A. State System Adopted: The town hereby adopts the provisions of state law governing the Oklahoma firefighters' relief and pension system and amendments thereto for the purpose of providing firefighters of the town with a retirement program. (1999 Code § 2-501)
B. Operation Of Fund: The firefighters' pension and retirement fund shall be operated in accordance with state law relating to the fund, and pensions and other benefits shall be paid as provided by state law. (1999 Code § 2-502)
C. Contributions To Fund:
1. For each volunteer member of the fire department, the town clerk-treasurer shall deposit yearly with the Oklahoma firefighters' pension and retirement board the amounts of money as established and required by state law. These amounts may be revised according to actual studies and amounts as set by the Oklahoma firefighters' pension and retirement board.
2. All assets of the town firefighters' pension and retirement fund shall be transferred to the Oklahoma firefighters pension and retirement board. Assets shall be transferred in the form of cash, negotiable securities and such other specific assets as permitted by the state board.
(1999 Code § 2-503)