Okla. Admin. Code § 590:40-9-52

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

Section 590:40-9-52 - Investment of Trust Fund

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

(b)Duties of the Board. The Board shall perform all acts within its authority under this Plan for the exclusive purpose of providing benefits to Participants and their beneficiaries and defraying reasonable expenses of administering the Plan and Trust. The Board shall further 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 terms of the preceding sentence, the Board 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. To the extent applicable for this Plan and Trust, provisions of the Oklahoma Statutes which reference the powers and duties of the Board are incorporated.

Okla. Admin. Code § 590:40-9-52

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