A. The board of trustees shall be composed of nine (9) members as follows: 1. One member shall be the county treasurer who shall be the treasurer of the board of trustees; 2. One member shall be the county clerk who shall be the clerk of the board of trustees; 3. One member shall be the chair of the board of county commissioners; 4. Four members to be elected by the employees of said county, provided in counties with a population in excess of five hundred thousand (500,000) according to the latest Federal Decennial Census, one of the four members shall be a retired member of the system. Retired members and beneficiaries of the system shall be allowed to vote in the election in which their representative is elected; and 5. Two members to be appointed by the chair of the board of county commissioners subject to the approval of a majority of the board of county commissioners. If said appointees are not elected officials, employees of the county or participants in the retirement system, they may be compensated at the rate of Fifty Dollars ($50.00) per retirement board meeting attended. B. 1. The terms of office of the members appointed to the board of trustees by the employees of said county who are members of the board of trustees on the effective date of this act shall expire on July 1, 1990. The members appointed or elected to fill the positions that expire July 1, 1990, shall serve initial terms of office as follows: a. the term of office of one of the members elected by the employees of said county shall expire July 1, 1991, b. the term of office of one of the members elected by the employees of said county shall expire July 1, 1992, c. the term of office of one of the members elected by the employees of said county shall expire July 1, 1993, and d. the term of office of one of the members elected by the employees of said county shall expire July 1, 1994. Thereafter, the terms of office of the members of the board of trustees appointed by the employees of said county shall be three (3) years. 2. The initial terms of office of the members appointed by the chair of the board of county commissioners subject to the approval of a majority of the board of county commissioners shall expire as follows: a. the term of office of one of the members appointed by the chair of the board of county commissioners subject to the approval of a majority of the board of county commissioners shall expire July 1, 1991, and b. the term of office of one of the members appointed by the chair of the board of county commissioners subject to the approval of a majority of the board of county commissioners shall expire July 1, 1993. Thereafter, the terms of office of the members of the board of trustees appointed by the chair of the board of county commissioners subject to the approval of a majority of the board of county commissioners shall be four (4) years. 3. Vacancies shall be filled for the unexpired term of office in the same manner as the original appointment was made. C. Those members appointed by the chair of the board of county commissioners subject to the approval of a majority of the board of county commissioners shall: 1. Have demonstrated professional experience in investment or funds management, public funds management, public or private pension fund management or retirement system management; or 2. Have demonstrated experience in the banking profession and have demonstrated professional experience in investment or fund management; or 3. Be licensed to practice law in this state and have demonstrated professional experience in commercial matters; or 4. Be licensed by the Oklahoma State Board of Public Accountancy to practice in this state as a public accountant or a certified public accountant. The appointing authorities, in making appointments that conform to the requirements of this subsection, shall give due consideration to balancing the appointments among the criteria specified in paragraphs 1 through 4 of this subsection. D. Except for the retired member of the system, an elected member shall cease to be a member of the board of trustees when such member is no longer employed by the county. Upon such termination of employment, an election shall be held within ninety (90) days of such termination of board membership in order to replace such employee as a member of the board of trustees. E. Notwithstanding any of the provisions of this section to the contrary, any person serving as an appointed member of the board of trustees on the effective date of this act shall be eligible for reappointment when the term of office of the member expires. Added by Laws 1989, c. 124, § 2, eff. July 1, 1989. Amended by Laws 1989, c. 348, § 6, eff. Nov. 1, 1989; Laws 1992, c. 256, § 1, eff. July 1, 1992; Laws 2003, c. 109, § 1, eff. Nov. 1, 2003; Laws 2003, c. 359, § 1, eff. July 1, 2003.
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