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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 590. Oklahoma Public Employees Retirement System |
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Chapter 1. Administrative Operations |
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Subchapter 1. General Provisions |
SECTION 590:1-1-3. Board of Trustees
Latest version.
- (a) The membership of the Board of Trustees shall be governed by statute, namely 74 O.S., Section 905.(b) The Board shall serve the System without compensation but shall receive their actual and necessary expenses, subject to statutory limitations applying to other State employees, as are incurred in the performance of duties of the Board, which shall be paid as an operating expense from the appropriate operating fund of the System.(c) The Board shall elect one of its Members as Chairman of the Board at its annual meeting and shall also elect another Member to serve as Vice Chairman and the Vice Chairman shall perform the duties of the Chairman in the absence of the latter.(d) The Board may establish such committees as may be needed. Each committee shall be composed of not more than five (5) members of the Board of Trustees, appointed by the Chairman of the Board. The committees shall make recommendations on any matters before them, but shall have no authority to act on behalf of the Board. No recommendations of any committee shall have effect without approval of the Board of Trustees.