(A) The plan-trustee shall not have any duty to interfere or become in any way involved in the management or conduct of the affairs or business of any business organization or investment organization or entity in which any plan-trust assets may be invested, even if the trustee has the controlling interest in such organization or entity.
(B) However, subsection (A) above shall not be construed to excuse the plan-trustee from asserting the plan-trust’s rights if the plan-trustee has actual knowledge that an organization or entity has willfully defaulted on an obligation owing to the plan-trust. However, this section shall not apply to the extent that its application would cause the plan to fail to meet the requirements of I.R.C. § 457(b)(6) and I.R.C. § 457(g).
(Ord. NIRC 97-1, passed 1-15-1997)