Okla. Admin. Code § 590:40-7-52

Current through Vol. 42, No. 8, January 2, 2025

Section 590:40-7-52 - Investment of Trust Fund; standard of care

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

(b)Standard of care. The Board of Trustees shall perform all acts within its authority under this Plan and the assets shall never inure to the benefit of an Employer and shall be for the exclusive purpose of providing benefits to 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 person 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 preceding sentence, the Board of Trustees shall diversify the investments of the Trust Fund to minimize the risk of large losses by offering diverse investment options to Participants, unless under the circumstances it is prudent not to do so.

(c)Powers and duties. 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 § 590:40-7-52

Adopted by Oklahoma Register, Volume 32, Issue 24, September 1, 2015, eff. 9/11/2015