- (a) Contracts for health and pension benefit plans established for the benefit of members of a horsemen’s organization shall be submitted to the Board at least 30 days prior to the proposed effective date of the contract. Contracts are not effective until approved by the Board.
- (b) Administrative and overhead costs incurred by the horsemen’s organization for the administration of health and pension benefit plans must be reasonable. Administrative costs that do not exceed 15% of the statutory allocation are considered reasonable.