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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 550. Oklahoma Police Pension and Retirement System |
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Chapter 1. Administrative Operations |
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Subchapter 3. Organization of Board |
SECTION 550:1-3-1. Powers of the Board
Latest version.
- (a) The Oklahoma Police Pension and Retirement Board shall exercise all powers expressly granted or implied by statute.(b) The Oklahoma Police Pension and Retirement Board shall have the power to negotiate and enter into agreements with local, state, and federal governments, agencies or instrumentalities as may be authorized by statute as necessary for the performance of its duties.(c) The Board may exercise official powers at any location in the State of Oklahoma.(d) Effective June 26, 2013, the rules governing the Oklahoma Police Pension and Retirement System shall be construed in accordance with federal tax law, including I.R.S. Revenue Ruling 2013-17 and I.R.S. Notice 2014-19 and subsequent federal tax regulations and rulings, but only to the extent required to maintain qualification of the Oklahoma Police Pension and Retirement System and trust under Sections 401(a) and 501(a) of the Internal Revenue Code of 1986, as amended, for a governmental plan, as defined in Section 414(d) of the Internal Revenue Code of 1986, as amended.