Every municipality or municipal authority establishing a retirement fund and system is authorized and directed to provide for the control and management of the system by ordinance. The ordinance shall provide, in addition to other provisions, for:

1. The qualifications of the persons eligible for retirement benefits;

2. The minimum age for retirement of employees;

3. The limitations of the amounts to be paid to persons eligible for retirement benefits;

4. A Board of Trustees to administer the fund, and the duties, membership and powers of such board;

5. The amount of contributions to be made by the municipality or authority, and the amount to be made by the employee, if any; and 6. Such rules and regulations as the municipality or authority shall determine necessary for the proper regulation of the retirement system and fund.

The retirement fund and system shall be known as the "Employee Retirement System of ________ (name of municipality), Oklahoma" and by such name all of its business shall be transacted, all funds handled and all of its cash and securities and other property held. Any municipality or any municipal authority may combine or pool by contract with other municipalities and authorities pension and retirement funds for purposes of management and investment, and may create a single board of trustees for such purposes. The provisions of this section shall not apply to Firemen's Relief and Pension Funds nor to Police Pension and Retirement System funds.

Laws 1977, c. 256, § 48-102, eff. July 1, 1978.