Oklahoma § 19-953.2 - Fiduciaries - Power and authority - Restrictions

§ 19-953.2. Fiduciaries - Power and authority - Restrictions

A. A fiduciary with respect to the retirement system shall not

cause the retirement system to engage in a transaction if the

fiduciary knows or should know that such transaction constitutes a

direct or indirect:

1. Sale or exchange, or leasing of any property from the

retirement system to a party in interest for less than adequate

consideration or from a party in interest to the retirement system

for more than adequate consideration;

2. Lending of money or other extension of credit from the

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 the retirement system with provision of excessive

security or an unreasonably high rate of interest;

3. Furnishing of goods, services or facilities from the

retirement system to a party in interest for less than adequate

consideration, or from a party in interest to the retirement system

for more than adequate consideration; or

4. Transfer to, or use by or for the benefit of, a party in

interest of any assets of the retirement system for less than

adequate consideration.

B. A fiduciary with respect to the retirement system shall not:

1. Deal with the assets of the retirement system in the

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

2. In the fiduciary's individual or any other capacity act in

any transaction involving the retirement system on behalf of a party

whose interests are adverse to the interests of the retirement

system or the interests of its participants or beneficiaries; or

3. Receive any consideration for the fiduciary's own personal

account from any party dealing with the retirement system in

connection with a transaction involving the assets of the retirement

system.

C. A fiduciary with respect to the retirement system may:

1. Invest all or part of the assets of the retirement system in

deposits which bear a reasonable interest rate in a bank or similar

financial institution supervised by the United States or a state, if

such bank or other institution is a fiduciary of such plan; or

2. Provide any ancillary service by a bank or similar financial

institution supervised by the United States or a state, if such bank

or other institution is a fiduciary of such plan.

Oklahoma Statutes - Title 19. Counties and County Officers

D. A person or a financial institution is a fiduciary with

respect to the retirement system to the extent that the person or

the financial institution:

1. Exercises any discretionary authority or discretionary

control respecting management of the retirement system or exercises

any authority or control respecting management or disposition of the

assets of the retirement system;

2. Renders investment advice for a fee or other compensation

direct or indirect, with respect to any monies or other property of

the retirement system, or has any authority or responsibility to do

so; or

3. Has any discretionary authority or discretionary

responsibility in the administration of the retirement system.

Added by Laws 1989, c. 124, § 6, eff. July 1, 1989.