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Public retirement systems; Teachers Retirement System of Oklahoma

By Tommy Burns,2014-05-19 11:31
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Public retirement systems; Teachers Retirement System of Oklahoma

     RBH No. 9168

     1 Short Title: Public retirement systems; Teachers’ Retirement System

    of Oklahoma; Board of Trustees; membership; effective date;

    2 emergency.

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     Req. No. 9168

     RBH No. 9168

     1 STATE OF OKLAHOMA

2 2nd Session of the 52nd Legislature (2010)

    HOUSE BILL NO. ______ By: McPeak 3

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    AS INTRODUCED

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    An Act relating to the Teachers’ Retirement System of 7 Oklahoma; amending 70 O.S. 2001, Section 17-106,

    which relates to the board of trustees; modifying 8 membership; providing for selection of person by

    certain organization; providing additional member to 9 be nonvoting; providing an effective date; and

    declaring an emergency.

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    12 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA: 13 SECTION 1. AMENDATORY 70 O.S. 2001, Section 17-106, is 14 amended to read as follows:

    15 Section 17-106. (1) The general administration and 16 responsibility for the proper operation of the retirement system and 17 for making effective the provisions of the act are hereby vested in 18 a Board of Trustees which shall be known as the Board of Trustees 19 and shall be organized immediately after a majority of the trustees 20 provided for in this section shall have qualified and taken the oath 21 of office.

    22 (2) The Board shall consist of the following members: 23 (a) The State Superintendent of Public Instruction, ex officio. 24 (b) The Director of State Finance, ex officio.

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     RBH No. 9168

     1 (c) The Director of the Oklahoma Department of Career and 2 Technology Education, ex officio, or his or her designee. 3 (d) One member appointed by the Governor whose initial term of 4 office shall expire on January 14, 1991. The members thereafter 5 appointed by the Governor shall serve a term of office of four (4) 6 years which is coterminous with the term of office of the office of 7 the appointing authority.

    8 (e) Two members shall be appointed by the Governor of the State 9 of Oklahoma and approved by the Senate. The two members shall be: 10 1. a representative of a school of higher education in Oklahoma 11 whose term of office shall initially be one (1) year, and 2. a 12 member of the System of the nonclassified optional personnel status 13 whose initial term of office shall be two (2) years. After the said 14 initial terms of office the terms of said members shall be four (4) 15 years.

    16 (f) Upon the expiration of the term of office of the 17 stockbroker member of the Board, the Governor shall appoint a member 18 to the Board whose initial term of office shall expire on January 14, 19 1991. The members thereafter appointed by the Governor shall serve 20 a term of office of four (4) years which is coterminous with the 21 term of office of the office of the appointing authority. 22 (g) Upon the expiration of the term of office of the 23 representative of the insurance industry member of the Board, the 24 Governor shall appoint a member to the Board whose initial term of

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     1 office shall expire on January 14, 1991. The members thereafter 2 appointed by the Governor shall serve a term of office of four (4) 3 years which is coterminous with the term of office of the office of 4 the appointing authority.

    5 (h) Upon the expiration of the term of office of the investment 6 counselor member of the Board, the Governor shall appoint a member 7 to the Board whose initial term of office shall expire on January 14, 8 1991. The members thereafter appointed by the Governor shall serve 9 a term of office of four (4) years which is coterminous with the 10 term of office of the office of the appointing authority. 11 (i) Upon the expiration of the term of office of the active 12 classroom teacher member of the Board, the President Pro Tempore of 13 the Senate shall appoint a member to the Board, who shall be an 14 active classroom teacher and whose initial term of office shall 15 expire on January 8, 1991. The members thereafter appointed by the 16 President Pro Tempore of the Senate shall serve a term of office of 17 four (4) years.

    18 (j) Upon the expiration of the term of office of the retired 19 classroom teacher member of the Board, the Speaker of the House of 20 Representatives shall appoint a member to the Board, who shall be a 21 retired member of the System and whose initial term of office shall 22 expire on January 8, 1991. The members thereafter appointed by the 23 Speaker of the House of Representatives shall serve a term of office 24 of four (4) years.

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     RBH No. 9168

     1 (k) The Speaker of the House of Representatives shall appoint a 2 member to the Board, who shall be an active classroom teacher and 3 whose initial term of office shall expire on January 3, 1989. The 4 members thereafter appointed by the Speaker of the House of 5 Representatives shall serve a term of office of four (4) years. 6 (l) The President Pro Tempore of the Senate shall appoint a 7 member to the Board, who shall be a retired member of the System and 8 whose initial term of office shall expire on January 3, 1989. The 9 members thereafter appointed by the President Pro Tempore of the 10 Senate shall serve a term of office of four (4) years. 11 (m) A statewide organization representing retired educators and 12 having at least seven thousand five hundred (7,500) members shall 13 appoint a member to the Board who shall be a nonvoting member.

    14 (3) Persons who are appointed to the Board of Trustees by the 15 Governor pursuant to paragraphs (d), (f), (g) and (h) of subsection 16 (2) of this section shall:

    17 (a) have demonstrated professional experience in investment or 18 funds management, public funds management, public or private pension 19 fund management or retirement system management; or

    20 (b) have demonstrated experience in the banking profession and 21 have demonstrated professional experience in investment or funds 22 management; or

    23 (c) be licensed to practice law in this state and have 24 demonstrated professional experience in commercial matters; or

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     1 (d) be licensed by the Oklahoma State Board of Public 2 Accountancy to practice in this state as a public accountant or a 3 certified public accountant.

    4 The appointing authorities, in making appointments that conform 5 to the requirements of this subsection, shall give due consideration 6 to balancing the appointments among the criteria specified in 7 paragraphs (a) through (d) of this subsection.

    8 (4) No member of the Board of Trustees shall be a lobbyist 9 registered in this state as provided by law.

    10 (5) Notwithstanding any of the provisions of this section to 11 the contrary, any person serving as an appointed member of the Board 12 of Trustees on the operative date of this act shall be eligible for 13 reappointment when the term of office of the member expires. 14 (6) If a vacancy occurs in the office of a trustee, the vacancy 15 shall be filled for the unexpired term in the same manner as the 16 office was previously filled.

    17 (7) Each of the trustees, except those who are state officials 18 serving ex officio, shall receive travel expenses in accordance with 19 the State Travel Reimbursement Act.

    20 (8) Each trustee shall, within ten (10) days after his 21 appointment or election, take an oath of office that, so far as it 22 devolves upon him, he will diligently and honestly administer the 23 affairs of the Board of Trustees and that he will not knowingly 24 violate or willingly permit to be violated any of the provisions of

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     1 law applicable to the retirement system. Such oath shall be 2 subscribed to by the member making it, certified by the officer 3 before whom it is taken, and immediately filed in the office of the 4 Secretary of State.

    5 (9) Each trustee shall be entitled to one vote on the Board of 6 Trustees. Seven votes shall be necessary for a decision by the 7 trustees at any meeting of said Board.

    8 (10) Subject to the limitations of this act, the Board of 9 Trustees shall, from time to time, establish rules and regulations 10 for the administration of the funds created by this act and for the 11 transaction of its business. Provided that such rules and 12 regulations may include rules and regulations providing for the 13 withholding from the retirement allowance due a retired person under 14 the provisions of this act an amount requested in writing by the 15 retiree for the purpose of paying:

    16 (a) monthly premiums on group hospital and surgical insurance 17 programs to which such retiree belongs, and for the transmitting of 18 the sums so withheld to the insurance carrier designated by the 19 retiree; and

    20 (b) membership dues in any statewide association limited to 21 retired educator membership with a minimum membership of one 22 thousand (1,000) dues-paying members and for the transmitting of the 23 sums so withheld.

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     1 (11) The Board of Trustees shall elect from its membership a 2 chairman, and by a majority vote of all of its members shall appoint 3 a secretary-treasurer, who may be, but need not be, one of its 4 members. The Board shall employ an executive secretary and shall 5 engage such actuarial and other service as shall be required to 6 transact the business of the retirement system. The compensation of 7 all persons engaged by the Board and all other expenses of the Board 8 necessary for the operation of the retirement system shall be paid 9 at such rates and in such amounts as the Board shall approve. 10 (12) The members of the Board of Trustees, the Executive 11 Secretary and the employees of the System shall not accept gifts or 12 gratuities from an individual organization with a value in excess of 13 Fifty Dollars ($50.00) per year. The provisions of this section 14 shall not be construed to prevent the members of the Board of 15 Trustees, the Executive Secretary or the employees of the System 16 from attending educational seminars, conferences, meetings or 17 similar functions which are paid for, directly or indirectly, by 18 more than one organization.

    19 (13) The Board of Trustees shall keep in convenient form such 20 data as shall be necessary for actuarial valuation of the various 21 funds of the retirement system and for checking the experience of 22 the system.

    23 (14) The Board of Trustees shall keep a record of all of its 24 proceedings which shall be open to public inspection. It shall

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     1 publish annually a report showing the fiscal transactions of the 2 retirement system for the preceding school year, the amount of the 3 accumulated cash and securities of the system, and the last balance 4 sheet showing the financial condition of the system by means of an 5 actuarial valuation of the assets and liabilities of the retirement 6 system and a detailed accounting of its administrative expenses. 7 (15) The Board of Trustees shall retain an attorney who is 8 licensed to practice law in this state. The attorney shall serve at 9 the pleasure of the Board of Trustees for such compensation as may 10 be provided by the Board of Trustees. The attorney shall advise the 11 Board of Trustees and perform legal services for the Board of 12 Trustees with respect to any matters properly before the Board of 13 Trustees. When requested by the Board of Trustees, the Attorney 14 General of the state also shall render legal services to the Board 15 of Trustees. In addition to the above, the Board of Trustees may 16 employ hearing examiners to conduct administrative grievance 17 hearings under the provisions of the Oklahoma Administrative

    18 Procedures Act, Sections 301 through 325 of Title 75 of the Oklahoma 19 Statutes.

    20 (16) Suitable offices shall be furnished by the Department of 21 Central Services. Upon the failure or inability of the Department 22 of Central Services to provide adequate facilities, the Board of 23 Trustees may contract for necessary office space in suitable 24 quarters.

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     1 (17) The Board of Trustees shall designate a Medical Board to 2 be composed of three physicians not eligible to participate in the 3 retirement system. The physicians so appointed by the Board of 4 Trustees shall be legally qualified to practice medicine in Oklahoma 5 and shall be physicians of good standing in the medical profession. 6 If required, other physicians may be employed to report on special 7 cases. The Medical Board shall pass upon all medical examinations 8 required under the provisions of this act and shall investigate all 9 essential statements and certificates by or on behalf of a member in 10 connection with an application for disability retirement and shall 11 report in writing to the Board of Trustees its conclusion and 12 recommendation upon all the matters referred to it. The Board of 13 Trustees shall adopt such rules and regulations as may be necessary 14 to properly administer this benefit.

    15 (18) The Board of Trustees shall designate an actuary who shall 16 be the technical advisor of the Board of Trustees on matters 17 regarding the operation of funds created by the provisions of this 18 act and shall perform such other duties as are required in 19 connection therewith.

    20 (19) At least once each five (5) years the actuary shall make 21 an actuarial investigation of the experience of the retirement 22 system, including the mortality, service and compensation experience 23 of members and beneficiaries. Based on the results of such 24 investigation the actuary shall recommend for adoption by the Board

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