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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 40. Defined Contribution System |
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Subchapter 3. Administration of Defined Contribution System - Applicable to The 401(A) Plan and the 457(B) Plan |
SECTION 590:40-3-1. General
Latest version.
- (a) Administration by Board. The Board of Trustees shall be responsible for the policies, rules, and overall general administration of the Defined Contribution System in accordance with 74 O.S. Supp. 2014, §§ 935.1 through 935.11.(b) Responsibilities of OPERS. OPERS, subject to (a) of this Section, shall operate and administer the Defined Contribution System and shall have all powers necessary to accomplish that purpose and will determine all questions arising under or in connection with the Defined Contribution System. Whenever directions, designations, applications, requests, or other notices are to be given by a Participant under the Plans, they shall be on forms prescribed by OPERS and shall be filed when and in such manner as shall be specified by OPERS. Determinations on all questions arising out of or in conjunction with the provisions of the Plans, not herein required to be determined by the Board of Trustees, shall be made by OPERS. Any such determination shall be conclusive and binding upon all persons having an interest in or under the Plans, subject to the administrative hearing procedures set forth in Subchapter 3 of Chapter 1 of this Title.(c) Powers of OPERS. Without limiting the powers set forth in (a) of this Section, OPERS shall have the power to:(1) meet special circumstances not anticipated or covered in this Chapter or 74 O.S. Supp. 2014, §§ 935.1 through 935.11;(2) employ such agents, assistants, administrative service providers, legal counsel, clerical, actuarial, and other services as OPERS may require in carrying out the provisions of the Plans; and(3) authorize one or more of its employees, or any agent, to execute or deliver any instrument on behalf of OPERS.(d) Executive Director. The Executive Director of OPERS shall provide oversight and assistance in the general administration of the Plans. The Executive Director, and such other persons designated by the Executive Director, shall be authorized to sign all vouchers or warrants issued for the Plans.