The System receives its funding from employer and member contributions, a portion of the state insurance premium tax and returns on investments.

The System was created in 1980 during the term of Governor of Oklahoma George Nigh.

The new law contained a 1 percent tax on insurance premiums to fund the pension benefits for both paid and volunteer firefighters.

The System is overseen by the Secretary of Finance and Revenue.

Under Governor of Oklahoma Brad Henry, Scott Meacham is currently serving as Secretary.