Okla. Admin. Code § 590:40-9-51

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

Section 590:40-9-51 - Payments from Trust Fund

(a)Payments by Recordkeeper. 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, acting through OPERS, 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 or OPERS. The Recordkeeper shall have no responsibility to ascertain whether the directions of the Board or OPERS comply with the Plan or to determine whether the application of payments so made comply with the Plan. When the Board or OPERS 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 or OPERS.

(b)Administrative expenses. To the extent permitted by law, the Board shall be reimbursed for its expenses, if any, that are reasonable and necessary for the administration of the Plan and the Trust pursuant to 74 O.S. § 935.6 and 590:40-3-9.

(c)Taxes. The Board, acting through OPERS or the Recordkeeper is authorized, to the extent required under applicable law, to withhold from distributions to any payee such sum as the Board determines is necessary to cover federal and state taxes for which the Board may be liable, which are, or may be, assessed with regard to the amount distributable to such payee, in accordance with 590:40-9-37. Upon discharge or settlement of such tax liability, the Board shall pay the balance of such sum, if any, to such payee or to the estate of the payee. Prior to making any payment or distribution hereunder, the Board may require such releases or other documents from any lawful taxing authority and may require such indemnity from any payee or distributee as the Board shall reasonably deem necessary for its protection.

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

Okla. Admin. Code § 590:40-9-51

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