A. There is hereby created the Oklahoma State Pension Commission. The Commission shall consist of seven (7) members as follows:
1. The State Auditor and Inspector or that person's designee;
2. The Director of the Office of Management and Enterprise Services or that person's designee;
3. The State Treasurer or that person's designee;
4. One member who shall be appointed by the President Pro Tempore of the Senate who shall serve at the pleasure of the appointing authority and who shall have demonstrated experience in the investment of private or public funds;
5. One member who shall be appointed by the Speaker of the House of Representatives who shall serve at the pleasure of the appointing authority and who shall have demonstrated experience in the investment of private or public funds;
6. One person to be appointed by the Governor who shall have at least ten (10) years of demonstrated experience in the financial services industry; and
7. One person to be appointed by the Governor who shall have at least ten (10) years of experience in retirement planning, including demonstrated experience with retirement plan designs.
No member of the governing body of a state retirement system shall be eligible to be appointed to the Commission.
B. The Commission shall hold regular meetings at least once each quarter, the dates, time and place to be set by the Commission. The Commission shall hold its first meeting prior to September 30, 1988.
C. The Office of the State Auditor and Inspector shall provide the administrative support required by the Commission.
D. The cost of providing the administrative support shall be apportioned by the State Auditor and Inspector among the Oklahoma Firefighters Pension and Retirement System, the Oklahoma Police Pension and Retirement System, the Uniform Retirement System for Justices and Judges, the Oklahoma Law Enforcement Retirement System, the Teachers' Retirement System of Oklahoma, the Oklahoma Public Employees Retirement System and the Department of Wildlife Conservation on behalf of the retirement plan adopted by the Wildlife Conservation Commission in proportion to the percentage that the assets of each system at the end of the preceding fiscal year were to the combined total of the assets of the systems.
Added by Laws 1988, c. 321, § 38, operative July 1, 1988. Amended by Laws 1993, c. 322, § 29, emerg. eff. June 7, 1993; Laws 1996, c. 29, § 1, eff. Nov. 1, 1996; Laws 2002, c. 391, § 1, eff. July 1, 2002; Laws 2012, c. 304, § 930; Laws 2015, c. 301, § 1; Laws 2017, c. 180, § 1, eff. Nov. 1, 2017.