Oklahoma § 74-921 - Oklahoma Public Employees Retirement Fund - Management Warrants and vouchers - Retirement Medical Benefit Fund

§ 74-921. Oklahoma Public Employees Retirement Fund - Management Warrants and vouchers - Retirement Medical Benefit Fund

A. All employee and employer contributions and dedicated

revenues shall be deposited in a fund in the State Treasury which is

hereby created and shall be known as the Oklahoma Public Employees

Retirement Fund. The Board of Trustees shall have the

responsibility for the management of the Oklahoma Public Employees

Retirement Fund, and may transfer monies used for investment

purposes by the Oklahoma Public Employees Retirement System from the

Oklahoma Public Employees Retirement Fund in the State Treasury to

the custodian bank or trust company of the System.

B. All benefits payable pursuant to the provisions of the

Oklahoma Public Employees Retirement System, refunds of contribution

and overpayments, and all administrative expenses in connection with

the System shall be paid from the Oklahoma Public Employees

Retirement Fund upon warrants or vouchers signed by two persons

designated by the Board of Trustees. All salaries and expenses of

the administration of the State Employees Deferred Compensation Plan

and the Deferred Savings Incentive Plan, including marketing and

participant education, shall be paid from the Oklahoma Public

Employees Retirement Fund. The Oklahoma Public Employees Retirement

Fund shall be reimbursed for such expenses, on at least an annual

basis, in accordance with the procedure established by the Board.

The Board of Trustees may transfer monies from the custodian bank or

trust company of the System to the Oklahoma Public Employees

Retirement Fund in the State Treasury for the purposes specified in

this subsection.

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

The fund shall be maintained as a subaccount of the Oklahoma Public

Employees 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 this title.

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.

Oklahoma Statutes - Title 74. State Government

Added by Laws 1963, c. 50, § 21, emerg. eff. May 6, 1963. Amended

by Laws 1969, c. 349, § 8, emerg. eff. May 13, 1969; Laws 1982, c.

227, § 6, emerg. eff. May 4, 1982; Laws 1983, c. 6, § 4, emerg. eff.

Feb. 24, 1983; Laws 1983, c. 201, § 2, operative July 1, 1983; Laws

1987, c. 236, § 191, emerg. eff. July 20, 1987; Laws 1988, c. 321, §

37, operative July 1, 1988; Laws 1994, c. 351, § 8, eff. July 1,

1994; Laws 1996, c. 55, § 3, eff. July 1, 1996; Laws 1999, c. 257, §

44, eff. July 1, 1999.