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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 590. Oklahoma Public Employees Retirement System |
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Chapter 40. Defined Contribution System |
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Subchapter 3. Administration of Defined Contribution System - Applicable to The 401(A) Plan and the 457(B) Plan |
SECTION 590:40-3-7. Amendment
Latest version.
- The Board of Trustees may amend or modify these Plans and Trusts with or without the consent of the Participant or any Beneficiary thereof provided that:(1) All amendments shall be accomplished under the Administrative Procedures Act. No amendments shall deprive the Participant of any of the benefits to which he or she is entitled under the Plans and Trusts regarding contributions credited to his or her Account prior to the effective date of the amendment;(2) Each Plan and Trust alone, and any properly adopted amendment thereof, shall constitute the total Plan and Trust or contract between the Employer and the Participant regarding the Plan and Trust; no oral statement regarding the Plan and Trust may be relied upon by the Participant;(3) Each Plan and Trust and any properly adopted amendment shall be binding on the parties subject to the Plan and Trust and their respective heirs, administrators, trustees, successors, and assigns, and on all designated Beneficiaries of the Participant; and(4) No amendment shall authorize or permit any part of the Trust Funds for the Plans to be used for or diverted to purposes other than for the exclusive benefit of the Participants and their Beneficiaries.