(A) A power-of-attorney cannot be effective for any purpose with respect to the plan unless the Plan Administrator determines that the power-of-attorney is acceptable.
(B) The Plan Administrator shall not accept a power-of-attorney until the Plan Administrator determines that the power-of-attorney appears, on its face, to meet all of the following requirements.
(1) The power-of-attorney was made in a form and manner that is legally enforceable under applicable law.
(2) The power-of-attorney indemnifies the Plan Administrator and the agent and every person who may rely on the power-of-attorney against any liability that may arise out of the Plan Administrator’s acceptance of the power-of-attorney or any person’s acts or omissions in reliance upon the power-of-attorney, even if revoked (including revocation by reason of the maker’s death).
(3) The power-of-attorney expressly refers to this plan with sufficient clarity so that the Plan Administrator, in his or her sole discretion, believes that there is no confusion or ambiguity concerning whether an express power to act regarding this plan was intended.
(4) The power-of-attorney unambiguously provides one or more powers to act regarding this plan.
(5) The power-of-attorney meets any further requirements stated below in this section or otherwise under the plan, and meets any other requirements reasonably requested by the Plan Administrator.
(C) Without limiting the comprehensive effect of the above, any power-of-attorney, including even a general power-of-attorney, cannot be effective to make or change the participant’s beneficiary designation under the plan unless the document, in the Plan Administrator’s sole opinion, expressly grants power to make or change beneficiary designations under this plan and refers to this plan with sufficient clarity so that the Plan Administrator, in his or her sole discretion, believes that there is no confusion or ambiguity concerning whether an express power to act regarding beneficiary designations under this plan was intended.
(D) (1) Without limiting the comprehensive effect of the above, any power-of-attorney, including even a general power-of-attorney, cannot be effective to exercise any right or privilege of investment direction under the plan unless the document, in the sole opinion of the person that is requested to give effect to an investment instruction, expressly grants power to act regarding investment direction under this plan and expresses the principal’s (participant’s or beneficiary’s or alternate payee’s) knowledge as to whether the attorney-in-fact is or is not a registered investment adviser and refers to this plan with sufficient clarity so that the issuer determines that there is no confusion or ambiguity concerning whether an express power to act regarding investment direction under this plan was intended.
(2) For the purpose of subsection (D)(1) above, an investment advisory agreement that conforms to the disclosure and investment advisory contract requirements of § 204 and § 205 of the federal Investment Advisers Act of 1940, as amended (15 U.S.C. § 80b-4 and 15 U.S.C. § 80b-5), is deemed to constitute an acceptable power-of-attorney if it refers to the plan or to the investment held for the participant’s plan account.
(Ord. NIRC 97-1, passed 1-15-1997)