Section 50-113 - Purposes of pension fund - Limitation on paymentsAll the funds in the System shall be used only for the following purposes:
1. For investments as authorized by law;2. For the payment of allowances to injured and disabled members of any participating municipality;3. For the payment of pensions for long service to retired members of any participating municipality;4. For the payment of a pension to any beneficiary of any member eligible for a pension;5. For the payment of any professional services deemed necessary by the State Board;6. For the payment of warrant deductions upon proper authorization given by the member to the Board from which the member or beneficiary is currently receiving retirement benefits for any insurance premium due an insurance organization for life, accident, and health insurance. The System has no responsibility for the marketing, enrolling or administration of the products for which warrant deductions are authorized under this paragraph.
Approval of a warrant deduction for any insurance organization, line of coverage or policy shall not be construed as an assumption of liability, for the terms of the policy or the performance of the insurance organization by the Oklahoma Police Pension and Retirement System;
7. For the payment of membership dues in a statewide association limited to Oklahoma Police Pension and Retirement System members with a minimum membership of one thousand dues-paying members upon proper authorization given by the member; and8. Any other purposes authorized by law. Such payments in any event shall not exceed the limits provided in this article.
Okla. Stat. tit. 11, § 50-113
Added by Laws 1977, HB 1100, c. 256, § 50-113, eff. 7/1/1978. Amended by Laws 1980, SB 278, c. 356, § 18, eff. 1/1/1981; Amended by Laws 1988, HB 1582, c. 321, § 17, emerg. eff. 7/1/1988; Amended by Laws 1995, SB 473, c. 162, § 1, emerg. eff. 5/2/1995; Amended by Laws 2007 , SB 695, c. 152, § 1, emerg. eff. 7/1/2007.