Okla. Admin. Code § 590:35-17-3

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

Section 590:35-17-3 - Investment of Trust Fund

(a) The corpus or income of the Trust Fund may not be diverted to or used for other than the exclusive benefit of the Participants or their Beneficiaries.

(b) The Board of Trustees shall perform all acts within its authority under this agreement for the exclusive purpose of providing benefits to Plan Participants and their beneficiaries and defraying reasonable expenses of administering the Plan and Trust, and shall perform such acts with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent man acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. Subject to the terms of the preceding sentence, the Board of Trustees shall diversify the investments of the Trust Fund so as to minimize the risk of large losses by offering diverse investment options to Participants, unless under the circumstances it is clearly prudent not to do so.

(c) To the extent applicable for this Plan and Trust, provisions of the Oklahoma Statutes which reference the powers and duties of the Board of Trustees are incorporated.

Okla. Admin. Code § 590:35-17-3

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