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

Oklahoma Statutes AnnotatedTitle 19. Counties and County Officers

Oklahoma Statutes Annotated
Title 19. Counties and County Officers
Chapter 25. County Employees' Retirement Systems
19 Okl.St.Ann. § 953.2
§ 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.
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.

Credits

Laws 1989, c. 124, § 6, eff. July 1, 1989.
19 Okl. St. Ann. § 953.2, OK ST T. 19 § 953.2
Current with emergency effective legislation through Chapter 3 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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