Okla. Admin. Code § 590:35-17-2

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

Section 590:35-17-2 - Payments from Trust Fund

(a) The Recordkeeper shall make payments from the Trust Fund to such persons in such manner, at such times and in such amounts as the Board of Trustees, acting through the Plan Administrator, shall direct. The Recordkeeper shall be fully protected in making, discontinuing, or stopping payments from the Trust Fund in accordance with the directions of the Board of Trustees and/or the Plan Administrator. The Recordkeeper shall have no responsibility to see to the application of payments so made or to ascertain whether the directions of the Board of Trustees and/or Plan Administrator comply with the Plan. When the Board of Trustees and/or the Plan Administrator directs that any payment is to be made only during or until the time a certain condition exists regarding the payee, any payment made by the Recordkeeper in good faith, without actual notice or knowledge of the changed status or condition of the payee, shall be considered to have been properly made by the Recordkeeper and made in accordance with the direction of the Board of Trustees and/or Plan Administrator.

(b) To the extent permitted by law, the Board of Trustees shall be reimbursed for its expenses, if any, that are reasonable and necessary for the administration of the Plan and the Trust pursuant to Section 590:35-19-7.

(c) The Board of Trustees, acting through the Plan Administrator and/or Recordkeeper is authorized, to the extent required under applicable law, to withhold from distributions to any payee such sum as the Board of Trustees determines is necessary to cover federal and state taxes for which the Board of Trustees may be liable, which are, or may be, assessed with regard to the amount distributable to such payee. Upon discharge or settlement of such tax liability the Board of Trustees shall pay the balance of such sum, if any, to such payee or to his estate. Prior to making any payment or distribution hereunder, the Board of Trustees may require such releasesor other documents from any lawful taxing authority and may require such indemnity from any payee or distributee as the Board of Trustees shall reasonably deem necessary for its protection.

(d) No amounts shall be payable to the Employer hereunder, from the Trust Fund, except as provided in the Plan.

Okla. Admin. Code § 590:35-17-2

Added at 15 Ok Reg 793, eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff 7-13-98