Minutes of a Regular Meeting, June 22-23, 2004 - Digital Collections
Minutes of a Regular Meeting, June 22-23, 2004 - Digital Collections Minutes of a Regular Meeting, June 22-23, 2004 - Digital Collections
June 22-23, 2004 29188The University adopted the Plan to allow eligible employees of 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) of the Internal Revenue Code of 1986, as amended. The Code requires thatparticipants begin to receive a certain level of distributions from the Plan upon reaching theirrequired beginning date that is defined as the April 1 following the later of 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 of Oklahoma 457(b)Eligible Deferred Compensation Retirement Plan (the “Plan”) is hereby amended as set forthbelow. This amendment (the “Amendment”) of the Plan is adopted to reflect final regulationspromulgated under Section 401(a)(9) of the Internal Revenue Code of 1986 concerning RequiredMinimum Distributions from the Plan.Minimum Distribution Requirements. The provisions of this Section will apply forpurposes of determining required minimum distributions for calendar years beginning withthe 2003 calendar year. The requirements of this Section shall apply to any distribution ofa Participant’s vested Accumulation Account(s) and will take precedence over anyinconsistent provisions of 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 of 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 of 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 of the calendar year immediatelyfollowing the calendar year in which the Participant died, or byDecember 31 of 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 of the calendar yearimmediately following the calendar year in which the Participantdied.
June 22-23, 2004 29189c) If there is no designated Beneficiary as of September 30 of the yearfollowing the year of the Participant’s death, the Participant’s entireinterest shall be distributed by December 31 of the calendar yearcontaining the fifth anniversary of the Participant’s death.d) If the Participant’s surviving spouse is the Participant’s soledesignated Beneficiary and the surviving spouse dies after theParticipant but before distributions to the surviving spouse begin,this subsection (A)(2), other than subsection (A)(2)(a), will apply asif the surviving spouse were the Participant.For purposes of subsections (A)(2) and (C), unless subsection (A)(2)(d) applies, distributions areconsidered to begin on the Participant’s Required Beginning Date. If subsection (A)(2)(d)applies, distributions are considered to begin on the date distributions are required to begin to thesurviving spouse under subsection (A)(2)(a). If distributions under an annuity purchased from aninsurance company irrevocably commence to the Participant before the Participant’s RequiredBeginning Date or to the Participant’s surviving spouse before the date distributions are requiredto begin to the surviving spouse under subsection (A)(2)(a), the date distributions are consideredto begin is the date distributions actually commence.(3) Forms of Distribution. Unless the Participant’s interest is distributed in theform of an annuity purchased from an insurance company or in a single sumon or before the Required Beginning Date, as of the first distributioncalendar year distributions shall be made in accordance with subsections (B)and (C) of this Section. If the Participant’s interest is distributed in the formof an annuity purchased from an insurance company, distributionsthereunder will be made in accordance with the requirements of CodeSection 401(a)(9) and the Treasury Regulations.(B)Required Minimum Distributions During Participant’s Lifetime.(1) Amount of Required Minimum Distribution for Each Distribution CalendarYear. During the Participant’s lifetime, the minimum amount that will bedistributed for each distribution calendar year is the lesser of:a) the quotient obtained by dividing the Participant’s account balanceby the distribution period in the Uniform Lifetime Table set forth inTreasury Regulation Section 1.401(a)(9)-9, using the Participant’sage as of the Participant’s birthday in the distribution calendar year;orb) if the Participant’s sole designated Beneficiary for the distributioncalendar year is the Participant’s spouse, the quotient obtained bydividing the Participant’s account balance by the number in the Jointand Last Survivor Table set forth in Treasury Regulation Section1.401(a)(9)-9, using the Participant’s and spouse’s attained ages asof the Participant’s and spouse’s birthdays in the distributioncalendar year.(2) Lifetime Required Minimum Distribution Through Year of Participant’sDeath. Required minimum distributions will be determined under this
- Page 9 and 10: June 22-23, 2004 29137The design de
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- Page 42 and 43: June 22-23, 2004 29170CONTINUATION
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- Page 51 and 52: June 22-23, 2004 29179ESTABLISHMENT
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- Page 57 and 58: June 22-23, 2004 29185Rick Hart, As
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- Page 75 and 76: June 22-23, 2004 29203LEASE OF REAL
- Page 77 and 78: June 22-23, 2004 29205Malke, Horst,
- Page 79 and 80: June 22-23, 2004 29207Archer, Ann G
- Page 81 and 82: June 22-23, 2004 29209Yount, Brian
- Page 83 and 84: June 22-23, 2004 29211White, Kathry
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- Page 91 and 92: June 22-23, 2004 29219Forren, Harry
- Page 93 and 94: June 22-23, 2004 29221Rothoff, Rodn
- Page 95 and 96: June 22-23, 2004 292233) change his
- Page 97 and 98: June 22-23, 2004 29225Schmidt, Jerr
- Page 99 and 100: June 22-23, 2004 29227LITIGATIONThi
- Page 101 and 102: June 22-23, 2004 29229CAMERON UNIVE
- Page 103 and 104: June 22-23, 2004 29231Substantially
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<strong>June</strong> <strong>22</strong>-<strong>23</strong>, <strong>2004</strong> 29189c) If there is no designated Beneficiary as <strong>of</strong> September 30 <strong>of</strong> the yearfollowing the year <strong>of</strong> the Participant’s death, the Participant’s entireinterest shall be distributed by December 31 <strong>of</strong> the calendar yearcontaining the fifth anniversary <strong>of</strong> the Participant’s death.d) If the Participant’s surviving spouse is the Participant’s soledesignated Beneficiary and the surviving spouse dies after theParticipant but before distributions to the surviving spouse begin,this subsection (A)(2), other than subsection (A)(2)(a), will apply asif the surviving spouse were the Participant.For purposes <strong>of</strong> subsections (A)(2) and (C), unless subsection (A)(2)(d) applies, distributions areconsidered to begin on the Participant’s Required Beginning Date. If subsection (A)(2)(d)applies, distributions are considered to begin on the date distributions are required to begin to thesurviving spouse under subsection (A)(2)(a). If distributions under an annuity purchased from aninsurance company irrevocably commence to the Participant before the Participant’s RequiredBeginning Date or to the Participant’s surviving spouse before the date distributions are requiredto begin to the surviving spouse under subsection (A)(2)(a), the date distributions are consideredto begin is the date distributions actually commence.(3) Forms <strong>of</strong> Distribution. Unless the Participant’s interest is distributed in theform <strong>of</strong> an annuity purchased from an insurance company or in a single sumon or before the Required Beginning Date, as <strong>of</strong> the first distributioncalendar year distributions shall be made in accordance with subsections (B)and (C) <strong>of</strong> this Section. If the Participant’s interest is distributed in the form<strong>of</strong> an annuity purchased from an insurance company, distributionsthereunder will be made in accordance with the requirements <strong>of</strong> CodeSection 401(a)(9) and the Treasury Regulations.(B)Required Minimum Distributions During Participant’s Lifetime.(1) Amount <strong>of</strong> Required Minimum Distribution for Each Distribution CalendarYear. During the Participant’s lifetime, the minimum amount that will bedistributed for each distribution calendar year is the lesser <strong>of</strong>:a) the quotient obtained by dividing the Participant’s account balanceby the distribution period in the Uniform Lifetime Table set forth inTreasury Regulation Section 1.401(a)(9)-9, using the Participant’sage as <strong>of</strong> the Participant’s birthday in the distribution calendar year;orb) if the Participant’s sole designated Beneficiary for the distributioncalendar year is the Participant’s spouse, the quotient obtained bydividing the Participant’s account balance by the number in the Jointand Last Survivor Table set forth in Treasury Regulation Section1.401(a)(9)-9, using the Participant’s and spouse’s attained ages as<strong>of</strong> the Participant’s and spouse’s birthdays in the distributioncalendar year.(2) Lifetime Required Minimum Distribution Through Year <strong>of</strong> Participant’sDeath. Required minimum distributions will be determined under this
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