(A) Local Fire Pension and Retirement Board. There is hereby created a Local Firefighters’ Pension and Retirement Board composed of the Mayor, the Clerk, the Treasurer and three members from the Fire Department. The Board shall have the membership, organization, powers, duties, and functions as prescribed by 11 O.S. §§ 49-103 et seq.
(Prior Code, § 2-601)
(B) Fund to be operated in accordance with law. The city’s Firefighters’ Pension and Retirement System and Fund shall be operated in accordance with state law relating to the fund and system.
(Prior Code, § 2-602)
(C) Contributions to Fund.
(1) The Clerk shall deduct from the salaries or wages of each paid member of the Fire Department the amounts which are required by applicable state law. If the members of the Fire Department, by a majority vote of its paid members, vote to increase the amount of the deductions, the amounts authorized by this division (C) shall be increased to reflect the amounts approved by the majority vote. The deductions shall be set forth in the payroll so that each member may be able to ascertain the exact amount which he or she is contributing.
(2) For each volunteer member of the Fire Department, the City Treasurer shall deposit yearly with the State Firefighters’ Pension and Retirement Board the amounts of money which are required by applicable state law. These amounts may be revised according to actuarial studies and amounts as set by the State Firefighters’ Pension and Retirement Board.
(3) All assets of the City Firefighters’ Pension and Retirement Fund shall be transferred to the State 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.
(Prior Code, § 2-603)
Statutory reference:
Related provisions, see 11 O.S. §§ 49-101 et seq.
Related provisions, see 11 O.S. § 49-122