HomeMy WebLinkAbout2467 I. R. S. No settlement option may be selected which would pro-
Restrictions vide benefit payments extending beyond the li£e
expectancy of a Participant, or the life expectancy
of a Participant and his contingent annuitant. If
the contingent annuitant is other than the spouse,
this option may not be selected if it would result in
benefits to the Participant of less than sixty (60$)
per cent of benefits otherwise payable to him. In
addition, the interest-only option in any insurance
contract may not be used.
ARTICLE XI
TRUST AND ADMINISTRATION •
Trustees must 11.01 It shall be the duty of the Trustees (1) to
pay benefits hold, to invest and to reinves~ the Trust Fund,
but cannot 'and (2) to pay monies.as provided for in the
force a Trust, including payments to employees and their
contribution. beneficiaries. The Trustees shall be under no
Not liable duty to enforce payment of any contribution to
for insuffi- the Trust Fund and shall not be responsible for
cient funds. the adequacy of the Trust Fund to meet and dis-
charge liabilities under the Trust.
i
Power and 11.02 The Trustees shall have the power and duty to:
duty of
Trustees (a) Invest and reinvest the Trust Fund without
. distinction between principal and income in any
and all common stocks, preferred stocks, bonds,
notes, debentures, mortgages, equipment trust
certificates, real and personal property wherever
situated, and in such other property, invest-
ments and securities of any kind, class or
character as the Trustees may deem suitable for
the Trust Fund, and such investment and rein-
vestment shall not be restricted to properties
and securities authorized for investment by
Trustees under any present or future law. The
Trustees sha21 use the Trust Fund to purchase
insurance policies or annuity contracts issued
by any insurance company as provided in the
Plan. The Trustees may invest in any preferred
and common stocks, securities, property or
obligations or other evidences of indebtedness
of the Employer, of any of its affiliates, even
_ though the same may not be legal investments
for Trustees under the applicable law.
(17)
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