Okla. Stat. tit. 20, § 20-1108

and Judges and the State Judicial Retirement Fund - Retirement

Medical Benefit Fund.

A. The Board of Trustees of the Oklahoma Public Employees

Retirement System shall have the responsibility for management of

the Uniform Retirement System for Justices and Judges and the State

Judicial Retirement Fund. All benefits payable under The Uniform

Retirement System for Justices and Judges, refunds of contributions

and overpayments, purchases or investments under the law, and all

expenses in connection with the System shall be paid from the

Oklahoma Judicial Retirement Fund. The State Judicial Retirement

Fund shall be invested and managed in the same manner as now or

hereinafter provided by law for the investment and management of

funds belonging to the Oklahoma Public Employees Retirement System.

The Uniform Retirement System for Justices and Judges shall be an

instrumentality of the State of Oklahoma. The System shall be

vested with the powers and duties specified in this act and such

other powers as may be necessary to enable it, its officers,

employees, and agents to carry out fully and effectively the

purposes and intent of this act.

1. The Board shall distribute the corpus and income of the

System to the members and their beneficiaries in accordance with the

System’s law. At no time prior to the satisfaction of all

liabilities with respect to members and their beneficiaries shall

any part of the corpus and income be used for, or diverted to,

purposes other than the exclusive benefit of the members and their

beneficiaries.

2. The Board may not engage in a transaction prohibited by

Section 503(b) of the federal Internal Revenue Code.

3. The Board shall be responsible for the policies and rules

for the general administration of the System, subject to the

provisions of this act. Except as specifically provided in this

act, the Uniform Retirement System for Justices and Judges shall

generally be managed in the same manner as now or hereinafter

provided by law or by rule for the management of the Oklahoma Public

Employees Retirement System.

Oklahoma Statutes - Title 20. Courts Page 442

4. The Board shall establish rules for the administration of

the System and for the transaction of its business consistent with

law, which rules shall be promulgated in compliance with the

Administrative Procedures Act.

5. The Board may adopt all necessary actuarial tables to be

used in the operation of the System as recommended by the actuary

and may compile such additional data as may be necessary for

required actuarial valuation calculations.

6. All decisions of the Board as to questions of fact shall be

final and conclusive on all persons except for the right of review

as provided by law and except for fraud or such gross mistake of

fact as to have effect equivalent to fraud.

7. Any person who shall knowingly make any false statement, or

who shall falsify or permit to be falsified any record necessary for

carrying out the intent of this act for the purpose of committing

fraud, shall be guilty of a misdemeanor, and upon conviction shall

be punished by a fine not exceeding Five Hundred Dollars ($500.00)

or by imprisonment for not exceeding one (1) year. Should any error

in any records of the Uniform Retirement System for Justices and

Judges result in any member or beneficiary receiving more or less

than he or she would have been entitled to receive had the records

been correct, the Board shall correct such error, and, as far as

practicable, make future payments in such manner that the actuarial

equivalent of the benefit to which such member or beneficiary was

entitled shall be paid, and to this end, may recover any

overpayments.

B. The Board of Trustees of the Oklahoma Public Employees

Retirement System shall compile a quarterly financial report of all

the funds of the State Judicial Retirement Fund on a fiscal year

basis. The report shall be compiled pursuant to uniform reporting
equivalent of the benefit to which such member or beneficiary was

entitled shall be paid, and to this end, may recover any

overpayments.

B. The Board of Trustees of the Oklahoma Public Employees

Retirement System shall compile a quarterly financial report of all

the funds of the State Judicial Retirement Fund on a fiscal year

basis. The report shall be compiled pursuant to uniform reporting

standards prescribed by the Oklahoma State Pension Commission for

all state retirement systems. The report shall include several

relevant measures of investment value, including acquisition cost

and current fair market value with appropriate summaries of total

holdings and returns. The report shall contain combined and

individual rate of returns of the investment managers by category of

investment, over periods of time. The Board of Trustees shall

include in the quarterly reports all commissions, fees or payments

for investment services performed on behalf of the Board of Trustees

with respect to the State Judicial Retirement Fund. The report

shall be distributed to the Governor, the Oklahoma State Pension

Commission, the Legislative Service Bureau, the Speaker of the House

of Representatives and the President Pro Tempore of the Senate. In

lieu of compiling and distributing the quarterly report, the Board

may provide the Pension Commission with direct access to the same

data from the custodian bank for the System.

Oklahoma Statutes - Title 20. Courts Page 443

C. There is hereby created the Retirement Medical Benefit Fund.

The fund shall be maintained as a subaccount of the State Judicial

Retirement Fund. The Retirement Medical Benefit Fund is composed of

all assets which may be contributed to this subaccount to pay the

retirement system’s portion of the monthly retiree health insurance

premium benefit described by Section 1316.2 of Title 74 of the

Oklahoma Statutes. All such allocated assets and any earnings

thereon in the Retirement Medical Benefit Fund shall be held for the

exclusive purpose of providing retiree medical benefits. The

Retirement Medical Benefit Fund is to be administered in accordance

with the requirements of Section 401(h) of the Internal Revenue Code

of 1986, as amended from time to time. The Board of Trustees may

promulgate such rules as are necessary to implement the funding and

administration of the fund pursuant to the provisions of this

subsection.

D. After July 1 and before December 1 of each year, the Board

of Trustees of the Oklahoma Public Employees Retirement System shall

publish widely an annual report presented in simple and easily

understood language pursuant to uniform reporting standards

prescribed by the Oklahoma State Pension Commission for all state

retirement systems. The report shall be submitted to the Governor,

the Speaker of the House of Representatives, the President Pro

Tempore of the Senate, the Oklahoma State Pension Commission and the

members of the System. The annual report shall cover the operation

of the System during the past fiscal year, including income,

disbursements, and the financial condition of the System at the end

of the fiscal year. The annual report shall also contain the

information issued in the quarterly reports required pursuant to

subsection B of this section as well as a summary of the results of

the most recent actuarial valuation to include total assets, total

liabilities, unfunded liability or overfunded status, contributions

and any other information deemed relevant by the Board of Trustees.

The annual report shall be written in such a manner as to permit a

readily understandable means for analyzing the financial condition

and performance of the System for the fiscal year.

E. The Board shall adopt a cost of living adjustment actuarial

assumption in its annual actuarial valuation report.