Okla. Admin. Code § 590:35-17-5

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

Section 590:35-17-5 - Miscellaneous

(a) The creation of this Trust shall not be construed as giving any person entitled to benefits hereunder or other employees of the Employer, who are not Participants of the Plan, any equity or other interest in the assets, business, or affairs of the Employer.

(b) No additional bond, surety or security shall be required of the Board of Trustees except as may be required by law or by the Employer.

(c) The Board of Trustees may procure insurance indemnifying the members of the Board of Trustees from personal loss or accountability from liability resulting from a member's action or inaction as a member of the Board of Trustees.

(d) If any provision or provisions of this Plan and/or Trust shall be held illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining provisions of this Plan and/or Trust, but shall be fully severable and the Plan and/or Trust shall be construed and enforced as if said illegal or invalid provisions had never been inserted herein.

(e) The Employer shall have the authority, but shall be under no duty, to enforce this Trust on behalf of any and all persons having or claiming any interest in the Trust Fund. In any action or proceeding affecting the Trust Fund or the administration thereof, or for instructions to the Board of Trustees, the Employer and the Board of Trustees shall be the only necessary parties, and no employees of the Employer or their beneficiaries, or any other person having or claiming to have an interest in the Trust Fund shall be entitled to any notice of process, and any judgment that may be entered in such action or proceeding shall, be binding on all persons having or claiming to have any interest in the Trust Fund.

(f) Entering into this Plan and Trust by the Employer and the Participant shall not be construed to give a contract of employment to the Participant or to alter or amend an existing employment contract of the Participant, if in fact one exists, nor shall the entering into this Plan and Trust be construed as affording the Participant any representation or guarantee regarding his continued employment.

Okla. Admin. Code § 590:35-17-5

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