(a) It is the duty of the Trustee to pay the benefits to members and their beneficiaries, as provided in §§ 282.04, 282.05 and 282.06, in accordance with the instructions received from the Board; provided, however, that the duty of the Trustee to make such payments is wholly contingent upon the sufficiency of the Fund for such purposes.
(b) The Board may employ an actuary, investment advisors, counsel or other professional consultants from time to time in connection with the operation of the Fund or of this Plan. Such persons or entities shall be compensated by the township at such rates as may be agreed upon by the Board. Such compensation may be paid from the Fund.
(c) (1) The Board may, by an instrument in writing, appoint one or more persons as an investment manager and may delegate to an investment manager, from time to time, the power to manage and control the investment of any Plan asset. Each person appointed shall be:
A. An investment advisor registered under the Investment Advisers Act of 1940, being 15 U.S.C. §§ 80b-1 et seq.;
B. A bank as defined in that Act; or
C. An insurance company qualified to manage, acquire or dispose of any asset of the Plan under the laws of more than one state.
(2) Each investment manager shall acknowledge in writing that it is a fiduciary with respect to the Plan. The Board shall enter into an agreement with each investment manager specifying the duties and compensation of such investment manager and other terms and conditions under which such investment manager shall be retained. The Board shall not be liable for any act or omission of any investment manager, and shall not be liable for following the advise of any investment manager, with respect to any duties delegated to the investment manager.
(3) The Board shall have the power to determine the amount of Fund assets to be invested pursuant to the direction of a designated investment manager and to set investment objectives and guidelines for the investment manager.
(d) (1) The Trustee shall make an annual determination of the fair market value of the Fund as of the anniversary date and as of such additional dates as the Board may direct.
(2) The fair market value of the Fund shall be reported to the actuary who shall calculate the amount to be contributed to the Fund by the township with respect to each plan year in accordance with the assumptions most recently adopted by the Board for the purpose of such computations; provided, however, that the liability of the township to make such contributions is subject to all of the conditions and limitations set forth elsewhere in this Plan.
(Ord. 839, passed 5-17-2006; Ord. 903, passed 6-27-2012)