2011-02-23 CC Packet - Laserfiche WebLink

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457 Governmental Plan and Trust following the date of the Trustee's notice, unless the impose such conditions, limitations and other Employer consents in writing to shorter notice. provisions as the Trustee may deem appropriate and as aze consistent with the Administrative Services The Employer may remove a Trustee or a Provider's policy. The Trustee will report to the Custodian by giving written notice to the affected Administrative Services Provider the net income, party. The Employer's notice must specify the gain or losses incurred by each Participant directed effective date of removal which date must be at least Account separately from the net income, gain or 30 days following the date of the Employer's notice, losses incuned by the general Trust during the Trust except where the Employer reasonably determines a Year. shorter notice period or immediate removal is necessary to protect Plan assets. 8.13 THIItD PARTY RELIANCE. No person dealing with the Trustee wi11 be obliged to see to the 8.10 SUCCESSOR TRUSTEE. proper application of any money paid or property delivered to the Trustee, or to inquire whether the (A) Appointment. In the event of the resignation or Trustee has acted pursuant to any of the terms of the the removal of a Trustee, where no other Trustee Trust. Each person dealing with the Trustee may act continues to service, the Employer must appoint a upon any notice, request or representation in writing successor Trustee if it intends to continue the Plan. If by the Trustee, or by the Trustee's duly authorized two or more persons hoid the position of Trustee, in agent, and will not be liable to any person the event of the remova] of one such person, during whomsoever in so doing. The certificate of the any period the selection of a replacement is pending, Trustee that it is acting in accordance with the Trust or during any period such person is unable to serve will be conciusive in favor of any person relying on for any reason, the remaining person or persons will the certificate. act as the Trustee. If the Employer fails to appoint a successor Trustee as of the effective date of the 8.14 INVALIDIT'Y OF ANY TRUST i Trustee resignation or removal and no other Trustee PROVISION. ff any clause or provision of this � remains, the Trustee will treat the Employer as Article VIII proves to be or is adjudged to be invalid having appointed itself as Trustee and as having filed or void for any reason, such void or invalid clause or I the EmpIoyer's acceptance of appointment as provision will not affect any of the other provisions I successor Trustee with the former Trustee. of this Article VIII and the balance of the Trust provisions will remain operative. ! (B) Automatic Successor. Any corporation which succeeds to the trust business of the Trustee, or 8.15 EXCLUSIVE BENEFIT. The Trustee will I results from any merger or consolidation to which the hold all the assets of the Trust for the exclusive I Trustee is a party, or is the transferee of substantially benefit of the Participants and their Beneficiaries and i all the Trustee's assets, will be the successor to the neither the Employer nor the Trustee will use or j Trustee under this Trust. The successor Trustee will divert any part of the corpus or income of the Trust possess all rights, duties and powers under this Trust for purposes other than the exclusive benefit of the ' as if the successor Trustee were the originaI Trustee. Participants and Beneficiaries of the Plan. The � Neither the Trastee nor the successor Trustee need Employer will not have any right to the assets held by provide notice to any interested person of any the Trustee and the Trust assets will not be subject to transaction resulting in a successor Trustee. The the claims of the Employer's creditors or, except as successor Trustee need not file or execute any provided in Section 4.06, of the creditors of any additional instrument or perform any additional act to Participant or Beneficiary. No Participant or become successor Trustee. Beneficiary shall have any right to sell, assign, transfer or otherwise convey his/her Account or any 8.11 VALUATION OF TRUST. The Trustee interest in his/her Deferred Compensation. will value the Trust as of each Accounting Date to Notwithstanding the foregoing, the Administrative determine the fair mazket value of the Trust assets. Services Provider may pay from a Participant's or The Trustee will value the Trust on such other date(s) Beneficiary's Account the amount the Administrative the Administrative Services Provider may direct. Services Provider finds is lawfully demanded under a levy issued by the Intemal Revenue Service with 8.12 PARTICTPANT DIItECTION OF respect to that Participant or Beneficiary or is sought INVEST'MENT. Consistent with the Administrative to be collected by the United States Govemment Services Provider's policy adopted under Section under a judgment resulting from an unpaid ta�c 5.02(i), the Trustee may consent in writing to permit assessment against the Participant or Beneficiary. Participants in the Plan to direct the investment to the The Trust created under the Employer's Plan is Trust assets. The Administrative Services Provider irrevocable and its assets will not inure to the benefit will advise the Trustee of the portion of the Trust of the Employer. credited to each Participant's Account under the P1an, and subject to such Participant direction. As a 8.16 SUBSTIT[JTION OF CUSTODIAL condition of Participant direction, the Trustee may ACCOUNT OR ANNUITY CONTRACT. The 18 lno 27