§47-2-303.1.

§47-2-303.1.
   
   A. The Oklahoma Law Enforcement Retirement Board shall discharge its
   duties with respect to the System solely in the interest of the
   participants and beneficiaries and:
   
   1. For the exclusive purpose of:
   
   a. providing benefits to participants and their beneficiaries, and
   
   b. defraying reasonable expenses of administering the System;
   
   2. With the care, skill, prudence, and diligence under the
   circumstances then prevailing that a prudent person acting in a like
   capacity and familiar with such matters would use in the conduct of an
   enterprise of a like character and with like aims;
   
   3. By diversifying the investments of the System so as to minimize the
   risk of large losses, unless under the circumstances it is clearly
   prudent not to do so; and
   
   4. In accordance with the laws, documents and instruments governing
   the System.
   
   B. The Board may procure insurance indemnifying the members of the
   Board from personal loss or accountability from liability resulting
   from a member's action or inaction as a member of the Board.
   
   C. The Board may establish an investment committee. The investment
   committee shall be composed of not more than five (5) members of the
   Board appointed by the president of the Board. The committee shall
   make recommendations to the full Board on all matters related to the
   choice of custodians and managers of the assets of the System, on the
   establishment of investment and fund management guidelines, and in
   planning future investment policy. The committee shall have no
   authority to act on behalf of the Board in any circumstances
   whatsoever. No recommendation of the committee shall have effect as an
   action of the Board nor take effect without the approval of the Board
   as provided by law.
   
   D. The Board shall retain qualified investment managers to provide for
   the investment of the monies of the System. The investment managers
   shall be chosen by a solicitation of proposals on a competitive bid
   basis pursuant to standards set by the Board. Subject to the overall
   investment guidelines set by the Board, the investment managers shall
   have full discretion in the management of those monies of the System
   allocated to the investment managers. The Board shall manage those
   monies not specifically allocated to the investment managers. The
   monies of the System allocated to the investment managers shall be
   actively managed by the investment managers, which may include selling
   investments and realizing losses if such action is considered
   advantageous to longer term return maximization. Because of the total
   return objective, no distinction shall be made for management and
   performance evaluation purposes between realized and unrealized
   capital gains and losses.
   
   E. Funds and revenues for investment by the investment managers or the
   Board shall be placed with a custodian selected by the Board. The
   custodian shall be a bank or trust company offering pension fund
   master trustee and master custodial services. The custodian shall be
   chosen by a solicitation of proposals on a competitive bid basis
   pursuant to standards set by the Board. In compliance with the
   investment policy guidelines of the Board, the custodian bank or trust
   company shall be contractually responsible for ensuring that all
   monies of the System are invested in income-producing investment
   vehicles at all times. If a custodian bank or trust company has not
   received direction from the investment managers of the System as to
   the investment of the monies of the System in specific investment
   vehicles, the custodian bank or trust company shall be contractually
   responsible to the Board for investing the monies in appropriately
   collateralized short-term interest-bearing investment vehicles.
   
   F. Prior to August 1 of each year, the Board shall develop a written
   investment plan for the System.
   
   G. The Board shall compile a quarterly financial report of all the
   funds of the System on a fiscal year basis. The report shall be
   compiled pursuant to uniform reporting standards prescribed by the
   Oklahoma State Pension Commission for all state retirement systems.
   The report shall include several relevant measures of investment
   value, including acquisition cost and current fair market value with
   appropriate summaries of total holdings and returns. The report shall
   contain combined and individual rate of returns of the investment
   managers by category of investment, over periods of time. The Board
   shall include in the quarterly reports all commissions, fees or
   payments for investment services performed on behalf of the Board. The
   report shall be distributed to the Governor, the Oklahoma State
   Pension Commission, the Legislative Service Bureau, the Speaker of the
   House of Representatives and the President Pro Tempore of the Senate.
   
   H. After July 1 and before October 1 of each year, the Board shall
   publish widely an annual report presented in simple and easily
   understood language pursuant to uniform reporting standards prescribed
   by the Oklahoma State Pension Commission for all state retirement
   systems. The report shall be submitted to the Governor, the Speaker of
   the House of Representatives, the President Pro Tempore of the Senate,
   the Oklahoma State Pension Commission and the members of the System.
   The annual report shall cover the operation of the System during the
   past fiscal year, including income, disbursements, and the financial
   condition of the System at the end of the fiscal year. The annual
   report shall also contain the information issued in the quarterly
   reports required pursuant to subsection G of this section as well as a
   summary of the results of the most recent actuarial valuation to
   include total assets, total liabilities, unfunded liability or over
   funded status, contributions and any other information deemed relevant
   by the Board. The annual report shall be written in such a manner as
   to permit a readily understandable means for analyzing the financial
   condition and performance of the System for the fiscal year. The
   annual financial statements must be audited and filed in accordance
   with the requirements set forth for financial statement audits in
   Section 212A of Title 74 of the Oklahoma Statutes.
   
   I. The Board may retain an attorney licensed to practice law in this
   state. The attorney shall serve at the pleasure of the Board for such
   compensation as set by the Board. The Attorney General shall furnish
   such legal services as may be requested by the Board.