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ARTICLE II - ADMINISTRATION
2.1 POWERS AND RESPONSIBILITIES OF THE EMPLOYER.
(a) The Employer, by acting through its board
of directors, shall be empowered. to appoint and remove
the Trustee and the Administrator from time to time
as it deems necessary. for the proper administration
of the Plan to assure that the Plan is being operated
for the exclusive benefit of the Participants and
their Beneficiaries in accordance with the terms of
this Agreement, the Code, and the Act.
(b) The Employer shall establish a "funding
policy and method", i.e., it shall determine whether
the Plan has a short run need for liquidity, (e.g.,
to pay benefits) or whether liquidity is a long run
goal and investment growth (and stability of same)
is a more current need, or shall appoint a qualified
person to do so. The Employer'or its delegate shall
communicate such needs and goals to the Trustee, who
shall coordinate such Plan needs with its investment
policy. The communication of such a "funding policy and
method" shall not, however, constitute a directive to
the Trustee as to investment of the Trust Funds. Such
"funding policy and method" shall be consistent with
the objective of this Plan and with the requirements
of Title I of the Act.
(c) The Employer may in its discretion appoint
an Investment Manager to manage all or a designated
portion of the assets of the Plan. In such event,
the Trustee shall follow the directive of the Invest-
went Manager in investing the assets of the Plan managed
by the Investment Manager.
(d) The Employer shall periodically review the
performance of any Fiduciary or other person to whom
E duties have been delegated or allocated by it under
~ the provisions of this Plan or pursuant to procedures
established hereunder. This requirement may be satis-
fied by formal periodic review by the Employer, or by
E a qualified person specifically designated by the
~ Employer, through day-to-day conduct and evaluation,
or through other appropriate ways.
2.2 ASSIGNMENT AND DESIGNATION OF ADMINISTRATIVE AUTHORITY.
The Employer shall appoint one or more Administrators. Any person
including, but not limited to, the directors, shareholders, offi-
r cers, and Employees of the Employer shall be eligible to serve
as an Administrator. Any person so appointed shall signify his
acceptance by filing written acceptance with the Employer. An
Administrator may resign by delivering his written resignation
to the Employer or be removed by the Employer by delivery of
€ written notice of removal, to take effect at a date specified
therein, or upon delivery to the Administrator if no date is
r specified.
The Employer, upon the resignation or removal of an Administrator,
~ shall promptly designate in writing a successor to this position.
~ If the Employer does not appoint an Administrator, the board of
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