HomeMy WebLinkAbout1425 230 Pay= 083
ARTICLE VII - TRUSTEE ~
7.1 BASIC RESPONSIBILITES OF THE TRUSTEE. The Trustee shall
have the following categories of responsibilities:
(a) Consistent with the "funding policy and method" deter-
mined by the Employer to invest, manage, and control the Plan _
assets subject, however, to the direction of an Investment Manager
if the Employer should appoint such manager as to all or a portion
of the assets of the Plan in accordance with the provisions of
Section 2.1(c);
(b) To pay benefits required under the Plan to be paid to
Participants, or, in the event of their death, to their Bene-
ficiaries;
(c) To maintain records of receipts and disbursements and
furnish to the Employer and/or Administrator for each Fiscal Year
a written annual report per Section 7.6.
If there shall be more than one Trustee, they shall act by a major-
ity of their number, but may authorize one or more of them to sign
papers on their behalf.
7.2 INVESTMENT POWERS AND DUTIES OF THE TRUSTEE.
(a) The Trustee shall invest and reinvest the Trust Fund -
to keep the Trust Fund invested without distinction between prin-
cipal and income and in such securities or property, real or
personal, wherever situated, as the Trustee shall deem advisable,
including, but not limited to, stocks, common or preferred, bonds
and other evidences of indebtedness or ownership, and real estate
or any interest therein. The Trustee shall at all times in making
investments of the Trust Fund consider, among other factors, the
short and long-term financial needs of the Plan on the basis of
information furnished by the Employer. In making such investments,
the Trustee shall not be restricted to securities or other property
of the character expressly authorized by the applicable law for
trust investments; however, the Trustee shall give due regard to
E any limitations imposed by the Code or the Act so that at all
times this Plan may qualify as a qualified pension plan and trust.
(b) The Trustee may from time to time transfer to a common,
collective or pooled trust fund maintained by any corporate
Trustee, all or such part of the Trust Fund as the Trustee may
deem advisable, and such part or all of the Trust Fund so trans-
ferred shall be subject to all of the terms and provisions of the
common, collective, or pooled trust fund which contemplates the
commingling for investment purposes of such trust assets with
trust assets of other Trusts. The Trustee may, from time to
~ time, withdraw from such common, collective, or pooled trust
fund all or such part of the Trust Fund as the Trustee may deem
~ advisable.
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(c) If life insurance policies have been issued under the
~ Plan to insure the death benefits provided hereunder, the Trustee,
at the direction of the Administrator, shall apply for, own, and
pay premiums on such life insurance policies. Life insurance
policies shall at the direction of the Administrator, be surren-
dered to the insurer for their cash value or transferred to the
E Former Participant under the terms of this Agreement. The Trustee
s
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