Okla. Stat. tit. 74, § 74-908

gratuities - Actuary - Legal counsel - Membership status - Internal

auditor.

(1) The Board of Trustees of the Oklahoma Public Employees

Retirement System shall appoint an Executive Director and shall

establish his compensation. Subject to the policy direction of the

Board, he shall be the managing and administrative officer of the

System and as such shall have charge of the office, records, and

supervision and direction of the employees of the System.

(2) The Executive Director shall recommend to the Board the

administrative organization, the number and qualifications of

employees necessary to carry out the intent of this act, and the

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policy direction of the Board. Upon approval of the organizational

plan by the Board, the Executive Director may employ such persons as

are deemed necessary to administer this act.

(3) 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.

(4) The Board of Trustees shall select and retain a qualified

actuary who shall serve at its pleasure as its technical advisor or

consultant on matters regarding the operation of the System. The

actuary shall:

(a) make an annual valuation of the liabilities and reserves of

the System, and a determination of the contributions required by the

System to discharge its liabilities and administrative costs under

this act, and recommend to the Board rates of employer contributions

required to establish and maintain the System on an adequate reserve

basis.

(b) as soon after the effective date as practicable and once

every three (3) years thereafter, make a general investigation of

the actuarial experience under the System, including mortality,

retirement, employment turnover, and interest, and recommend

actuarial tables for use in valuations and in calculating actuarial

equivalent values based on such investigation.

(c) perform such other duties as may be assigned by the Board.

(5) The Board may retain an attorney licensed to practice law

in this state. The attorney shall serve at the pleasure of the

Board for such compensation as specified by the Board. The attorney

shall advise the Board and perform legal services for the Board with

respect to any matters properly before the Board. In addition, the

attorney shall advise and perform legal services for the State and

Education Employees Group Insurance Board with respect to any

matters properly before that Board as provided in Section 1301 et

seq. of this title.

(6) The Board shall decide in each instance the membership

status of member employees whose membership in the System becomes a

matter of conjecture on account of mergers or consolidations of

state agencies.

(7) The Board may retain an internal auditor to serve at the

pleasure of the Board for such compensation as specified by the

Board. In addition to the duties assigned by the Board, the

internal auditor is authorized to audit all records of any

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participating employer in order to ensure compliance with the

provisions of Section 901 et seq. of this title.