§ 70-17-106.3. Deposit of contributions and dedicated revenues - Warrants and vouchers.

A.  All employee and employer contributions and dedicated revenues shall be deposited in the Oklahoma Teachers' Retirement Fund in the State Treasury.  The Board of Trustees shall have the responsibility for the management of the Oklahoma Teachers' Retirement Fund, and may transfer monies used for investment purposes by the Teachers' Retirement System of Oklahoma from the Oklahoma Teachers' Retirement Fund in the State Treasury to the custodian bank or trust company of the System.

B.  All benefits payable pursuant to the provisions of the Teachers' Retirement System of Oklahoma, refunds of contribution and overpayments, and all administrative expenses in connection with the System shall be paid from the Oklahoma Teachers' Retirement Fund upon warrants or vouchers signed by two persons designated by the Board of Trustees.  All expenses of the administration of the Tax-Sheltered Annuity Fund shall be paid from the Oklahoma Teachers' Retirement Fund.  The Board of Trustees may transfer monies from the custodian bank or trust company of the System to the Oklahoma Teachers' Retirement Fund in the State Treasury for the purposes specified in this subsection.

Amended by Laws 1982, c. 227, § 5, emerg. eff. May 4, 1982; Laws 1983, c. 6, § 3, emerg. eff. Feb. 24, 1983; Laws 1986, c. 131, § 19, operative July 1, 1986; Laws 1988, c. 321, § 30, operative July 1, 1988.