(A) Any party to the plan-trust declaration, and any party acting regarding the plan-trust, shall have only those specific powers, duties, responsibilities and obligations specifically provided by the plan-trust declaration, or that are expressly required under the plan, to the extent that the plan is not inconsistent with the plan-trust declaration.
(B) The employer and the Plan Administrator and the plan-trustee each warrants to every other party and the agent that any instruction or direction given, information furnished or action taken by it is according to the provisions of the plan-trust declaration. Each party and the agent may rely upon any such instruction, direction, information or action of any other party as being proper under the plan-trust declaration and the plan and for all purposes. The party is not required to inquire into the correctness or propriety of any such instruction, direction, information or action.
(C) Each party is fully protected in any action taken or not taken by it and cannot be deemed imprudent by reason of taking or refraining from taking any action in good faith pursuant to its reasonable reliance upon the advice of its counsel, provided that the party exercised reasonable due care in its selection of its counsel.
(D) Each party is responsible only for the proper exercise of its own powers, duties, responsibilities and obligations, and any party is not liable for any act or failure to act of another party, except as provided below.
(E) The agent is not liable for a breach of fiduciary responsibility of any person under any circumstances, including (but not limited to) the agent’s actual knowledge of the breach. The agent is not responsible to inform any person concerning any knowledge of any breach.
(Ord. NIRC 97-1, passed 1-15-1997)