Subject to the enabling statute and applicable local government procurement law, the plan-trustee has power to employ (at the expense of the plan-trust) suitable agents, accountants, attorneys, lawyers, legal assistants, consultants and counsel of any kind; and to pay their fees or expenses and compensation out of the plan-trust assets, or to reimburse the Plan Administrator for any such fees or expenses and compensation it has already paid if the Plan Administrator instructs the plan-trustee that the Plan Administrator incurred or if the plan-trustee incurred such expense for the purpose of plan or plan-trust administration. The plan-trustee may consult with counsel (who may be counsel for the plan administrator or the plan sponsor or any employer, but must not be counsel for the agent or any issuer), and the plan-trustee shall not be deemed imprudent by reason of his, her or its taking or refraining from taking any action according to the opinion of such counsel. For this purpose, any information furnished by the agent or any issuer, including information furnished by counsel for either of them, cannot be considered as legal advice or counsel of any kind. The plan-trustee has power to waive any conflict-of-interest arising out of the circumstances that counsel to the plan-trustee also may be or is counsel to the plan administrator and the employer.
(Ord. NIRC 97-1, passed 1-15-1997)