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

June 22-23, 2004 29192or if later, April 1 following the calendar year in which the Participantretires.(E) Election to Allow Participants, Former Participants or Beneficiaries to Elect 5-Year Rule.Participants or Beneficiaries may elect on an individual basis whether the 5-yearrule or the life expectancy rule in subsections (A)(2) and (C)(2) applies todistributions after the death of a Participant who has a designated Beneficiary. Theelection must be made no later than the earlier of September 30 of the calendar yearin which distribution would be required to begin under Subsection (A)(2), or bySeptember 30 of the calendar year which contains the fifth anniversary of theParticipant’s (or, if applicable, surviving spouse’s) death. If neither the Participantnor Beneficiary makes an election under this paragraph, distributions will be madein accordance with subsection (A)(2) and (C)(2).Except as otherwise provided in this Amendment, the Plan is hereby ratified andconfirmed in all respects.EXECUTED as of the 23rd day of June, 2004.THE UNIVERSITY OF OKLAHOMAByStephen F. Bentley, Chairman, Board of RegentsPresident Boren recommended the Board of Regents adopt the above “model”amendment prepared by the Internal Revenue Service that is required to comply with federal taxlegislation for The University of Oklahoma 457(b) Eligible Deferred Compensation Plan (the“Plan”).Regent Stuart moved approval of the recommendation. The following voted yes onthe motion: Regents Everest, Clark, Stuart, Weitzenhoffer and Wade. The Chair declared themotion unanimously approved.DESIGNATION OF GIFT TO REGENTS' FUND AS A QUASI ENDOWMENTThe University of Oklahoma received a distribution of $250,000 from the Estate ofAaron Alexander. The distribution will benefit the Aaron Alexander Professorship in CivilEngineering Fund. The Last Will and Testament of Mr. Alexander contains no restrictionsrequiring the gift to be held in perpetuity and, therefore, the entire gift is expendable for supportof the Professorship. However, it is the opinion of the Dean of the College of Engineering thatthe intent of the donor can best be met by making the gift a quasi-endowment within theRegents’ Fund, with only the investment earnings being utilized.The gift will be formally designated as a quasi-endowment within the Regents’ Fund.As such, the fund will function like an endowment fund with only the investment earnings beingused for support of the Professorship. At any time, however, the entire gift may be totallyexpended for the purpose intended by the donor at the discretion of the Board of Regents.