General powers.
Oklahoma City Municipal Code § 40-95
in effect§ 40-95. - General powers.
The Board of Trustees, in addition to other powers contained in this division, shall have the power to:
(a) compel the attendance of witnesses and administer oaths.
(b) provide for payment of all necessary expenses, including actuarial and necessary services.
(c) formulate rules and regulations needed for its guidance in conformity with this division.
(d) invest and reinvest any funds of the System in any property, real, personal, or mixed, in which an individual may invest his/her own funds, exercising the judgment and care under the circumstances then prevailing that men of prudence, discretion and intelligence exercise in the management of their own affairs. The trustees are authorized to invest System assets in a common/collective trust, or in a group trust that satisfies the requirements of IRS Revenue Ruling 81-100, as further amended by IRS Revenue Ruling 2004-67, IRS Revenue Ruling 2008-40, and by IRS Revenue Ruling 2011-1, and as subsequently amended by future guidance. Each such common/collective trust or group trust, is adopted, with respect to monies invested therein, as part of the System and its trust upon approval by the Board of Trustees, and each declaration of trust or trust agreement and related adoption, participation or other agreements, as amended from time to time are incorporated by reference into the System and its trust, including as of January 10, 2011, or as of the stated date if later, the following trusts and the respective declarations of trust or trust agreements and related adoption, participation or other agreements, as amended from time to time, including with respect to any monies invested therein (i) the State Street Bank and Trust Company Investment Funds for Tax Exempt Retirement Plans, as established pursuant to a Declaration of Trust dated February 21, 1991, and its Declaration of Trust dated February 21, 1991, as subsequently amended by the First Amendment to Declaration of Trust dated as of July 19, 1991, the Second Amended and Restated Declaration of Trust dated as of March 13, 1997, the Third Amended and Restated Declaration of Trust dated as of December 22, 2003, the Fourth Amended and Restated Declaration of Trust dated as of August 15, 2005, the Fifth Amended and Restated Declaration of Trust dated as of September 30, 2011, the Sixth Amended and Restated Declaration of Trust dated as of April 1, 2017, the Seventh Amended and Restated Declaration of Trust dated as of January 1, 2019, and as may be subsequently amended and/or restated, including the January 1, 2019 Amended and Restated Fund Declaration of the State Street S&P 500® Flagship Non-Lending Fund, and as may be subsequently amended and/or restated, and the January 1, 2019 Amended and Restated Fund Declaration of the State Street U.S. Aggregate Bond Index Non-Lending Fund, and as may be subsequently amended and/or restated, (ii) the Artio Group Trust and its Agreement of Trust establishing the Artio Group Trust as of April 4, 2006, and as subsequently amended August 1, 2007, March 3, 2008, June 15, 2008 and November 30, 2009, and as may be subsequently amended and/or restated, (iii) the GMO Foreign Equity Pooled Trust and its Agreement of Trust establishing the GMO ERISA Pool, as of September 1, 1985 and Amended and Restated Agreement of Trust establishing the GMO ERISA Pool, as of January 31, 2003 and as subsequently amended by the First Amendment to Amended and Restated Agreement of Trust establishing the GMO ERISA Pool, effective February 28, 2005, and as may be subsequently amended and/or restated, and (iv) the Premier Advisor CIF Series SM Funds of Comerica Bank & Trust, National Association, as established pursuant to a Declaration of Trust dated June 20, 2008, and its Declaration of Trust dated June 20, 2008, as subsequently amended and/or restated, and the Fifth Amendment to Declaration of Trust Premier Advisor CIF Series SM Comerica Bank & Trust, National Association dated December 1, 2011, and as may be subsequently amended and/or restated. The trustees shall have the power to purchase and sell all securities and investments and the power to delegate that authority within the limitations to be established by the Board to a qualified investment manager, who shall be a national or state-chartered bank and trust company authorized to do trust business in the State of Oklahoma, and/or an investment advisor registered with the Securities and Exchange Commission under the Investment Advisors Act of 1940, 15 USC § 80 et seq., and/or registered under the Oklahoma Securities Act of 1959, 71 O.S. § 1 et seq., and/or a broker-dealer who is a member of a recognized securities exchange and is registered under the Oklahoma Securities Act of 1959, provided that the proceeds are used for the purpose of meeting disbursements for Retirement pay and other payments authorized by this division or for the purpose of reinvesting the funds in a more desirable manner. There shall be kept available cash sufficient to pay necessary operating and payroll expenses of the System.
(e) receive and administer in accordance with the provisions of this division any gifts or donations to the System.
(f) appoint and employ an administrator and staff necessary to carry out the administration of the System.
(g) develop such procedures and require such information from the distributing plan as it deems necessary to reasonably conclude that a potential rollover contribution is a valid rollover contribution under Section 1.401(a)(31)-1, Q&A-14(b)(2), of the Income Tax Regulations.
(Ord. No. 21916, § 2, 2-12-02; Ord. No. 24375, § 3, 11-22-11, eff. 12-31-11; Ord No. 25292, § 3, 12-22-15; Ord. No. 26063, § 6, 12-18-18; Ord. No. 26349, § 1, 12-3-19)
Source: City of Oklahoma City, Municipal Code and City Charter (Municode Library, library.municode.com)URL: https://library.municode.com/ok/oklahoma_city/codes/code_of_ordinances?nodeId=OKMUCO2020_CH40PERESY_ARTIIIPERE_DIV1EMREPR_PTCBOTREMRESY_S40-95GEPOFetched: 10/28/2026