A. Board Created; Membership: There is hereby created a local firefighters' pension and retirement board composed of the mayor, the city clerk, the city treasurer and three (3) members from the fire department. The board shall have the membership, organization, powers, duties and functions as prescribed by 11 Oklahoma Statutes section 49-103 et seq. (1983 Code § 2-710)
B. Operation Of Fund: The city firefighters' pension and retirement system and fund shall be operated in accordance with state law relating to the fund and system. (1983 Code § 2-711)
C. Contributions To Fund:
1. The city 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 subsection shall be increased to reflect the amounts approved by the majority vote. The treasurer of the city shall deposit monthly with the Oklahoma firefighters' pension and retirement board the amounts deducted pursuant to this subsection. 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.
2. The city treasurer shall deposit monthly with the Oklahoma firefighters' pension and retirement board the amounts of monies which are required by applicable state law for each paid member of the fire department.
3. 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 monies which are required by applicable state law. These amounts may be revised according to actuarial studies and amounts as set by the Oklahoma firefighters' pension and retirement board.
4. 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. (1983 Code § 2-712)