§ 22-16. Fund.

A fund is hereby provided for the exclusive use and benefit of the persons entitled to benefits under the system. All contributions to such fund shall be paid over to and received in trust for such purpose by the city. Such fund shall be pooled for purposes of management and investment with similar funds of other incorporated cities, towns, and municipal trusts in the state as a part of the Oklahoma Municipal Retirement Fund in accordance with the trust agreement of the Oklahoma Municipal Retirement Fund, a public trust. The city shall hold such contributions in the form received, and from time to time pay over and transfer the same to the Oklahoma Municipal Retirement Fund, as duly authorized and directed by the board of trustees. The fund shall be nonfiscal and shall not be considered in computing any levy when the annual estimate is made to the county excise board.

(Ord. No. 845, § 3, 5-19-71; Ord. No. 2010-24, § 2, 12-7-10)

State law reference

Similar provisions, 11 O.S. Supp. 1978, § 48-103.