§ 36.036 AGENT’S PROCESSING ACCOUNTS.

   In addition to (and not by limitation upon) any other provision of this plan-trust declaration, the employer and the Plan Administrator hereby approve and the plan-trustee shall authorize and ratify any deposit of amounts into a bank account(s) maintained by the agent, which may commingle plan amounts together with plan assets of other deferred compensation plans and retirement plans, provided that the person that holds such account maintains adequate accounting to determine the amount(s) attributable to this plan-trust. Any interest income or investment earnings attributable to any of these accounts shall be additional compensation to the person that holds such account.

(Ord. NIRC 97-1, passed 1-15-1997)

PLAN-TRUSTEE’S DUTIES

§ 36.050 PLAN-TRUSTEE MUST DEFEND THE PLAN-TRUST.

   The plan-trustee must defend the plan-trust in any action at law or in equity that asserts or alleges that the plan-trust is not a valid entity or is in any other way illegal or void or voidable. The plan-trustee is entitled to pay from or be reimbursed by the plan-trust assets all of his, her or its actual expenses incurred relating to the defense of the plan-trust.

(Ord. NIRC 97-1, passed 1-15-1997)

§ 36.051 PLAN-TRUSTEE MUST HOLD INVESTMENTS.

   The plan-trustee must maintain ownership of the investments. To the extent of investments under a group trust, collective investment fund or other pooled investment, the plan-trustee’s participation (whether or not measured by shares or units) in the group-trust, collective investment fund or other pooled investment is the form of ownership.

(Ord. NIRC 97-1, passed 1-15-1997)

§ 36.052 PLAN-TRUSTEE HAS NO INVESTMENT DUTIES.

   (A)   The plan-trustee has no investment duties under the plan-trust. Except for use of a processing account, the plan-trustee shall not invest any money or property of the plan-trust other than under the investments selected by the employer as instructed by participants and beneficiaries.

   (B)   The parties acknowledge that the plan requires participants and beneficiaries to direct the investment of their plan accounts among the plan investment and any funds or options under those investments. The employer is responsible for the selection of the plan investments. The plan-trustee has no duty to consider the prudence of any investment of any kind. The plan-trustee has no duty to and shall not inquire into any participant’s or beneficiary’s investment direction.

(Ord. NIRC 97-1, passed 1-15-1997)