(1) There shall be a Board of Trustees which shall consist of fourteen (14) members as follows and all appointees shall serve their terms at the pleasure of the appointing authority and may be removed or replaced without cause: a member of the Corporation Commission or the Commission's designee selected by the Corporation Commission, the Director of the Office of Management and Enterprise Services or the Director's designee, the State Insurance Commissioner or the Commissioner's designee, the Director of Human Capital Management of the Office of Management and Enterprise Services, a member of the Oklahoma Tax Commission selected by the Tax Commission, the State Treasurer or the Treasurer's designee, three members appointed by the Governor, one member appointed by the Supreme Court, two members appointed by the Speaker of the House of Representatives and two members appointed by the President Pro Tempore of the State Senate. One member appointed by the Governor shall be an active member of the System. One member appointed by the Speaker shall be an active member of the System. One member appointed by the President Pro Tempore shall be a retired member of the System.

(2) The member of the Board of Trustees on July 1, 1988, who was appointed by the Supreme Court shall complete the term of office for which the member was appointed. The members thereafter appointed by the Supreme Court shall serve terms of office of four (4) years.

(3) Members of the Board of Trustees on July 1, 1988, who were appointed by the Speaker of the House of Representatives or by the President Pro Tempore of the Senate shall complete their term of office for which they were appointed. The initial term of office of members appointed thereafter shall expire on January 8, 1991. The members thereafter appointed by the Speaker of the House of Representatives and by the President Pro Tempore of the Senate shall serve terms of office of four (4) years.

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

(5) One of the members appointed to the Board by the Speaker of the House of Representatives and by the President Pro Tempore of the Senate and two members appointed to the Board by the Governor shall:

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

(b)have demonstrated experience in the banking profession and have demonstrated professional experience in investment or funds management,

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

(d)be licensed by the Oklahoma Accountancy Board to practice in this state as a public accountant or a certified public accountant.

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

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

(7) Any vacancy that occurs on the Board of Trustees shall be filled for the unexpired term in the same manner as the office was previously filled.

(8) Notwithstanding any of the provisions of this section to the contrary, any person serving as an appointed member of the Board on July 1, 1988, shall be eligible for reappointment when the term of office of the member expires.

(9) The Board shall elect one of its members as Chairman of the Board at its annual meeting. He shall preside over meetings of the Board and perform such other duties as may be required by the Board.

(10) The Board shall also elect another member to serve as Vice Chairman, and the Vice Chairman shall perform duties of Chairman in the absence of the latter or upon his inability or refusal to act.

Added by Laws 1963, c. 50, § 5, emerg. eff. May 6, 1963. Amended by Laws 1967, c. 213, § 1, emerg. eff. May 1, 1967; Laws 1969, c. 349, § 3, emerg. eff. May 13, 1969; Laws 1973, c. 279, § 2, emerg. eff. May 30, 1973; Laws 1975, c. 267, § 3, emerg. eff. June 5, 1975; Laws 1975, c. 317, § 5, emerg. eff. June 12, 1975; Laws 1976, c. 207, § 9, emerg. eff. June 7, 1976; Laws 1977, c. 147, § 4, eff. July 1, 1977; Laws 1979, c. 241, § 12, operative July 1, 1979; Laws 1985, c. 300, § 2, emerg. eff. July 24, 1985; Laws 1986, c. 238, § 2, operative July 1, 1986; Laws 1987, c. 236, § 181, emerg. eff. July 20, 1987; Laws 1988, c. 321, § 31, operative July 1, 1988; Laws 1992, c. 376, § 13, eff. July 1, 1992; Laws 2004, c. 536, § 21, eff. July 1, 2004; Laws 2012, c. 304, § 926; Laws 2013, c. 342, § 2, eff. Nov. 1, 2013; Laws 2017, c. 312, § 2.