OkMRF was established in 1966 by the City of Shawnee and the City of Ada signing a Trust Agreement which established the OkMRF System and Trust. Twenty-six members joined that first year. (Each new member today still joins OkMRF by entering into the same Agreement with Shawnee and Ada.) OkMRF is authorized under State statutes to pool funds for investment purposes.
Currently, OkMRF has assets exceeding $1 billion. The System began with a Defined Benefit Program only, and now offers Defined Contribution, Customized Manager Option and Retiree Medical Programs.
OUR FEATURES AND BENEFITS
- OkMRF is owned and operated by its members. Our plans and services have been developed by our members through their representatives – the OkMRF Board of Trustees. This nine member board, elected by the members of each district, listens. The Trustees respond to the requests of the employers and employees. This is evident in the continual expansion of services and plan features.
- OkMRF specializes in government plans by design. We are very familiar with the needs, objectives and plan requirements (or lack of) which may be unique to the government sector. The OkMRF staff and team of consultants provide a professional service which is not duplicated anywhere.
- OkMRF members share plan costs. This enables many municipalities to provide plans which might not be affordable otherwise. A majority of the plan administrative costs, investment fees and consultant fees are shared pro rata of plan assets. As a result, plan costs are minimal.
- OkMRF is a non-profit organization. We do not pay any sales commissions to employees or consultants. There is no hidden agenda or ulterior motive (except maybe for pride) other than providing the best system possible – and remaining the State’s premier municipal retirement program.
- The coalition of municipalities provides the best possible avenue of services. All programs are administered and managed locally here in Oklahoma. The direct relationships between the Trustees and the district members provide a communication link which assures employers and employees the ability to be heard and to be part of the development of new programs and services.