations, to the extent that such

deposit is insured, what it considers an adequate amount of cash.

No trustee or employee of the State Board shall, directly or

indirectly, for himself or as an agent, in any manner use the assets

of the System, except to make such current and necessary payments as

are authorized by the State Board, nor shall any trustee or employee

of the State Board become an endorser or surety or become in any

manner an obligor for monies loaned by or borrowed from the State

Board; and

5. Effective July 1, 1999, do all acts and things necessary and

proper to carry out the purpose of the System and to make the least

costly amendments and changes, if any, as may be necessary to

qualify the System under the applicable sections of the Internal

Revenue Code of 1986, as amended.