A. The Clerk shall deduct from the salaries or wages of each paid member of the Fire Department the appropriate amounts of money as established and required by State law as contribution to the Firefighters Pension Fund. However, 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 subsection shall be increased to reflect the amounts approved by the majority vote. The City Treasurer shall deposit monthly with the Oklahoma Firefighters Pension and Retirement Board the amounts of money deducted as established pursuant to this section. Any amounts deducted from the salary or wages of a Fire Department member shall be made at the time of each payroll. The deductions shall be set forth in the payroll so that each member may be able to ascertain the exact amount which he is contributing. (1990 Code § 2-501; amd. 2006 Code)
B. For each volunteer member of the Fire Department, the City 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 actuarial studies and amounts as set by the Oklahoma Firefighters Pension and Retirement Board.
C. All assets of the City 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. (1990 Code § 2-501)