SECTION 590:1-1-2. System purpose and authority

(a)   This agency, known as the Oklahoma Public Employees Retirement System, was established to provide:

(1)   an orderly means whereby employees, of participating employers, who are eligible as set by statute, may transfer to inactive service without undue hardship and without prejudice;

(2)   for said employees to accumulate reserves adequate to provide for themselves and their dependents;

(3)   to effectively and efficiently administer the programs necessary to attain these goals for public employees;

(4)   to effectively and efficiently administer the programs necessary to attain these goals for Justices and Judges; and

(5)   to effectively and efficiently administer the Defined Contribution Plans for state employees.

(b)   The System shall be vested with the powers and duties specified in Title 74 O.S. Sections 901 to 935 and Title 20 O.S. Sections 1101 to 1112 and such other powers as may be necessary to enable it, its officers, employees, and agents to carry out fully and effectively the purpose and intent of said retirement laws.

[Source: Amended at 22 Ok Reg 125, eff 10-6-04 (emergency); Amended at 22 Ok Reg 1353, eff 5-26-05]