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k. 230 Pic: 086
time to time be agreed upon in writing by the Employer and the
Trustee. An individual serving as Trustee who already receives
full-time pay from the Employer shall not receive compensation
from this Plan except for reimbursement of expenses properly and
actually incurred. In addition, the Trustee shall be reimbursed
for any reasonable expenses, including reasonable counsel fees
incurred. In addition, the Trustee shall be reimbursed for any
reasonable expenses, including reasonable counsel fees incurred
by it as Trustee. All taxes of any kind and all kinds whatsoever
that may be levied or assessed under existing or future laws upon,
or in respect of the Trust Fund or the income thereof, sha12 be
paid from the Trust Fund.
7.6 ANNUAL REPORT OF THE TRUSTEE. Within sixty (60) days
after receipt o the employer's contribution for each Fiscal Year,
the Trustee shall furnish to the Employer and Administrator, a
written statement of account with respect to the Fiscal Year, for
which such contribution was made setting forth:
(a) The net income, or loss of the Trust Fund;
(b) the .gains, or losses, realized by the Trust Fund
upon sales or other disposition of the assets;
(c) the increase, or decrease in the value of the
Trust Fund;
(d) All payments and distributions made from the Trust
Fund;
(e) and such further information as the Trustee and/or
Administrator deems appropriate. The Employer forthwith
upon its receipt-of such statement of account shall acknowledge
receipt thereof in writing and advise the Trustee and/or
Administrator of its approval or disapproval thereof. Failure
by the Employer to disapprove any such statement of account
within thirty (30) days after its receipt thereof shall be
deemed an approval thereof. The approval by the Employer
of any statement of account shall be binding as to all ®atters
i embraced therein on all parties to the Plan and on all persons
interested in the Plan to the same extent as if the account
of the Trustee had been settled by judgment or decree in
an action for judicial settlement of its accounts in a court
of competent jurisdiction in which the Trustee the Employer,
and all persons having or claiming an interest in the Plan
~ were parties; provided, however, that nothing herein contained
~ shall deprive the Trustee of its right to have its accounts
judicially settled if it so desires.
7.7 AUDIT.
E
(a) The Trustee, if other than a bank, insurance company,
or similar institution, shall, when required engage-on behalf
of all Participants, an independent, qualified public accountant,
who, after a thorough audit of the books and records of the Plan
in accordance with the generally accepted auditing standards shall
within 120 days of the end of the Fiscal Year, prepare all finan-
cial statements and schedules required by and in the form pres-
cribed by Section 103 of the Act and the Secretary of Labor to
be filed with the annual report of the Plan to the Secretary of
Labor. The statements to be prepared by such accountant shall
include, but shall not be limited to:
- 28 - B~~K315 PA~E~.4~!6
~~R. 230 086