Okla. Admin. Code § 590:40-7-54

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

Section 590:40-7-54 - Miscellaneous

(a)Limitation in interest. The creation of this Trust shall not be construed as giving any person entitled to benefits 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)Bond or surety. No additional bond, surety or security shall be required of the Board of Trustees except as required by law or by the Employer.

(c)Insurance. 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)Severability. If any provision or provisions of this Plan and/or Trust shall be held illegal or invalid, the 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 the illegal or invalid provisions had never been inserted.

(e)Enforcement of Trust. The Employer and the Board shall have the authority, but shall be under no duty, to enforce this Trust on behalf of 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. 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)No employment contract. 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 one exists, nor shall the entering into this Plan and Trust be construed as affording the Participant any representation or guarantee regarding his or her continued employment.

(g)Prohibited transaction. The Board may not engage in a transaction prohibited by Code Section 503(b).

Okla. Admin. Code § 590:40-7-54

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