The Council may appoint a Pension Plan Committee
or an individual to administer the provisions of the plan. The plan
administrator shall have the power and authority to do all acts and
to execute, acknowledge and deliver all instruments necessary to implement
and effectuate the purpose of this plan. The plan administrator may
delegate authority to act on its behalf to any persons it deems appropriate.
If the Council does not appoint a plan administrator, the Council
shall be the plan administrator.
If the Board shall appoint a Pension Plan Committee,
it shall consist of not more than five members who shall serve in
that capacity until the earliest of resignation, death, removal or
otherwise. Each member may resign by delivering written notice to
the Board and other members of the Pension Plan Committee. Vacancies
on the Pension Plan Committee shall be filled by the Board; provided,
however, that the remaining members of the Pension Plan Committee
shall have full power to act pending the filling of such vacancies.
The Committee, if one is appointed, may organize
itself in any manner deemed appropriate to effectuate its purposes
hereunder, subject to the following:
A. The Committee shall act by a majority of its members
at the time in office and such action may be taken either by vote
at a meeting or in writing without a meeting.
B. The Committee shall, from time to time, appoint a
Chairman, a Secretary who may, but need not, be a Committee member
and such other agents as it may deem advisable.
C. The Committee may, from time to time, authorize any
one or more of its members to execute any document or documents including
any application, request, certificate, notice, consent, waiver or
direction and shall notify the Council in writing, of the name or
names of the member or members so authorized. In the absence of a
designation, the Chairman shall be deemed to be so authorized. Any
trustee or other fiduciary appointed hereunder shall accept and be
fully protected in relying upon any document executed by the designated
member or members (or the Chairman in the absence of a designation)
as representing a valid action by the Committee until the Committee
shall file with such fiduciary a written revocation of such designation.
D. The Committee, or its delegate, shall maintain and
keep such records as are necessary for the efficient operation of
the plan or as may be required by any applicable law, regulation or
ruling and shall provide for the preparation and filing of such forms
or reports as may be required to be filed with any governmental agency
or department and with the participants and/or other persons entitled
to benefits under the plan.
The plan administrator shall serve without compensation
for services unless otherwise agreed by the Council in writing. All
reasonable expenses incident to the functioning of the plan administrator,
including, but not limited to, fees of accountants, counsel, actuaries
and other specialists and other costs of administering the plan, may
be paid from the pension fund upon approval by the Council to the
extent permitted under applicable law and not otherwise paid by the
employer.
No member of the Council nor the plan administrator
nor the enrolled actuary nor any other person involved in the administration
of the plan shall be liable to any person on account of any act or
failure to act which is taken or omitted to be taken in good faith
in performing their respective duties under the terms of this plan.
To the extent permitted by law, the employer shall, and hereby does
agree to, indemnify and hold harmless each person and each successor
and each of any such individual’s heirs, executors and administrators,
and the plan administrator’s delegates and appointees (other
than any person, bank, firm or corporation which is independent of
the employer and which renders services to the plan for a fee) from
any and all liability and expenses, including counsel fees, reasonably
incurred in any action, suit or proceeding to which he is or may be
made a party by reason of being or having been a member, delegate
or appointee of the plan administrator, except in matters involving
criminal liability, intentional or willful misconduct. If the employer
purchases insurance to cover claims of a nature described above, then
there shall be no right of indemnification except to the extent of
any deductible amount under the insurance coverage or to the extent
of the amount the claims exceed the insured amount.
The plan administrator shall review and approve
or deny any application for retirement benefits within 30 days following
receipt thereof or within such longer time as may be necessary under
the circumstances. Any denial of an application for retirement benefits
shall be in writing and shall specify the reason for such denial.
Any person whose application for retirement
benefits is denied, who questions the amount of benefit paid, who
believes a benefit should have commenced which did not so commence
or who has some other claim arising under the plan (“claimant”)
shall first seek a resolution of such claim under the procedure hereinafter
set forth.
A. Any claimant shall file a notice of the claim with
the plan administrator which shall fully describe the nature of the
claim. The plan administrator shall review the claim and make an initial
determination approving or denying the claim.
B. If the claim is denied in whole or in part, the plan
administrator shall, within 90 days (or such other period as may be
established by applicable law) from the time the application is received,
mail notice of such denial to the claimant. Such ninety-day period
may be extended by the plan administrator if special circumstances
so require for up to 90 additional days by the plan administrator’s
delivering notice of such extension to the claimant within the first
ninety-day period. Any notice hereunder shall be written in a manner
calculated to be understood by the claimant and, if a notice of denial,
shall set forth:
(1) The specific plan provisions on which the denial is
based;
(2) An explanation of additional material or information,
if any necessary to perfect such claim and a statement of why such
material or information is necessary; and
(3) An explanation of the review procedure.
C. Upon receipt of notice denying the claim, the claimant
shall have the right to request a full and fair review by the Council
of the initial determination. Such request for review must be made
by notice to the Council within 60 days of receipt of such notice
of denial. During such review, the claimant or a duly authorized representative
shall have the right to review any pertinent documents and to submit
any issues or comments in writing. The Council shall, within 60 days
after receipt of the notice requesting such review (or in special
circumstances, such as where the Council in its sole discretion holds
a hearing, within 120 days of receipt of such notice), submit its
decision in writing to the person or persons whose claim has been
denied. The decision shall be final, conclusive and binding on all
parties, shall be written in a manner calculated to be understood
by the claimant and shall contain specific references to the pertinent
plan provisions on which the decision is based.
D. Any notice of a claim questioning the amount of a
benefit in pay status shall be filed within 90 days following the
date of the first payment which would be adjusted if the claim is
granted unless the plan administrator allows a later filing for good
cause shown.
E. A claimant who does not submit a notice of a claim
or a notice requesting a review of a denial of a claim within the
time limitations specified above shall be deemed to have waived such
claim or right to review.