Okla. Admin. Code § 590:25-11-7

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

Section 590:25-11-7 - Termination

It is the present intention of the Employer to maintain this Plan and/or Trust. Nevertheless, the Employer reserves the right, at any time, to discontinue or terminate this Plan and/or Trust.

(1) If the Plan and/or Trust is curtailed or terminated, the Board shall nonetheless be responsible for the supervision and the payment of the benefits resulting from amounts contributed prior to the amendment, modification or termination in accordance with this Chapter.

(2) The Plan and Trust may be terminated at any time by the Employer, by giving notice in writing to the Board, which notice shall recite the date upon which the termination would be effective. After receipt of such notice, the Board shall continue to hold, invest and administer the Plan and Trust until the assets are liquidated and distributed to Participants and Beneficiaries. The distribution of assets shall occur as soon as administratively practicable after the termination of the Plan. The Trust shall terminate only when no assets of the Trust remain in the possession of the Board.

(3) The Trust is hereby designated as constituting a part of the Plan intended to be tax exempt under Code Sections 457 and 501(a). Until advised otherwise, the Board may conclusively assume that this Trust is tax exempt under Code Section 501(a) and that this Trust is exempt to that extent from federal income taxes.

Okla. Admin. Code § 590:25-11-7

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