Okla. Stat. tit. 74, § 74-942

Fiduciary duties.

A. The Oklahoma State Pension Commission shall:

1. Publish, on a quarterly basis, a performance report

analyzing the performance of the Oklahoma Firefighters Pension and

Retirement System, the Oklahoma Police Pension and Retirement

System, the Uniform Retirement System for Justices and Judges, the

Oklahoma Law Enforcement Retirement System, the Teachers' Retirement

System of Oklahoma, the Oklahoma Public Employees Retirement System

and the retirement plan adopted by the Wildlife Conservation

Commission on an individual and consolidated basis. The Commission

shall establish a format for use by each of the state retirement

systems in submitting the information requested by the Commission

for the report. The report shall contain:

a. combined and individual rates of return of the

investment managers by category of investment, over

periods of time,

b. the data obtained pursuant to subparagraph a of this

paragraph compared with similar data for a larger

population of investment managers by asset class as

well as by style of management, and

c. any other information that the Commission may include;

2. Publish widely an annual report in simple and easily

understood language containing:

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a. on an individual and consolidated basis, a report of

the changes in the investment policy statements

adopted by each retirement system in the prior year,

b. an analysis of the performance of the securities

lending program and short-term investment fund of the

custodian employed by each governing body of the

retirement systems specified in paragraph 1 of this

subsection with regard to short-term investment funds,

if any, containing retirement system monies,

c. recommendations on administrative and legislative

changes which are necessary to improve the performance

of the retirement systems in accordance with current

standards for large public fund portfolio management,

d. a summary of the results of the most recent actuarial

valuation to include total assets, total liabilities,

unfunded liability or over funded status,

contributions and any other information deemed

relevant by the Commission. The results shall be

determined using the standards prescribed by the

Government Accounting Standards Board or any successor

entity, and

e. a listing by category of the expenses of the

Commission;

3. Make recommendations to the Governor, the Speaker of the

House of Representatives and the President Pro Tempore of the State

Senate, based upon the advice of pension consultants, for updating

or standardizing retirement system benefit designs; and

4. Make recommendations to the Governor, the Speaker of the

House of Representatives and the President Pro Tempore of the State

Senate regarding the methods for the adequate financing of benefits

authorized or required by law for performance of service upon behalf

of employers participating in any of the retirement systems

administered by the entities identified in paragraph 1 of this

subsection, including, but not limited to, recommendations regarding

the use of dedicated tax or other revenue sources or the

modification of such tax or other revenue sources to provide

additional funding to retirement systems the actuarial condition of

which would benefit from such sources.

B. The Commission shall distribute its reports and

recommendations to the Governor, the President Pro Tempore of the

Senate, the Speaker of the House of Representatives and the chairman

and vice-chairman of the Joint Committee on Fiscal Operations. The

Commission shall make the reports widely available to the members of

the Legislature, members of the retirement systems and the general

public.

C. The Commission shall hire one or more pension fund

management consultants to assist the Commission in accomplishing its

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man

and vice-chairman of the Joint Committee on Fiscal Operations. The

Commission shall make the reports widely available to the members of

the Legislature, members of the retirement systems and the general

public.

C. The Commission shall hire one or more pension fund

management consultants to assist the Commission in accomplishing its

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objectives specified in subsection A of this section. Consultants

shall be chosen by a solicitation of proposals on a competitive bid

basis pursuant to standards set by the Commission. A consultant:

1. Shall be experienced in providing unbiased third-party

consulting services;

2. Shall have in its client base individual clients that are

comparable in size to the combined total assets of the retirement

systems specified in paragraph 1 of subsection A of this section;

and

3. Shall not be under contract with any of the individual

governing bodies of the various state retirement systems.

D. For purposes of this subsection, pension fund management

consultants hired by the Commission are hereby considered

fiduciaries of the state retirement systems.

1. A fiduciary with respect to the state retirement systems

shall not cause or advise a retirement system to engage in a

transaction if the fiduciary knows or should know that such

transaction constitutes a direct or indirect:

a. sale or exchange, or leasing of any property from a

retirement system to a party in interest for less than

adequate consideration or from a party in interest to

a retirement system for more than adequate

consideration,

b. lending of money or other extension of credit from a

retirement system to a party in interest without the

receipt of adequate security and a reasonable rate of

interest, or from a party in interest to a retirement

system with provision of excessive security or an

unreasonably high rate of interest,

c. furnishing of goods, services or facilities from a

retirement system to a party in interest for less than

adequate consideration, or from a party in interest to

a retirement system for more than adequate

consideration, or

d. transfer to, or use by or for the benefit of, a party

in interest of any assets of a retirement system for

less than adequate consideration.

2. A fiduciary with respect to the state retirement systems

shall not:

a. deal with the assets of a retirement system in the

fiduciary's own interest or for the fiduciary's own

account,

b. in the fiduciary's individual or any other capacity

act in any transaction involving a retirement system

on behalf of a party whose interests are adverse to

the interests of a retirement system or the interests

of its participants or beneficiaries, or

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c. receive any consideration for the fiduciary's own

personal account from any party dealing with a

retirement system in connection with a transaction

involving the assets of a retirement system.