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(A) If, pursuant to § 36.050 or otherwise, the plan-trustee defends the plan-trust in any proceeding at law or in equity (or against any threatened proceeding), the plan-trustee is entitled to pay from or be reimbursed by the plan-trust assets all of his, her or its actual expenses based upon the actual fees paid to agents, accountants, consultants, lawyers and legal assistants and counsel of any kind who perform services regarding the defense.
(B) For any such special expense, whether under § 36.097 or this section or otherwise, it is intended that the plan-trust provide reasonably incurred actual expenses, and the plan-trustee is not required (but is permitted) to seek any Plan Administrator approval or court approval as to whether the expenses are reasonably incurred.
(Ord. NIRC 97-1, passed 1-15-1997)
ACCOUNTS
(A) Because this plan-trust declaration provides that the plan-trustee shall not receive plan contributions, shall not make or receive repayment of plan loans, shall have no investment duties, shall not give investment instructions and shall not pay plan distributions, the plan-trustee need not keep accounts of the plan-trust.
(B) If a court finds that this section is invalid, the plan-trustee and the Plan Administrator shall prepare the accounting in the form required by the court or by the Plan Administrator, and, consistent with § 36.096, 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 in preparing any accounting.
(Ord. NIRC 97-1, passed 1-15-1997)
(A) At any time, the Plan Administrator may (but is not required to) engage an independent qualified public accountant to examine the plan’s financial statements or internal control procedures. If the Plan Administrator engages an independent accountant, the Plan Administrator must require that such engagement provide that the examination be made according to generally accepted auditing principles (or according to agreed-upon procedures that the plan-trustee approves in writing), and that the plan-trustee is entitled to rely upon the accountant’s examination and opinion and all reports relating to the examination.
(B) The Plan Administrator acknowledges that, since the plan-trustee does not handle transactions under the investments and does not keep accounts of the plan-trust, an examination by the independent qualified public accountant may be the only means by which the Plan Administrator and the plan-trustee may receive any assurance concerning the correctness of transactions and amounts under the plan investments.
(Ord. NIRC 97-1, passed 1-15-1997)
Except as otherwise ordered by a court having jurisdiction, no person, other than the Plan Administrator, may require an accounting by the plan-trustee. If any accounting is requested or required under this section, the plan-trustee and the Plan Administrator shall prepare the accounting in the form required by the court or by the Plan Administrator, and, consistent with § 36.096, 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 in preparing any accounting.
(Ord. NIRC 97-1, passed 1-15-1997)
Notwithstanding anything in this plan-trust declaration to the contrary, the plan-trustee has the absolute right at any time to petition any appropriate court for a settlement of the plan-trust’s accounts or otherwise for the court’s instructions in executing the plan-trustee’s obligations under the plan-trust created by this plan-trust declaration. The only necessary party is the Plan Administrator, but the plan-trustee may bring in, as a party, any other person or entity.
(Ord. NIRC 97-1, passed 1-15-1997)
OTHER PROVISIONS
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