Trustee Powers and Duties. 11.1 The Trustee accepts the Trust created under the Plan and agrees to perform the obligations imposed. 11.2 The Trustee shall file annual financial reports with the Employer for the funds contributed to it by the Employer, but shall have no duty to see that the contributions received comply with the provisions of the Plan. The Trustee shall not be obliged to collect any contributions from the Employer, nor be obliged to see that funds deposited with it are deposited according to the provisions of the Plan. 11.3 The Investment Committee of the Church (the “Investment Committee”) shall have full discretion and authority with regard to the investment of the Trust Fund, including the sole power and authority as to the day-to-day investments of the Trust Fund, and shall serve at the pleasure of the Church. The Investment Committee shall coordinate its investment policy, as reflected in its written investment guidelines, with Plan financial needs as communicated to it by the Board of Pensions and Benefits USA of the Church of the Nazarene. The Investment Committee is authorized and empowered, but not by way of limitation, with the following powers, rights, and duties: (a) To invest any part of the Trust Fund in any common stocks, bonds (including United States retirement plan bonds), insurance contracts, mortgages, notes, or other property of any kind, real or personal, as a prudent man would do under like circumstances. Every reasonable effort shall be made to avoid the purchase of securities of companies that major in the manufacturing, advertising, and selling of products and services that are contrary to the standards stated in the Manual of the Church; (b) To retain in invested cash so much of the Trust Fund as it may deem advisable; (c) To manage, sell, contract to sell, grant options to purchase, convey, exchange, transfer, abandon, improve, repair, insure, lease for any term even though commencing in the future or extending beyond the term of the Trust, and otherwise deal with all property, real or personal, in such manner, for such considerations and on such terms and conditions as the Trustee shall decide; (d) To borrow money, to assume indebtedness, extend mortgages, and encumber by mortgage or pledge; (e) To have with respect to the Trust all of the rights of an individual owner, including the power to give proxies, to participate in any voting trusts, mergers, consolidations or liquidations, and to exercise or sell stock subscriptions or conversion rights; (f) To hold any securities or other property in the name of the Trustee or its nominee, or in another form as it may deem best, with or without disclosing the trust relationship; (g) To perform any and all other acts in its judgment necessary or appropriate for the proper and advantageous management and investment of the Trust; (h) To retain any funds or property subject to any dispute without liability for the payment of interest, and to decline to make payment or delivery of the funds or property until final adjudication is made by a court of competent jurisdiction. The Trustee is authorized and empowered, but not by way of limitation, with the following powers, rights, and duties: (a) To credit and distribute the Trust as directed by the Board. The Trustee shall not be obliged to inquire as to whether any payee or distributee is entitled to any payment or whether the distribution is proper or within the terms of the Plan, or as to the manner of making a payment or distribution. The Trustee shall be accountable only to the Board for any payment or distribution made by it in good faith on the order or direction of the Board; (b) To compromise, contest, arbitrate, or abandon claims and demands, in its discretion; (c) To file all tax returns, if any, required of the Trustee; (d) To begin, maintain, or defend any litigation necessary in connection with the administration of the Plan, except that the Trustee shall not be obliged or required to do so unless indemnified to its satisfaction. 11.4 The records of the Trustee pertaining to the Plan shall be open to the inspection of the Church at all reasonable times and may be audited from time to time by any person or persons as the Church may specify in writing. 11.5 The Trustee shall pay all expenses reasonably incurred by it in its administration of the Plan from the Trust Fund unless the Employer pays the expenses. 11.6 Only the Church and the Board shall be necessary parties to any court proceeding involving the Trustee or the Trust Fund. 11.7 The Trustee may employ and pay from the Trust Fund reasonable compensation to agents, attorneys, accountants, and other persons to advise the Trustee as in its opinion may be necessary. The Trustee may delegate to any agent, attorney, accountant, or other person selected by it any non-Trustee power or duty vested in it by the Plan, and the Trustee may act or refrain from acting on the advice or opinion of any agent, attorney, accountant, or other person so selected. 11.8 The Trustee in its discretion may make distributions under the Plan in cash or property, or partly in each, at its fair market value as determined by the Trustee. 11.9 No person dealing with the Trustee shall be obligated to see to the proper application of any money paid or property delivered to the Trustee, or to inquire whether the Trustee has acted pursuant to any of the terms of the Plan. Each person dealing with the Trustee may act upon any notice, request, or representation in writing by the Trustee, or by the Trustee’s duly authorized agent, and shall not be liable to any person whomsoever in so doing. The certificate of the Trustee that it is acting in accordance with the Plan shall be conclusive in favor of any person relying on the certificate. 11.10 The Trustee may resign at any time as Trustee of the Plan by giving thirty (30) days’ written notice in advance to the Church. 11.11 The Church, by giving thirty (30) days’ written notice in advance to the Trustee, may remove any Trustee. In the event of the resignation or removal of a Trustee, the Church shall appoint a successor Trustee. 11.12 Each successor Trustee shall succeed to the title to the Trust vested in its predecessor by accepting in writing its appointment as successor Trustee and filing its acceptance with the former Trustee and the Board without the signing or filing of any further statement. The resigning or removed Trustee, upon receipt of acceptance in writing of the Trust by the successor Trustee, shall execute all documents and do all acts necessary to vest the title of record in any successor Trustee. Each successor Trustee shall have and enjoy all of the powers, both discretionary and ministerial, conferred under this Plan upon his predecessor. No successor Trustee shall be personally liable for any act or failure to act of any predecessor Trustee. With the approval of the Church, a successor Trustee, with respect to the Plan, may accept the account rendered and the property delivered to it by a predecessor Trustee without incurring any liability or responsibility for so doing. 11.13 The Trustee shall not be liable for the acts or omissions of the Investment Committee of the Church, nor shall the Trustee be under any obligation to invest or otherwise manage any asset of the Plan which is subject to the management of said Investment Committee. 11.14 The Trustee shall value the Trust Fund as of each Valuation Date, and the Trustee shall value the Trust Fund on such other date(s) as may be directed by the Board. 11.15 The Investment Committee, for collective investment purposes, may combine into one trust fund the Trust created under this Plan with the Trust created under any other qualified retirement plan the Employer maintains. However, the Investment Committee shall maintain separate records of account for each Trust in order to properly reflect each Participant’s Accrued Benefit under the plan in which such person is a Participant. 11.16 Subject to the provisions of Section 12.7, the Trustee shall have the power and authority to combine the Trust created under this Plan with any Trust created under any other qualified retirement plan the Employer maintains or to merge this Plan with any other qualified retirement plan the Employer maintains or to transfer assets to or accept a transfer of assets from any Trust created under any other qualified retirement plan the Employer maintains, of which the Board is Trustee. 11.17 The Trustee of the General Church Plan shall transfer and assign directly to the Trustee of the Basis Plan all assets of, and the December 31, 1995 accrued benefits of, all Participants in the General Church Plan. The Trustee of the Basic Plan shall receive such assets and accept the liabilities attaching thereto. The Trustee shall hold, invest, administer and distribute the assets transferred and assigned in accordance with the terms of this Agreement. The Plan’s actuary shall determine the amount of the assets of the General Church Plan attributable to Required Contributions (as defined in Section 2A.1 of the General Church Plan), and such assets shall be held by the Trustee in a subtrust within the Trust under the Single Plan solely for the benefit of Participants in the General Church Plan. The assets in such subtrust may be commingled for investment purposes with the other assets held in the Trust. Pensions for Participants in the General Church Plan shall be payable from the assets in the subtrust and in the Trust.
Appears in 1 contract
Sources: Single Defined Benefit Plan
Trustee Powers and Duties. 11.1 The Trustee accepts the Trust created under the Plan and agrees to perform the obligations imposed.
11.2 The Trustee shall file annual financial reports with the Employer for the funds contributed to it by the Employer, but shall have no duty to see that the contributions received comply with the provisions of the Plan. The Trustee shall not be obliged to collect any contributions from the Employer, nor be obliged to see that funds deposited with it are deposited according to the provisions of the Plan.
11.3 The Investment Committee of the Church (the “Investment Committee”) shall have full discretion and authority with regard to the investment of the Trust Fund, including the sole power and authority as to the day-to-day investments of the Trust Fund, and shall serve at the pleasure of the Church. The Investment Committee shall coordinate its investment policy, as reflected in its written investment guidelines, with Plan financial needs as communicated to it by the Board of Pensions and Benefits USA of the Church of the Nazarene. Nazarene Benefits, Inc. The Investment Committee is authorized and empowered, but not by way of limitation, with the following powers, rights, and duties:
(a) To invest any part of the Trust Fund in any common stocks, bonds (including United States retirement plan bonds), insurance contracts, mortgages, notes, or other property of any kind, real or personal, as a prudent man would do under like circumstances. Every reasonable effort shall be made to avoid the purchase of securities of companies that major in the manufacturing, advertising, and selling of products and services that are contrary to the standards stated in the Manual of the Church;
(b) To retain in invested cash so much of the Trust Fund as it may deem advisable;
(c) To manage, sell, contract to sell, grant options to purchase, convey, exchange, transfer, abandon, improve, repair, insure, lease for any term even though commencing in the future or extending beyond the term of the Trust, and otherwise deal with all property, real or personal, in such manner, for such considerations and on such terms and conditions as the Trustee shall decide;
(d) To borrow money, to assume indebtedness, extend mortgages, and encumber by mortgage or pledge;
(e) To have with respect to the Trust all of the rights of an individual owner, including the power to give proxies, to participate in any voting trusts, mergers, consolidations or liquidations, and to exercise or sell stock subscriptions or conversion rights;
(f) To hold any securities or other property in the name of the Trustee or its nominee, or in another form as it may deem best, with or without disclosing the trust relationship;
(g) To perform any and all other acts in its judgment necessary or appropriate for the proper and advantageous management and investment of the Trust;
(h) To retain any funds or property subject to any dispute without liability for the payment of interest, and to decline to make payment or delivery of the funds or property until final adjudication is made by a court of competent jurisdiction.
(i) To invest in a group trust fund exempt from taxation under Code section 501(a) and the trust agreement of which satisfies the requirements of Internal Revenue Service Revenue Ruling 81-100 (as modified by Internal Revenue Service Revenue Rulings 2004-67, 2011-1, and 2014-24), or any subsequent revenue ruling that supersedes or modifies such revenue ruling. The provisions of the group trust fund agreement, as amended from time to time, are incorporated and made a part of the Trust provisions of this Plan as if fully set forth herein. The provisions of the group trust fund will govern any investment of Plan assets in that fund. The Trustee is authorized and empowered, but not by way of limitation, with the following powers, rights, and duties:
(a) To credit and distribute the Trust as directed by the BoardNBUSA. The Trustee shall not be obliged to inquire as to whether any payee or distributee is entitled to any payment or whether the distribution is proper or within the terms of the Plan, or as to the manner of making a payment or distribution. The Trustee shall be accountable only to the Board NBUSA for any payment or distribution made by it in good faith on the order or direction of the BoardNBUSA;
(b) To compromise, contest, arbitrate, or abandon claims and demands, in its discretion;
(c) To file all tax returns, if any, required of the Trustee;
(d) To begin, maintain, or defend any litigation necessary in connection with the administration of the Plan, except that the Trustee shall not be obliged or required to do so unless indemnified to its satisfaction.
11.4 The records of the Trustee pertaining to the Plan shall be open to the inspection of the Church at all reasonable times and may be audited from time to time by any person or persons as the Church may specify in writing.
11.5 The Trustee shall pay all expenses reasonably incurred by it in its administration of the Plan from the Trust Fund unless the Employer pays the expenses.
11.6 Only the Church and the Board NBUSA shall be necessary parties to any court proceeding involving the Trustee or the Trust Fund.
11.7 The Trustee may employ and pay from the Trust Fund reasonable compensation to agents, attorneys, accountants, and other persons to advise the Trustee as in its opinion may be necessary. The Trustee may delegate to any agent, attorney, accountant, or other person selected by it any non-Trustee power or duty vested in it by the Plan, and the Trustee may act or refrain from acting on the advice or opinion of any agent, attorney, accountant, or other person so selected.
11.8 The Trustee in its discretion may make distributions under the Plan in cash or property, or partly in each, at its fair market value as determined by the Trustee.
11.9 No person dealing with the Trustee shall be obligated to see to the proper application of any money paid or property delivered to the Trustee, or to inquire whether the Trustee has acted pursuant to any of the terms of the Plan. Each person dealing with the Trustee may act upon any notice, request, or representation in writing by the Trustee, or by the Trustee’s duly authorized agent, and shall not be liable to any person whomsoever in so doing. The certificate of the Trustee that it is acting in accordance with the Plan shall be conclusive in favor of any person relying on the certificate.
11.10 The Trustee may resign at any time as Trustee of the Plan by giving thirty (30) days’ written notice in advance to the Church.
11.11 The Church, by giving thirty (30) days’ written notice in advance to the Trustee, may remove any Trustee. In the event of the resignation or removal of a Trustee, the Church shall appoint a successor Trustee.
11.12 Each successor Trustee shall succeed to the title to the Trust vested in its predecessor by accepting in writing its appointment as successor Trustee and filing its acceptance with the former Trustee and the Board NBUSA without the signing or filing of any further statement. The resigning or removed Trustee, upon receipt of acceptance in writing of the Trust by the successor Trustee, shall execute all documents and do all acts necessary to vest the title of record in any successor Trustee. Each successor Trustee shall have and enjoy all of the powers, both discretionary and ministerial, conferred under this Plan upon his predecessor. No successor Trustee shall be personally liable for any act or failure to act of any predecessor Trustee. With the approval of the Church, a successor Trustee, with respect to the Plan, may accept the account rendered and the property delivered to it by a predecessor Trustee without incurring any liability or responsibility for so doing.
11.13 The Trustee shall not be liable for the acts or omissions of the Investment Committee of the Church, nor shall the Trustee be under any obligation to invest or otherwise manage any asset of the Plan which is subject to the management of said Investment Committee.
11.14 The Trustee shall value the Trust Fund as of each Valuation Date, and the Trustee shall value the Trust Fund on such other date(s) as may be directed by the BoardNBUSA.
11.15 The Investment Committee, for collective investment purposes, may combine into one trust fund the Trust created under this Plan with the Trust created under any other qualified retirement plan the Employer maintains. However, the Investment Committee shall maintain separate records of account for each Trust in order to properly reflect each Participant’s Accrued Benefit under the plan in which such person is a Participant.
11.16 Subject to the provisions of Section 12.7, the Trustee shall have the power and authority to combine the Trust created under this Plan with any Trust created under any other qualified retirement plan the Employer maintains or to merge this Plan with any other qualified retirement plan the Employer maintains or to transfer assets to or accept a transfer of assets from any Trust created under any other qualified retirement plan the Employer maintains, of which the Board NBUSA is Trustee.
11.17 The Trustee of the General Church Plan shall transfer and assign directly to the Trustee of the Basis Plan all assets of, and the December 31, 1995 accrued benefits of, all Participants in the General Church Plan. The Trustee of the Basic Plan shall receive such assets and accept the liabilities attaching thereto. The Trustee shall hold, invest, administer and distribute the assets transferred and assigned in accordance with the terms of this Agreement. The Plan’s actuary shall determine the amount of the assets of the General Church Plan attributable to Required Contributions (as defined in Section 2A.1 of the General Church Plan), and such assets shall be held by the Trustee in a subtrust within the Trust under the Single Plan solely for the benefit of Participants in the General Church Plan. The assets in such subtrust may be commingled for investment purposes with the other assets held in the Trust. Pensions for Participants in the General Church Plan shall be payable from the assets in the subtrust and in the Trust.
Appears in 1 contract
Trustee Powers and Duties. 11.1 The Trustee accepts the Trust created under the Plan and agrees to perform the obligations imposed.
11.2 The Trustee shall file annual financial reports with the Employer for the funds contributed to it by the Employer, but shall have no duty to see that the contributions received comply with the provisions of the Plan. The Trustee shall not be obliged to collect any contributions from the Employer, nor be obliged to see that funds deposited with it are deposited according to the provisions of the Plan.
11.3 The Investment Committee of the Church (the “Investment Committee”) shall have full discretion and authority with regard to the investment of the Trust Fund, including the sole power and authority as to the day-to-day investments of the Trust Fund, and shall serve at the pleasure of the Church. The Investment Committee shall coordinate its investment policy, as reflected in its written investment guidelines, with Plan financial needs as communicated to it by the Board of Pensions and Benefits USA of the Church of the Nazarene. , Inc. The Investment Committee is authorized and empowered, but not by way of limitation, with the following powers, rights, and duties:
(a) To invest any part of the Trust Fund in any common stocks, bonds (including United States retirement plan bonds), insurance contracts, mortgages, notes, or other property of any kind, real or personal, as a prudent man would do under like circumstances. Every reasonable effort shall be made to avoid the purchase of securities of companies that major in the manufacturing, advertising, and selling of products and services that are contrary to the standards stated in the Manual of the Church;
(b) To retain in invested cash so much of the Trust Fund as it may deem advisable;
(c) To manage, sell, contract to sell, grant options to purchase, convey, exchange, transfer, abandon, improve, repair, insure, lease for any term even though commencing in the future or extending beyond the term of the Trust, and otherwise deal with all property, real or personal, in such manner, for such considerations and on such terms and conditions as the Trustee shall decide;
(d) To borrow money, to assume indebtedness, extend mortgages, and encumber by mortgage or pledge;
(e) To have with respect to the Trust all of the rights of an individual owner, including the power to give proxies, to participate in any voting trusts, mergers, consolidations or liquidations, and to exercise or sell stock subscriptions or conversion rights;
(f) To hold any securities or other property in the name of the Trustee or its nominee, or in another form as it may deem best, with or without disclosing the trust relationship;
(g) To perform any and all other acts in its judgment necessary or appropriate for the proper and advantageous management and investment of the Trust;
(h) To retain any funds or property subject to any dispute without liability for the payment of interest, and to decline to make payment or delivery of the funds or property until final adjudication is made by a court of competent jurisdiction. The Trustee is authorized and empowered, but not by way of limitation, with the following powers, rights, and duties:
(a) To credit and distribute the Trust as directed by the Board. The Trustee shall not be obliged to inquire as to whether any payee or distributee is entitled to any payment or whether the distribution is proper or within the terms of the Plan, or as to the manner of making a payment or distribution. The Trustee shall be accountable only to the Board for any payment or distribution made by it in good faith on the order or direction of the Board;
(b) To compromise, contest, arbitrate, or abandon claims and demands, in its discretion;
(c) To file all tax returns, if any, required of the Trustee;
(d) To begin, maintain, or defend any litigation necessary in connection with the administration of the Plan, except that the Trustee shall not be obliged or required to do so unless indemnified to its satisfaction.
11.4 The records of the Trustee pertaining to the Plan shall be open to the inspection of the Church at all reasonable times and may be audited from time to time by any person or persons as the Church may specify in writing.
11.5 The Trustee shall pay all expenses reasonably incurred by it in its administration of the Plan from the Trust Fund unless the Employer pays the expenses.
11.6 Only the Church and the Board shall be necessary parties to any court proceeding involving the Trustee or the Trust Fund.
11.7 The Trustee may employ and pay from the Trust Fund reasonable compensation to agents, attorneys, accountants, and other persons to advise the Trustee as in its opinion may be necessary. The Trustee may delegate to any agent, attorney, accountant, or other person selected by it any non-Trustee power or duty vested in it by the Plan, and the Trustee may act or refrain from acting on the advice or opinion of any agent, attorney, accountant, or other person so selected.
11.8 The Trustee in its discretion may make distributions under the Plan in cash or property, or partly in each, at its fair market value as determined by the Trustee.
11.9 No person dealing with the Trustee shall be obligated to see to the proper application of any money paid or property delivered to the Trustee, or to inquire whether the Trustee has acted pursuant to any of the terms of the Plan. Each person dealing with the Trustee may act upon any notice, request, or representation in writing by the Trustee, or by the Trustee’s duly authorized agent, and shall not be liable to any person whomsoever in so doing. The certificate of the Trustee that it is acting in accordance with the Plan shall be conclusive in favor of any person relying on the certificate.
11.10 The Trustee may resign at any time as Trustee of the Plan by giving thirty (30) days’ written notice in advance to the Church.
11.11 The Church, by giving thirty (30) days’ written notice in advance to the Trustee, may remove any Trustee. In the event of the resignation or removal of a Trustee, the Church shall appoint a successor Trustee.
11.12 Each successor Trustee shall succeed to the title to the Trust vested in its predecessor by accepting in writing its appointment as successor Trustee and filing its acceptance with the former Trustee and the Board without the signing or filing of any further statement. The resigning or removed Trustee, upon receipt of acceptance in writing of the Trust by the successor Trustee, shall execute all documents and do all acts necessary to vest the title of record in any successor Trustee. Each successor Trustee shall have and enjoy all of the powers, both discretionary and ministerial, conferred under this Plan upon his predecessor. No successor Trustee shall be personally liable for any act or failure to act of any predecessor Trustee. With the approval of the Church, a successor Trustee, with respect to the Plan, may accept the account rendered and the property delivered to it by a predecessor Trustee without incurring any liability or responsibility for so doing.
11.13 The Trustee shall not be liable for the acts or omissions of the Investment Committee of the Church, nor shall the Trustee be under any obligation to invest or otherwise manage any asset of the Plan which is subject to the management of said Investment Committee.
11.14 The Trustee shall value the Trust Fund as of each Valuation Date, and the Trustee shall value the Trust Fund on such other date(s) as may be directed by the Board.
11.15 The Investment Committee, for collective investment purposes, may combine into one trust fund the Trust created under this Plan with the Trust created under any other qualified retirement plan the Employer maintains. However, the Investment Committee shall maintain separate records of account for each Trust in order to properly reflect each Participant’s Accrued Benefit under the plan in which such person is a Participant.
11.16 Subject to the provisions of Section 12.7, the Trustee shall have the power and authority to combine the Trust created under this Plan with any Trust created under any other qualified retirement plan the Employer maintains or to merge this Plan with any other qualified retirement plan the Employer maintains or to transfer assets to or accept a transfer of assets from any Trust created under any other qualified retirement plan the Employer maintains, of which the Board is Trustee.
11.17 The Trustee of the General Church Plan shall transfer and assign directly to the Trustee of the Basis Plan all assets of, and the December 31, 1995 accrued benefits of, all Participants in the General Church Plan. The Trustee of the Basic Plan shall receive such assets and accept the liabilities attaching thereto. The Trustee shall hold, invest, administer and distribute the assets transferred and assigned in accordance with the terms of this Agreement. The Plan’s actuary shall determine the amount of the assets of the General Church Plan attributable to Required Contributions (as defined in Section 2A.1 of the General Church Plan), and such assets shall be held by the Trustee in a subtrust within the Trust under the Single Plan solely for the benefit of Participants in the General Church Plan. The assets in such subtrust may be commingled for investment purposes with the other assets held in the Trust. Pensions for Participants in the General Church Plan shall be payable from the assets in the subtrust and in the Trust.
Appears in 1 contract
Sources: Single Defined Benefit Plan