reglab/statecodes huggingface dataset:
2023 Oklahoma Statutes › Title 74. State Government › §74-859. Hearings on loan applications - Granting of loan - Limitation.

The Board of Directors of the Oklahoma Industrial Finance Authority shall hold such hearings and examinations as to each loan application received as shall be necessary to determine whether the public purposes of the Oklahoma Industrial Finance Authority Act will be accomplished by the granting of loans requested within such applications. When the Board shall have determined facts to be favorable as to any loan application, it is hereby authorized and empowered, having due regard to the promotion of the public purposes herein declared, to grant a loan to an industrial development agency in the manner and to the extent as provided in the Oklahoma Industrial Finance Authority Act; provided, however, that no loan shall be made by the Authority to any industrial development agency for any single industrial development project in excess of the sum of Five Million Dollars ($5,000,000.00) if the loan is secured by a first mortgage on real property and One Million Dollars ($1,000,000.00) if the loan is secured by a second mortgage on real property.
Added by Laws 1959, p. 505, § 9. Amended by Laws 1969, c. 48, § 1, emerg. eff. March 4, 1969; Laws 1988, c. 88, § 4, emerg. eff. March 30, 1988; Laws 2001, c. 97, § 1, emerg. eff. April 16, 2001.
2023 Oklahoma Statutes › Title 74. State Government › §74-859.1. Moveable machinery loans - Limitations.

The Oklahoma Industrial Finance Authority may loan money for the purchase of moveable machinery subject to the following limitations:
1. All procedures required in order for the Authority to loan money secured by a mortgage on real property shall be followed;
2. The Authority shall require the industrial development agency to furnish evidence that the Authority shall take a purchase money security interest;
3. Within twenty-four (24) hours after loaning the money to an industrial development agency to purchase any moveable machinery, the Authority shall perfect a security interest in such machinery pursuant to perfection procedures prescribed by Article 9 of Title 12A of the Oklahoma Statutes;
4. Any industrial development agency which receives money for the purchase of a moveable machine shall agree to such procedures as the Authority deems necessary to preserve its interest in such moveable machinery. These procedures may include notification to the Authority of the exact location of such moveable machinery and notification of any changes in location of such moveable machinery;
5. The loan must also be secured by a first or second mortgage on the real estate of the industrial development project.
Added by Laws 1987, c. 9, § 5, emerg. eff. March 31, 1987. Amended by Laws 1988, c. 88, § 5, emerg. eff. March 30, 1988; Laws 2000, c. 371, § 182, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 74. State Government › §74-860. Industrial Development Loan Fund.

A. There is hereby created a special account in the State Treasury to be known as the "Industrial Development Loan Fund", to which fund shall be credited all monies received as loan capital by the Authority from whatever source the same may be obtained. To this fund there shall also be deposited and credited all payments received on interest and principal of loans outstanding made, or to be made, by the Authority, all such deposits to be made in the State Treasury immediately upon receipt of same.
B. As often as may be necessary the Authority shall requisition from the Industrial Development Loan Fund, upon warrants duly drawn as required by law, such amounts as shall be allocated and appropriated by the Authority for loans to industrial development agencies upon approved industrial development projects. When and as the amounts so allocated and appropriated by the Authority as loans to industrial development agencies are repaid to the Authority pursuant to the terms of the mortgages and other agreements made and entered into by the Authority, the Authority shall immediately pay such amounts into said fund, it being the intent of this act that the Industrial Development Loan Fund shall operate as a revolving fund whereby all monies placed therein shall be applied and reapplied to the purposes of this act; provided, however, if the Authority deems it advisable, separate accounts may be set up within the Industrial Development Loan Fund in order to segregate the various monies loaned to or received from certain industrial agencies.
C. The Authority is hereby authorized to use up to one-half of the monies in the Industrial Development Loan Fund to purchase federally guaranteed Small Business Administration loans or loans of similar federal programs for investment purposes. Such investments may be made at such times, in such manner and in such amounts as the Authority may determine to aid and assist with Oklahoma's industrial development and provide additional employment and payrolls within this state.
D. To guarantee payment of interest on bonds, as the same shall become due, the Authority shall pay into a special "Bond Interest Account" fund, out of the first earned interest received into the Industrial Development Loan Fund, an amount sufficient to cover all interest requirements at least thirty (30) days prior to the due date thereof.
E. To guarantee retirement of bonds at maturity, the Authority shall provide for a Bond Redemption Account, in addition to interest reserves, as above set out, and there shall be paid annually into such Bond Redemption Account, after all interest requirements have been met, beginning at a time to be determined by the Authority, a sum sufficient to retire all of the bonds issued at maturity.
F. The Authority is hereby further authorized to issue and sell its bonds, in the manner provided by law.
Amended by Laws 1983, c. 110, § 1; Laws 1987, c. 9, § 6, emerg. eff. March 31, 1987; Laws 1988, c. 88, § 6, emerg. eff. March 30, 1988.
2023 Oklahoma Statutes › Title 74. State Government › §74-861. Governing board - Officers - Quorum - Powers.

A. The powers of the Oklahoma Industrial Finance Authority shall be exercised by a governing body consisting of the members of the Authority acting as a Board. Within thirty (30) days after this act shall become effective the Board shall meet and organize, electing a chairman, vice-chairman, secretary and treasurer. Bonds running to the State of Oklahoma shall be required of the chairman, treasurer and any other officer or employee having funds of the Authority in his control or possession in an amount to be determined by the Board.
B. A majority of the members shall constitute a quorum of the Board for the purpose of organizing the Authority and conducting the business thereof and, except in the instance of passing upon loan applications, all action may be taken by a vote of a majority of the members present, unless in any case the bylaws shall require a larger number. Approval or rejection of loan applications shall be by a majority vote of the full membership of the Board, the vote of each member being duly recorded thereon.
C. The Board shall have full authority to manage the properties and business of the Authority and to renegotiate loans and approve leases with new tenants when, in the sound business judgment of the Board, the remedy of foreclosure is not in the best interest of the State of Oklahoma; to be represented by the Office of Attorney General in all legal matters other than with respect to issuance of state industrial finance bonds; and to prescribe, amend, and repeal bylaws, rules and regulations governing the manner in which the business of the Authority shall be conducted. Out of any court awarded attorney fees in foreclosure actions successfully prosecuted by the Attorney General on behalf of the Authority, a sum equal to actual expenses incurred by that office shall be withheld and placed in the Attorney General's evidence fund; and a sum up to the full amount of attorney fees awarded by the court shall be placed in said evidence fund to the extent that proceeds of sale of the property being foreclosed upon shall exceed the unpaid balance on the Authority's loan, including delinquent interest thereon.
Laws 1959, p. 506, § 11; Laws 1974, c. 138, § 1, emerg. eff. May 3, 1974; Laws 1991, c. 130, § 3, emerg. eff. April 29, 1991.
2023 Oklahoma Statutes › Title 74. State Government › §74-863. Interest in contracts or agreements.

No member of the Authority or officer or employee thereof or of the State Department of Commerce and Industry shall either directly or indirectly be a party to or be in any manner interested in any contract or agreement with the Authority for any matter, cause or thing whatsoever by reason whereof any liability or indebtedness shall in any way be created against such Authority, or the State Department of Commerce and Industry. If any contract or agreement shall be made in violation of the provisions of this Section, the same shall be null and void and no action shall be maintained thereon against such Authority or Department.
Laws 1959, p. 506, § 13.
2023 Oklahoma Statutes › Title 74. State Government › §74-864. Cooperation with Federal agencies.

The State of Oklahoma does hereby pledge to and agree with the United States and any other federal agency that, in the event that any federal agency shall construct or loan or contribute any funds for the construction, extension, improvement or enlargement of any industrial development project, or any portion thereof, the state will not alter or limit the rights and powers of the Authority in any manner which would be inconsistent with the due performance of any agreements between the Authority and any such federal agency, and the Authority shall continue to have and may exercise all powers herein granted, so long as the same shall be necessary or desirable for the carrying out of the purposes of this act.
Laws 1959, p. 507, § 14.
2023 Oklahoma Statutes › Title 74. State Government › §74-865. Audits.

The accounts and books of the Authority, including its receipts, disbursements, contracts, mortgages, investments and other matters relating to its finances, operations and affairs shall be examined and audited annually by the State Auditor and Inspector as provided by law. The audit shall be filed with the Director of the Office of Management and Enterprise Services in accordance with the requirements for financial statement audits in Section 212A of this title.
Added by Laws 1959, p. 507, § 15. Amended by Laws 1979, c. 30, § 154, emerg. eff. April 6, 1979; Laws 1996, c. 290, § 17, eff. July 1, 1996; Laws 2012, c. 304, § 925.
2023 Oklahoma Statutes › Title 74. State Government › §74-868. Payment of administrative expenses.

The Oklahoma Industrial Finance Authority is hereby authorized and directed to pay costs of administering the state's industrial loan program, as provided in House Bill No. 794, O.S.L. 1959, out of interest income received by said Authority from its loans, not otherwise required for payment of interest and principal on the Authority's outstanding bonds, such administrative costs to be paid from the Industrial Development Loan Fund, in the manner provided by law.
Amended by Laws 1986, c. 207, § 69, operative July 1, 1986; Laws 1988, c. 88, § 7, emerg. eff. March 30, 1988.
2023 Oklahoma Statutes › Title 74. State Government › §74-869. Loans upon leasehold estates - Terms.

In addition to the lending powers and authority granted the Oklahoma Industrial Finance Authority under the provisions of the Oklahoma Industrial Finance Authority Act, 74 O.S.1961, Section 851 et seq., said authority is hereby further authorized and empowered to make loans, subject to all other terms and conditions contained in such act, upon leasehold estates and buildings and facilities located thereon; provided however, that as a condition thereof the authority must first find that the remaining term of such leasehold estate upon which such a loan is applied for shall have a term of years of at least one and one-half times as long as the term of the loan applied for.
Laws 1963, p. 751, H.J.R. No. 514, § 1, emerg. eff. March 11, 1963.
2023 Oklahoma Statutes › Title 74. State Government › §74-870. Agreement not to evict.

And provided, further, that the fee owner of such leased land shall execute a written agreement with The Oklahoma Industrial Finance Authority to take no action to evict or otherwise disturb any tenant in possession of such leasehold estate for as long as The Oklahoma Industrial Finance Authority holds a mortgage lien thereon.
Laws 1963, p. 751, H.J.R.No.514, § 2, emerg. eff. March 11, 1963.
2023 Oklahoma Statutes › Title 74. State Government › §74-871. Purpose - Regulations governing lending.

The Legislature hereby declares that the purpose of this act, and of House Joint Resolution 514 of the Twenty-ninth Legislative Session, is to carry out the constitutional mandate in Section 34, Article X, wherein the Legislature is required to enact appropriate and needful legislation establishing safeguards and regulations governing the lending of funds for industrial development purposes which it considers necessary to the vitalization of said constitutional amendment and helpful in assisting with the state's industrial development.
Laws 1963, c. 334, § 1, emerg. eff. June 22, 1963.
2023 Oklahoma Statutes › Title 74. State Government › §74-872. Agency not holding title to real estate comprising industrial development project - Loans.

In those instances where in an industrial development agency not holding title to real estate comprising the industrial development project, but desiring the Oklahoma Industrial Finance Authority to participate in the financing of such project, joins a responsible industrial buyer in making application for a loan from said Authority for such purpose, the said industrial development agency itself contributing funds to the financing of such project, whether secured or not, the said Oklahoma Industrial Finance Authority is hereby authorized and empowered, subject to all other provisions of Sections 851 through 868 of this title, and in supplementation thereof, to participate in the financing of such industrial development project not to exceed sixty-six and two-thirds percent (66 2/3%) of the cost thereof, taking as security for its loan a first mortgage lien on such approved industrial development project or thirty-three and one-third percent (33 1/3%) of the cost thereof, taking as security a second mortgage lien on such approved industrial development project; provided, however, that in such case the mortgage lien securing funds loaned by the local industrial development agency shall be inferior to the lien of said Authority, and provided, further, that the local industrial development agency shall be jointly and severally liable upon the note or notes given the said Authority as one of the principal makers thereof.
Amended by Laws 1987, c. 9, § 7, emerg. eff. March 31, 1987.
2023 Oklahoma Statutes › Title 74. State Government › §74-873. Power of Authority to purchase notes and mortgages.

The Oklahoma Industrial Finance Authority is hereby further authorized and empowered, if in its discretion the public purposes of the aforesaid constitutional and statutory provisions would thereby be subserved, to purchase with recourse from an approved industrial development agency, a promissory note or notes, and mortgage or participations therein upon an industrial development project securing said note or notes previously taken by said industrial development agency from a responsible buyer of such industrial development project, provided that the Oklahoma Industrial Finance Authority shall first have investigated and found that: (1) The note and mortgage or participations therein so purchased or offered for purchase shall constitute either a first or second mortgage lien upon the property, (2) That the amount thereof does not exceed sixty-six and two-thirds percent (66 2/3%) of the cost of such industrial development project where the note or mortgage constitutes a first mortgage lien on the property, or thirty-three and one-third percent (33 1/3%) of the cost of such industrial development project where the note or mortgage constitutes a second mortgage lien on the property, and (3) That the industrial development agency assigning said note and mortgage will use the proceeds thereof in the furtherance of other industrial development projects.
Amended by Laws 1987, c. 9, § 8, emerg. eff. March 31, 1987.
2023 Oklahoma Statutes › Title 74. State Government › §74-874. Loans deemed to have been made to local industrial development agency applying - Liberal construction.

When the financing of an industrial development project is accomplished with the participation and assistance of the Oklahoma Industrial Finance Authority in the manner set forth in Sections 872 and 873 of this title, all such loans shall be deemed and construed to have been made to the local industrial development agency applying therefor, and within the purview of the said Section 33A, Article X of the Oklahoma Constitution, and Sections 851 et seq. of Title 74 of the Oklahoma Statutes; and the provisions of this act, and of actions taken hereunder, shall be liberally construed to effect the purpose and object hereof.
Amended by Laws 1988, c. 88, § 8, emerg. eff. March 30, 1988.
2023 Oklahoma Statutes › Title 74. State Government › §74-875. Public trusts qualified to borrow money from Authority.

Public trusts created under the laws of the State of Oklahoma for the purpose of financing industrial development projects involving and specifically limited to new manufacturing or industrial plant facilities, the relocation, refinancing or expansion of existing manufacturing or industrial plant facilities shall be qualified to borrow money from The Oklahoma Industrial Finance Authority as an "Industrial Development Agency" within the meaning of Article X, Section 33A of the Oklahoma State Constitution and of 74 O.S. 1981, Section 853(d), and said Oklahoma Industrial Finance Authority is authorized to accept applications for loans and consider the merits thereof on the same basis as applications of any other industrial development agency, subject to all other provisions of law governing the making of such loans.
Amended by Laws 1988, c. 88, § 9, emerg. eff. March 30, 1988.
2023 Oklahoma Statutes › Title 74. State Government › §74-876. Issuance and sale of additional state industrial finance bonds.

Pursuant to the provisions of Section 33A, Article X of the Oklahoma Constitution, empowering the Oklahoma Legislature to take such action, the Oklahoma Industrial Finance Authority is hereby authorized and empowered to issue and sell state industrial finance bonds backed by the full faith and credit of the State of Oklahoma, at such times and in such amounts as it may deem best, not to exceed an aggregate amount of Ninety Million Dollars ($90,000,000.00) outstanding at any one time. The additional bonds authorized pursuant to State Question 600 shall only be sold as needed in increments not to exceed Ten Million Dollars ($10,000,000.00).
Amended by Laws 1987, c. 9, § 9, emerg. eff. March 31, 1987.
2023 Oklahoma Statutes › Title 74. State Government › §74-878. Maximizing amount of capital available for industrial financing.

That in those instances in which the amount of capital available for industrial financing in the State of Oklahoma tends to be reduced by reason of reduction in the volume of tax-exempt industrial bonds issued or issuable by cities or counties in Oklahoma, or by reason of federal statutes or United States Treasury Department rulings limiting or adversely affecting this method of financing said industrial projects in this state, the Oklahoma Industrial Finance Authority is hereby authorized, within its sole discretion, to accept applications and make loans to industrial development agencies, as the same are defined by law. As security therefor the Authority shall take a mortgage upon the industrial facility from such industrial development agency holding legal title to the same, and shall take a promissory note or notes for the amount of such loan from an approved industrial tenant. The above financing arrangement shall be in addition to all other loan procedures heretofore authorized by law governing the lending operations of the Oklahoma Industrial Finance Authority, it being the intent and purpose of the Legislature to maximize the amount of loan capital available from all sources for industrial development purposes in Oklahoma.
Laws 1969, p. 625, S.J.R. No. 25, § 1, emerg. eff. April 30, 1969.
2023 Oklahoma Statutes › Title 74. State Government › §74-901. Purpose – Establishment as qualified governmental retirement plan under federal law.

A. The purpose of this act is to provide an orderly means whereby employees of the participating employers who qualify by reason of age, or condition, and service, as herein set forth, may be transferred to inactive service without prejudice and without inflicting undue hardship upon the employees transferred, and to enable such employees to accumulate deferred income reserves for themselves and their dependents to provide for old age, death, and inactive service, and for the purpose of effecting economy and efficiency in the administration of governmental affairs.
B. The System is established as a qualified governmental retirement plan under Sections 401(a) and 414(d) of the federal Internal Revenue Code. The Board shall administer the System in order to comply with the applicable provisions of the federal Internal Revenue Code.
Added by Laws 1963, c. 50, § 1, emerg. eff. May 6, 1963. Amended by Laws 1999, c. 257, § 29, eff. July 1, 1999.
2023 Oklahoma Statutes › Title 74. State Government › §74-903. System created - Body corporate - Powers.

There is hereby created the Oklahoma Public Employees Retirement System which shall be a body corporate and an instrumentality of the State of Oklahoma. The system shall be vested with the powers and duties specified in this act and such other powers as may be necessary to enable it, its officers, employees, and agents to carry out fully and effectively the purposes and intent of this act.
Laws 1963, c. 50, § 3, emerg. eff. May 6, 1963.
2023 Oklahoma Statutes › Title 74. State Government › §74-904. Suits - Service of process - Persons aggrieved - Hearings.

A. The Oklahoma Public Employees Retirement System may sue and be sued in its official name, but its officers, employees, and agents shall not be personally liable for acts of the System. The service of all legal process and of all notices which may be required to be in writing, whether legal proceedings or otherwise, shall be had on the executive director at his or her office. All actions or proceedings directly or indirectly against the System shall be brought in Oklahoma County, including petitions for judicial review of individual proceedings under the Administrative Procedures Act despite any other provision to the contrary.
B. 1. Any member or participating employer, or in the case of a deceased member, a joint annuitant or beneficiary, aggrieved by any order or decision of the System made without a hearing may, within thirty (30) days after notice of the order or decision of the System, make written request to the Oklahoma Public Employees Retirement System Board of Trustees for a hearing thereon. The Board may refer any such request to a hearing examiner to conduct the hearing and make recommended findings of fact and conclusions of law to the Board. The Board shall enter final orders in all such matters which shall be considered by the Board under the provisions of the Administrative Procedures Act.
2. Nothing contained in Section 901 et seq. of this title shall require the observance at any hearing of the Board or a hearing examiner designated by the Board of formal rules of pleading or evidence.
3. The Board shall have jurisdiction under the Administrative Procedures Act relating to any disputes arising from the administration of the retirement or savings plans administered by the Board, including disputes involving a member, joint annuitant, beneficiary or participating employer of the System.
4. Upon written request reasonably made by a person affected by the hearing at such person's expense, the Board shall cause a full stenographic record of the proceedings to be made by a competent court reporter. If transcribed, such record shall be a part of the Board's record of the hearing, and a copy of such stenographic record shall be furnished to any other party having a direct interest therein at the request and expense of such party.
Added by Laws 1963, c. 50, § 4, emerg. eff. May 6, 1963. Amended by Laws 1967, c. 25, § 1, emerg. eff. March 13, 1967; Laws 1969, c. 349, § 2, emerg. eff. May 13, 1969; Laws 1979, c. 285, § 2, eff. July 1, 1979; Laws 2011, c. 75, § 1.
2023 Oklahoma Statutes › Title 74. State Government › §74-906. Board meetings - Quorum - Compensation.

(1) The Board shall hold regular meetings in Oklahoma City at least once each quarter, the dates, time, and place thereof to be fixed by the Board. The Board shall hold a regular meeting in July of each year which meeting shall be the annual meeting and at which meeting it shall elect its chair. Special meetings may be called upon written call of the chair or by agreement of any eight members of the Board. Notice of a special meeting shall be delivered to all trustees in person, by registered or certified United States mail, or by electronic mail not less than seven (7) days prior to the date fixed for the meeting; provided, however, that notice of such meeting may be waived by any member either before or after such meeting and attendance at such meeting shall constitute a waiver of notice of such meeting, unless a member participates therein solely to object to the transaction of any business because the meeting has not been legally called or convened.
(2) Eight (8) trustees shall constitute a quorum for the transaction of business, but any official action of the Board shall be based upon a favorable vote by at least eight (8) trustees at a regular or special meeting of the Board.
(3) The trustees 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 their duties, which shall be paid as an operating expense from the appropriate operating fund of the System.
Added by Laws 1963, c. 50, § 6, emerg. eff. May 6, 1963. Amended by Laws 1986, c. 238, § 3, operative July 1, 1986; Laws 1988, c. 321, § 32, operative July 1, 1988; Laws 2017, c. 312, § 3; Laws 2021, c. 190, § 3, eff. Nov. 1, 2021.
2023 Oklahoma Statutes › Title 74. State Government › §74-907. Offices - Record of proceedings - Financial statement - Audits.

A. The principal office of the System shall be in quarters at Oklahoma City, Oklahoma. Offices shall be assigned to the System by the Office of Management and Enterprise Services. Upon the failure or inability of the Office of Management and Enterprise Services to provide adequate facilities, the Board is hereby authorized to contract for necessary office space in suitable quarters. If the Board acquires an office building for investment purposes, it may occupy suitable quarters in the building.
B. The Board shall keep a record of all of its proceedings, which shall be open at all reasonable hours to inspection. A statement covering the operation of the System for the past fiscal year, including income, disbursements, and the financial condition of the fund at the end of each fiscal year and showing the valuation of its assets, investments, and liabilities, shall be delivered to the Governor after the end of each fiscal year and prior to December 1 of the next fiscal year and made readily available to the members and participating employers.
C. The Office of the State Auditor and Inspector shall make an annual audit of the accounts of the System. The audit shall be filed in accordance with the requirements for financial statement audits in Section 212A of this title.
Added by Laws 1963, c. 50, § 7, emerg. eff. May 6, 1963. Amended by Laws 1979, c. 30, § 155, emerg. eff. April 6, 1979; Laws 1983, c. 304, § 143, eff. July 1, 1983; Laws 1994, c. 381, § 2, eff. July 1, 1994; Laws 1996, c. 290, § 18, eff. July 1, 1996; Laws 2004, c. 536, § 22, eff. July 1, 2004; Laws 2012, c. 304, § 927.
2023 Oklahoma Statutes › Title 74. State Government › §74-909. Policies and rules for general administration.

(1) The Board of Trustees shall be responsible for the policies and rules for the general administration of the system, subject to the provisions of this act.
(2) The Board shall establish rules and regulations for the administration of the system and for the transaction of its business consistent with law, which rules and regulations shall be filed in the office of the Secretary of State.
(3) The Board shall be responsible for the installation or provision of a complete and adequate system of accounts and records.
(4) All meetings of the Board shall be open to the public. The Board shall keep a record of its proceedings.
(5) The Board shall prescribe rules for the determination of the value of maintenance, board, lodging, laundry, and other allowances to employees in lieu of money and shall determine which forms or types of compensation shall be included for retirement purposes.
(6) The Board may adopt all necessary actuarial tables to be used in the operation of the system as recommended by the actuary and may compile such additional data as may be necessary for required actuarial valuation calculations.
(7) The Board, as soon after the close of the fiscal year as practical, shall publish for distribution among members a financial statement showing the financial status of the system.
(8) All decisions of the Board as to questions of fact shall be final and conclusive on all persons except for the right of review as provided by law and except for fraud or such gross mistake of fact as to have effect equivalent to fraud.
Added by Laws 1963, c. 50, § 9, emerg. eff. May 6, 1963. Amended by Laws 1988, c. 321, § 34, operative July 1, 1988; Laws 2002, c. 354, § 3, eff. July 1, 2002 and Laws 2002, c. 438, § 6, eff. July 1, 2002.
2023 Oklahoma Statutes › Title 74. State Government › §74-910.1a. Service credit for employment with Oklahoma Employment Security Commission.

Upon payment of a five percent (5%) contribution and interest of not to exceed five percent (5%) to the Oklahoma Public Employees Retirement System, a member of the Oklahoma Public Employees Retirement System shall receive service credit for any years of service the member had with the Oklahoma Employment Security Commission if the member is not receiving or eligible to receive service credit for the time in any other public retirement system; provided, however, effective January 1, 1990, the rate of contribution provided herein shall be ten percent (10%) and the rate of interest shall not exceed ten percent (10%), and effective January 1, 1991, to receive the service credit, the member shall pay the amount determined by the Board pursuant to Section 39 of this act.
Added by Laws 1987, c. 236, § 183, emerg. eff. July 20, 1987. Amended by Laws 1989, c. 327, § 4, eff. July 1, 1989; Laws 1990, c. 340, § 35, eff. July 1, 1990.
2023 Oklahoma Statutes › Title 74. State Government › §74-910.4. Former employees of city-county health departments - Participation in Public Employees Retirement System.

A. Effective July 1, 1998, former employees of a city-county health department who become employees of the State Department of Agriculture or the Department of Environmental Quality who elect to participate in the Oklahoma Public Employees Retirement System shall make one of the following elections on or before January 1, 1999:
1. Elect to continue the current benefits plan provided by the applicable city-county health department and not to become a member of the Oklahoma Public Employees Retirement System;
2. Elect to cease accruing benefits under the current benefits plan provided by the applicable city-county health department and to purchase service credit in the Oklahoma Public Employees Retirement System in an amount equal to the time employed with the applicable city-county health department prior to the time of election and at an actuarial rate pursuant to Section 913.5 of Title 74 of the Oklahoma Statutes;
3. Elect to cease accruing benefits under the current benefits plan provided by the applicable city-county health department and to purchase a prorated amount of service credit in the Oklahoma Public Employees Retirement System based on the amount received from the current benefits plan and pursuant to Section 913.5 of Title 74 of the Oklahoma Statutes;
4. Elect to cease accruing benefits under the current benefits plan provided by the applicable city-county health department, not purchase any service credit in the Oklahoma Public Employees Retirement System, and to start a new retirement under the Oklahoma Public Employees Retirement System.
B. Such employees who elect to participate in the Oklahoma Public Employees Retirement System shall commence accruing benefits in the Oklahoma Public Employees Retirement System after the date of election and as established by the Oklahoma Public Employees Retirement System Board of Trustees. The employees electing to purchase service credit authorized by this section shall have all such service credit canceled which is not utilized in purchasing credit in the Oklahoma Public Employees Retirement System. The purchase of service credit as provided in this section shall only be available upon the election of the employee. The election shall be made in writing, filed with the applicable city-county health department and the Oklahoma Public Employees Retirement System prior to receiving the credit purchased, and shall be irrevocable. The applicable city-county health department shall transfer the amounts from its benefits plan to the Oklahoma Public Employees Retirement System for those employees who elect to purchase service credit in the Oklahoma Public Employees Retirement System.
Added by Laws 1998, c. 361, § 2, eff. July 1, 1998.
2023 Oklahoma Statutes › Title 74. State Government › §74-911. Employee members.

(1) Any employee of a participating employer on the entry date of such employer shall be a member of the System on the entry date.
(2) Any employee other than a state elected official who is employed by a participating employer after the entry date of such employer shall be a member of the System on the first day of the month immediately following employment.
(3) Any employee who is in military service or on leave of absence on the entry date of his employer shall become a member of the System upon his return to active employment.
Amended by Laws 1982, c. 319, § 3, operative July 1, 1982.
2023 Oklahoma Statutes › Title 74. State Government › §74-912. Consolidation of other systems.

(1) The State of Oklahoma, any county, city or town, or any instrumentality thereof whose employees or a class of whose employees are members of any other retirement or pension plan authorized by a statute of the State of Oklahoma may, by resolution adopted by the official board, body, or officer or officers authorized to apply for application, request the board to submit a proposal for consolidation of such other system with the Oklahoma Public Employees Retirement System, including an estimate of the contribution rate necessary to comply with the actuarial standard of this system. Such proposal shall provide that: (a) the operation of such other pension system shall be discontinued; (b) the existing retirants or annuitants of such other system shall continue to be paid by the Oklahoma Public Employees Retirement System on the basis of the benefits schedule applicable in such other system at the date of proposed consolidation; (c) all cash and securities to the credit of such other system shall be transferred to the Oklahoma Public Employees Retirement System; (d) funds of such other system which represent accumulated contributions, if any, of members shall be credited to the employees accumulated contribution reserve of each employee. The balance of the funds so transferred to the Oklahoma Public Employees Retirement System shall be offset against the liability on account of existing retirants, annuitants, and active members; (e) the resulting liability so determined shall be the basis for a rate of contribution of such employer; (f) such consolidation shall take effect only on the anniversary of the entry date.
Laws 1963, c. 50, § 12; Laws 1970, c. 296, § 4, emerg. eff. April 28, 1970.
2023 Oklahoma Statutes › Title 74. State Government › §74-912.1. Termination of Plan - Rights of participants - Distribution of assets.

(1) In the event the Plan of the Public Employees Retirement System is terminated or partially terminated the right of all participants or in the event of partial termination the rights of the affected participants, or in the event of complete discontinuance of contributions, whether retired or otherwise, shall become fully vested.
(2) In the event of termination of the Plan, the Board of Trustees shall distribute the net assets of the fund, allowing a period of not less than six (6) nor more than nine (9) months for dissolution of disability claims, as follows:
(a) First, accumulated contributions shall be allocated to each respective participant, former participant, retired member, joint annuitant or beneficiary then receiving payments. If these assets are insufficient for this purpose, they shall be allocated to each such person in the proportion which his accumulated contributions bear to the total of all such participants' accumulated contributions. For purposes of this section, contribution means payment into the System by an employer or employee for the benefit of an individual employee. (b) The balance of such assets, if any, remaining after making the allocations provided in subparagraph (a) of this section shall be disposed of by allocating to each person then having an interest in the fund the excess of his retirement income under the Plan less the retirement income which is equal to the actuarial equivalent of the amount allocated to him under subparagraph (a) of this section. Such allocation shall be made with the full amount of the remaining assets to be allocated to the persons in each group in the following order of precedence:
(i) those retired members, joint annuitants or beneficiaries receiving benefits,
(ii) those members eligible to retire,
(iii) those members eligible for early retirement,
(iv) former participants electing to receive a vested benefit, and
(v) all other members.
In the event the balance of the fund remaining after all allocations have been made with respect to all retirement income in a preceding group is insufficient to allocate the full actuarial equivalent of such retirement income to all persons in the group for which it is then being applied, such balance of the fund shall be allocated to each person in such group in the proportion which the actuarial equivalent of the retirement income allocable to him pursuant to such group bears to the total actuarial equivalent of the retirement income so allocable to all persons in such group.
Provided no discrimination in value results, the Board of Trustees shall distribute the amounts so allocated in one of the following manners as the Board of Trustees in their discretion may determine:
(i) by continuing payment of benefits as they become due, or
(ii) by paying, in cash, the amount allocated to any such person.
Laws 1978, c. 206, § 1; Laws 1979, c. 285, § 5, eff. July 1, 1979.
2023 Oklahoma Statutes › Title 74. State Government › §74-913.1. District court reporters - Credit for prior service.

All court reporters of the district court shall be entitled to credit for all years of prior service as a court reporter in any court of record in the State of Oklahoma for purposes of participation in the Oklahoma Public Employees Retirement System, provided they are otherwise eligible for prior service under said System. No court reporter shall be entitled to participation in the Uniform Retirement System for Justices and Judges.
Laws 1969, c. 328, § 6, emerg. eff. May 7, 1969; Laws 1973, c. 279, § 5, emerg. eff. May 30, 1973.
2023 Oklahoma Statutes › Title 74. State Government › §74-913.1a. Nonclassified optional education personnel - Service credit.

A member may receive credit in the Oklahoma Public Employees Retirement System for those years of service accumulated by the member as nonclassified optional personnel as defined by paragraph 4 of Section 17-101 of Title 70 of the Oklahoma Statutes if the member is not receiving or eligible to receive retirement credit or benefits from said service in any public retirement system. To receive the service credit, the member shall pay the amount determined by the Board pursuant to Section 913.5 of this title.
Added by Laws 1993, c. 134, § 1, emerg. eff. May 4, 1993.
2023 Oklahoma Statutes › Title 74. State Government › §74-913.2. Rights of Justices or Judges not affected - Prohibition on becoming members.

The provisions of this act shall not operate either to enlarge or to diminish any rights any Justice or Judge of the Supreme Court, Court of Criminal Appeals, Court of Appeals, State Industrial Court or district court may now have under the provisions of the Oklahoma Public Employees Retirement System, and no Justice or Judge of the above named courts shall be eligible to become a member of the Oklahoma Public Employees Retirement System.
Laws 1973, c. 279, § 8, emerg. eff. May 30, 1973.
2023 Oklahoma Statutes › Title 74. State Government › §74-913.7. Transferred employees of George Nigh Rehabilitation Institute – Election to continue membership in Oklahoma Public Employees Retirement System.

A. An employee transferred pursuant to the provisions of Section 3 of this act may elect to remain as a member of the Oklahoma Public Employees Retirement System and if the employee elects to do so, shall file an election on a form prescribed for that purpose with the Oklahoma Public Employees Retirement System not later than December 31, 1999, or the employee may elect to become a member of the Teachers’ Retirement System of Oklahoma and if the employee elects to do so shall file an election on a form prescribed for that purpose with the Teachers’ Retirement System of Oklahoma not later than December 31, 1999.
B. If an employee files the election provided for in subsection A of this section to continue membership in the Oklahoma Public Employees Retirement System, the employer to which the employee is transferred shall pay the required employer contributions applicable to the participating employers in the Oklahoma Public Employees Retirement System pursuant to Section 920 of Title 74 of the Oklahoma Statutes and the employee shall continue to pay employee contributions as required by Section 919.1 of Title 74 of the Oklahoma Statutes.
C. Until an employee files an election pursuant to subsection A of this section, the employee shall continue to be a member of the Oklahoma Public Employees Retirement System and the employer to which the employee is transferred shall make required employer contributions pursuant to Section 920 of Title 74 of the Oklahoma Statutes.
D. If an employee transferred pursuant to Section 3 of this act elects a vested benefit to be paid from the Oklahoma Public Employees Retirement System, and if the employee has accumulated sick leave, on June 30, 1999, equal to or in excess of one hundred thirty (130) days then, notwithstanding the actual amount of accumulated sick leave the employee has accrued on the date as of which the vested benefit is elected, the provisions of Section 913 of Title 74 of the Oklahoma Statutes shall be applicable to the computation of participating service credit based upon accumulated sick leave for such employee.
Added by Laws 1999, c. 347, § 4, eff. July 1, 1999.
2023 Oklahoma Statutes › Title 74. State Government › §74-913.8. Military service credit - payment.

A. Any active member of the Oklahoma Public Employees Retirement System who served in any branch of the United States Armed Forces or any component thereof, who was honorably discharged, and whose initial membership in the System began on or after July 1, 2000, may receive up to five (5) years of military service credit as otherwise provided in Section 901 et seq. of this title, only upon payment of the actuarial cost of the service credit as determined by the Board pursuant to Section 913.5 of this title. Any active member of the Oklahoma Public Employees Retirement System who served in any branch of the United States Armed Forces or any component thereof, who was honorably discharged, and whose initial membership in the System began prior to July 1, 2000, and whose military service does not qualify as service which can be granted to a member under Section 913 of this title, shall be eligible to purchase service credit pursuant to this subsection. For purposes of this subsection, “military service” means service in the Armed Forces of the United States by honorably discharged persons.
B. The combined amount of service granted under subsection B of Section 913 of this title, and service purchased pursuant to subsection A of this section, shall not exceed five (5) years.
C. For a member of the System hired on or after July 1, 2003, if the military service credit authorized by this section is used to compute the retirement benefit of the member and the member retires from the System, such military service credit shall not be used to compute the retirement benefit in any other retirement system created pursuant to the Oklahoma Statutes and the member may receive credit for such service only in the retirement system from which the member first retires.
Added by Laws 2000, c. 311, § 4, eff. July 1, 2000. Amended by Laws 2003, c. 406, § 18, eff. July 1, 2003; Laws 2022, c. 96, § 5, eff. Nov. 1, 2022; Laws 2023, c. 146, § 4, eff. Nov. 1, 2023.