SECTION 260:40-23-10. Benefit election irrevocable unless a permitted exception exists

(a)   Except as otherwise provided in this Section, a participant's election of benefits described in this Chapter, made in accordance with subchapter 17 of this Chapter, shall be irrevocable during the Plan Year with regard to any benefit or portion of benefit elected for the period of coverage to which the election pertains. Conversion from one type of benefit to another or modification of the salary adjustment agreement shall not be permitted during the applicable period of coverage.

(b)   A participant shall be entitled to modify the premium conversion option election after a period of coverage has commenced for which the election applies or make a new election, subject to acceptance by the Plan Administrator, with respect to the remainder of the current period of coverage, if the modification or new election is on account of and corresponds with a permitted exception which shall include all of the exceptions indicated in 260:40-17-4 unless they are prohibited herein. PROHIBITED EXCEPTIONS TO CHANGING PREMIUM CONVERSION OPTION ELECTION:

(1)   Change in place of residence

(2)   COBRA events

(3)   Significant Cost Increases

(c)   The participant shall furnish the Plan Administrator with information relative to a permitted exception to the irrevocability rule. The Plan Administrator shall determine whether a change in benefit election meets the criteria in subchapter 17-4 and is not prohibited by this subchapter, nor by the Plan, or by the prevailing Internal Revenue Code and regulations promulgated thereunder.

(d)   The employee must provide a request to make a change by way of an authorized submission procedure as set forth by the Plan Administrator.

(e)   Any request to make a change must be submitted by the employee to the Plan Administrator within thirty (30) days of the family status event described in subsection (b) of this Section. If the request is not submitted under an authorized submission procedure within thirty (30) days of the event the participant shall waive the option to make changes under this section during such Plan Period.

[Source: Added at 31 Ok Reg 1358, eff 9-12-14]