Okla. Admin. Code § 590:25-11-6

Current through Vol. 42, No. 4, November 1, 2024

Section 590:25-11-6 - Amendment of Plan and/or Trust

The Board may at any time amend or modify this Plan and/or Trust with or without the consent of the Participant [or any beneficiary thereof] provided that:

(1) All amendments shall be accomplished in accordance with the Administrative Procedures Act. No amendments shall deprive the Participant of any of the benefits to which he is entitled under this Plan and/or Trust with respect to deferred amounts credited to his account prior to the effective date of the amendment;

(2) This Plan and/or Trust alone, and any properly adopted amendment thereof, shall constitute the total Plan and/or Trust or contract between the Employer and the Participant regarding the Plan and/or Trust; no oral statement regarding the Plan and/or Trust may be relied upon by the Participant;

(3) This Plan and/or Trust and any properly adopted amendment, shall be binding on the parties hereto and their respective heirs, administrators, trustees, successors and assigns and on all designated beneficiaries of the Participant, and

(4) No amendment shall authorize or permit any part of the Trust Fund to be used for or diverted to purposes other than for the exclusive benefit of the Participants and their Beneficiaries.

Okla. Admin. Code § 590:25-11-6

Amended at 15 Ok Reg 974, eff 12-8-97 (emergency); Amended at 15 Ok Reg 3275, eff 7-13-98