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Minutes of a Regular Meeting, June 22-23, 2004 - Digital Collections

Minutes of a Regular Meeting, June 22-23, 2004 - Digital Collections

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<strong>June</strong> <strong>22</strong>-<strong>23</strong>, <strong>2004</strong> 29188The University adopted the Plan to allow eligible employees <strong>of</strong> the University todefer their compensation into the Plan on a tax-deferred basis. The Plan is strictly an employeedeferred compensation plan and does not involve any University contribution. The Plan is beingamended to comply with final regulations issued by the Internal Revenue Service regardingrequired minimum distributions from an eligible deferred compensation plan as defined insection 457(b) <strong>of</strong> the Internal Revenue Code <strong>of</strong> 1986, as amended. The Code requires thatparticipants begin to receive a certain level <strong>of</strong> distributions from the Plan upon reaching theirrequired beginning date that is defined as the April 1 following the later <strong>of</strong> the year that theparticipant turns 70½ or retires. The amendment to be adopted is a “model” amendmentprepared by the Internal Revenue Service and is intended to make no other changes than tocomply with federal tax regulations.REQUIRED MINIMUM DISTRIBUTION AMENDMENTTO THE UNIVERSITY OF OKLAHOMA457(b) ELIGIBLE DEFERRED COMPENSATION RETIREMENT PLANPursuant to authority vested in the undersigned, the University <strong>of</strong> Oklahoma 457(b)Eligible Deferred Compensation Retirement Plan (the “Plan”) is hereby amended as set forthbelow. This amendment (the “Amendment”) <strong>of</strong> the Plan is adopted to reflect final regulationspromulgated under Section 401(a)(9) <strong>of</strong> the Internal Revenue Code <strong>of</strong> 1986 concerning RequiredMinimum Distributions from the Plan.Minimum Distribution Requirements. The provisions <strong>of</strong> this Section will apply forpurposes <strong>of</strong> determining required minimum distributions for calendar years beginning withthe 2003 calendar year. The requirements <strong>of</strong> this Section shall apply to any distribution <strong>of</strong>a Participant’s vested Accumulation Account(s) and will take precedence over anyinconsistent provisions <strong>of</strong> this Plan. Distributions in all cases will be made in accordancewith Code Section 401(a)(9) and the regulations promulgated thereunder.(A)Time and Manner <strong>of</strong> Distribution.(1) Required Beginning Date. The Participant’s entire interest shall bedistributed, or begin to be distributed, to the Participant no later than theParticipant’s Required Beginning Date.(2) Death <strong>of</strong> Participant Before Distributions Begin. If the Participant diesbefore distributions begin, the Participant’s entire interest shall bedistributed, or begin to be distributed, no later than as follows:a) If the Participant’s surviving spouse is the Participant’s soledesignated Beneficiary, then distributions to the surviving spouseshall begin by December 31 <strong>of</strong> the calendar year immediatelyfollowing the calendar year in which the Participant died, or byDecember 31 <strong>of</strong> the calendar year in which the Participant wouldhave attained age 70½, if later.b) If the Participant’s surviving spouse is not the Participant’s soledesignated Beneficiary, then distributions to the designatedBeneficiary shall begin by December 31 <strong>of</strong> the calendar yearimmediately following the calendar year in which the Participantdied.

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