Okla. Stat. tit. 70, § 70-17-106

(1) The general administration and responsibility for the

proper operation of the retirement system and for making effective

the provisions of the act are hereby vested in a Board of Trustees

which shall be known as the Board of Trustees and shall be organized

immediately after a majority of the trustees provided for in this

section shall have qualified and taken the oath of office.

(2) The Board shall consist of the following members and all

appointees shall serve their terms at the pleasure of the appointing

authority and may be removed or replaced without cause:

(a) The State Superintendent of Public Instruction, ex officio

or a designee.

(b) The Director of the Office of Management and Enterprise

Services, ex officio or a designee.

(c) The Director of the Oklahoma Department of Career and

Technology Education, ex officio, or his or her designee.

(d) The State Treasurer, ex officio, or his or her designee.

(e) One member appointed by the Governor whose initial term of

office shall expire on January 14, 1991. The members thereafter

appointed by the Governor shall serve a term of office of four (4)

years which is coterminous with the term of office of the office of

the appointing authority.

(f) Two members shall be appointed by the Governor of the State

of Oklahoma and approved by the Senate. The two members shall be:

1. a representative of a school of higher education in

Oklahoma whose term of office shall initially be one

(1) year, and

Oklahoma Statutes - Title 70. Schools Page 737

2. a member of the System of the nonclassified optional

personnel status whose initial term of office shall be

two (2) years.

After the initial terms of office the terms of the members shall be

four (4) years.

(g) Upon the expiration of the term of office of the

stockbroker member of the Board, the Governor shall appoint a member

to the Board whose initial term of office shall expire on January

14, 1991. The members thereafter appointed by the Governor shall

serve a term of office of four (4) years which is coterminous with

the term of office of the office of the appointing authority.

(h) Upon the expiration of the term of office of the

representative of the insurance industry member of the Board, the

Governor shall appoint a member to the Board whose initial term of

office shall expire on January 14, 1991. The members thereafter

appointed by the Governor shall serve a term of office of four (4)

years which is coterminous with the term of office of the office of

the appointing authority.

(i) Upon the expiration of the term of office of the investment

counselor member of the Board, the Governor shall appoint a member

to the Board whose initial term of office shall expire on January

14, 1991. The members thereafter appointed by the Governor shall

serve a term of office of four (4) years which is coterminous with

the term of office of the office of the appointing authority.

(j) Upon the expiration of the term of office of the active

classroom teacher member of the Board, the President Pro Tempore of

the Senate shall appoint a member to the Board, who shall be an

active classroom teacher and whose initial term of office shall

expire on January 8, 1991. The members thereafter appointed by the

President Pro Tempore of the Senate shall serve a term of office of

four (4) years.

(k) Upon the expiration of the term of office of the retired

classroom teacher member of the Board, the Speaker of the House of

Representatives shall appoint a member to the Board, who shall be a

retired member of the System and whose initial term of office shall

expire on January 8, 1991. The members thereafter appointed by the

Speaker of the House of Representatives shall serve a term of office

of four (4) years.
of the term of office of the retired

classroom teacher member of the Board, the Speaker of the House of

Representatives shall appoint a member to the Board, who shall be a

retired member of the System and whose initial term of office shall

expire on January 8, 1991. The members thereafter appointed by the

Speaker of the House of Representatives shall serve a term of office

of four (4) years.

(l) The Speaker of the House of Representatives shall appoint a

member to the Board, who shall be an active classroom teacher and

whose initial term of office shall expire on January 3, 1989. The

members thereafter appointed by the Speaker of the House of

Representatives shall serve a term of office of four (4) years.

(m) The President Pro Tempore of the Senate shall appoint a

member to the Board, who shall be a retired member of the System and

whose initial term of office shall expire on January 3, 1989. The

Oklahoma Statutes - Title 70. Schools Page 738

members thereafter appointed by the President Pro Tempore of the

Senate shall serve a term of office of four (4) years.

(n) A statewide organization representing retired educators

shall appoint a member to the Board who shall be a nonvoting member.

(3) Persons who are appointed to the Board of Trustees by the

Governor pursuant to paragraphs (e), (g), (h) and (i) of subsection

(2) of this section shall:

(a) have demonstrated professional experience in investment or

funds management, public funds management, public or private pension

fund management or retirement system management; or

(b) have demonstrated experience in the banking profession and

have demonstrated professional experience in investment or funds

management; or

(c) be licensed to practice law in this state and have

demonstrated professional experience in commercial matters; or

(d) be licensed by the Oklahoma Accountancy Board to practice

in this state as a public accountant or a certified public

accountant.

The appointing authorities, in making appointments that conform

to the requirements of this subsection, shall give due consideration

to balancing the appointments among the criteria specified in

paragraphs (a) through (d) of this subsection.

(4) No member of the Board of Trustees shall be a lobbyist

registered in this state as provided by law.

(5) If a vacancy occurs in the office of a trustee, the vacancy

shall be filled for the unexpired term in the same manner as the

office was previously filled.

(6) Each of the trustees, except those who are state officials

serving ex officio, shall receive travel expenses in accordance with

the State Travel Reimbursement Act.

(7) Each trustee shall, within ten (10) days after his or her

appointment or election, take an oath of office that, so far as it

devolves upon him or her, the trustee will diligently and honestly

administer the affairs of the Board of Trustees and that he or she

will not knowingly violate or willingly permit to be violated any of

the provisions of law applicable to the retirement system. Such

oath shall be subscribed to by the member making it, certified by

the officer before whom it is taken, and immediately filed in the

office of the Secretary of State.

(8) Each trustee shall be entitled to one vote on the Board of

Trustees. Eight votes shall be necessary for a decision by the

trustees at any meeting of the Board.

(9) Subject to the limitations of this act, the Board of

Trustees shall, from time to time, establish rules and regulations

for the administration of the funds created by this act and for the

transaction of its business. Provided that such rules and

regulations may include rules and regulations providing for the

Oklahoma Statutes - Title 70. Schools Page 739

withholding from the retirement allowance due a retired person under

the provisions of this act an amount requested in writing by the

retiree for the purpose of paying:
inistration of the funds created by this act and for the

transaction of its business. Provided that such rules and

regulations may include rules and regulations providing for the

Oklahoma Statutes - Title 70. Schools Page 739

withholding from the retirement allowance due a retired person under

the provisions of this act an amount requested in writing by the

retiree for the purpose of paying:

(a) monthly premiums on group hospital and surgical insurance

programs to which such retiree belongs, and for the transmitting of

the sums so withheld to the insurance carrier designated by the

retiree; and

(b) membership dues in any statewide association limited to

retired educator membership with a minimum membership of one

thousand (1,000) dues-paying members and for the transmitting of the

sums so withheld.

(10) The Board of Trustees shall elect from its membership a

chair, vice-chair and secretary by a majority vote of all of its

members. The Board shall employ an executive director and shall

engage such actuarial and other service as shall be required to

transact the business of the retirement system. The compensation of

all persons engaged by the Board and all other expenses of the Board

necessary for the operation of the retirement system shall be paid

at such rates and in such amounts as the Board shall approve.

(11) The members of the Board of Trustees, the Executive

Director and the employees of the System shall not accept gifts or

gratuities from an individual organization with a value in excess of

Fifty Dollars ($50.00) per year. The provisions of this section

shall not be construed to prevent the members of the Board of

Trustees, the Executive Director or the employees of the System from

attending educational seminars, conferences, meetings or similar

functions which are paid for, directly or indirectly, by more than

one organization.

(12) The Board of Trustees shall keep in convenient form such

data as shall be necessary for actuarial valuation of the various

funds of the retirement system and for checking the experience of

the system.

(13) The Board of Trustees shall keep a record of all of its

proceedings which shall be open to public inspection. It shall

publish annually a report showing the fiscal transactions of the

retirement system for the preceding fiscal year, the amount of the

accumulated cash and securities of the system, and the last balance

sheet showing the financial condition of the system by means of an

actuarial valuation of the assets and liabilities of the retirement

system and a detailed accounting of its administrative expenses.

(14) The Board of Trustees shall retain an attorney who is

licensed to practice law in this state. The attorney shall serve at

the pleasure of the Board of Trustees for such compensation as may

be provided by the Board of Trustees. The attorney shall advise the

Board of Trustees and perform legal services for the Board of

Trustees with respect to any matters properly before the Board of

Trustees. When requested by the Board of Trustees, the Attorney

Oklahoma Statutes - Title 70. Schools Page 740

General of the state also shall render legal services to the Board

of Trustees. In addition to the above, the Board of Trustees may

employ hearing examiners to conduct administrative grievance

hearings under the provisions of the Administrative Procedures Act.

(15) Suitable offices shall be furnished by the Office of

Management and Enterprise Services. Upon the failure or inability

of the Office of Management and Enterprise Services to provide

adequate facilities, the Board of Trustees may contract for

necessary office space in suitable quarters.
o conduct administrative grievance

hearings under the provisions of the Administrative Procedures Act.

(15) Suitable offices shall be furnished by the Office of

Management and Enterprise Services. Upon the failure or inability

of the Office of Management and Enterprise Services to provide

adequate facilities, the Board of Trustees may contract for

necessary office space in suitable quarters.

(16) The Board of Trustees shall designate a Medical Board to

be composed of three physicians not eligible to participate in the

retirement system. The physicians so appointed by the Board of

Trustees shall be legally qualified to practice medicine in Oklahoma

or the state in which they reside and shall be physicians of good

standing in the medical profession. The Board of Trustees may have

more than one Medical Board and each Board shall have the same

duties and authority under the statutes. If required, other

physicians may be employed to report on special cases. The Medical

Board shall pass upon all medical examinations required under the

provisions of this act and shall investigate all essential

statements and certificates by or on behalf of a member in

connection with an application for disability retirement and shall

report in writing to the Board of Trustees its conclusion and

recommendation upon all the matters referred to it. The Board of

Trustees shall adopt such rules and regulations as may be necessary

to properly administer this benefit.

(17) The Board of Trustees shall retain an actuarial firm that

shall be technical advisors of the Board of Trustees on matters

regarding the operation of funds created by the provisions of this

act and shall perform such other duties as are required in

connection therewith.

(18) At least once each five (5) years the Board of Trustees

shall use an actuarial firm to make an actuarial investigation of

the experience of the retirement system, including the mortality,

service and compensation experience of members and beneficiaries.

Based on the results of such investigation the actuarial firm shall

recommend for adoption by the Board of Trustees such tables and

rates as are required for the operation of the retirement system and

for the preparation of annual actuarial valuations.

(19) On the basis of such tables and rates as the Board of

Trustees shall adopt, the actuarial firm shall prepare an annual

actuarial valuation of the assets and liabilities of the retirement

system and certify the rates of contribution payable by the state

under the provisions of law concerning the Teachers' Retirement

System.