SECTION 260:40-23-5. Reduction of benefits

Latest version.

(a) The Plan Administrator shall reduce amounts of benefits payable to a participant to assure that this option is nondiscriminatory in compliance with any provision of the Internal Revenue Code or other applicable law or regulation. Any such reduction of benefits shall be made by the Plan Administrator on a reasonable and nondiscriminatory basis.
(b) Upon executing the requisite application for participation, a participant shall be deemed to have expressly consented to any modifications of the application and salary adjustment agreement which are necessary to assure nondiscrimination.

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

                    
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