[Ord. No. 287,
passed 8-10-1995]
The trustee shall have authority to administer and interpret
the plan, including, but not limited to, the authority to comply with
reporting and disclosure requirements and to establish and maintain
plan records and discretionary authority to construe the terms of
the plan and make benefit eligibility determinations and factual findings.
The trustee shall engage the actuary and such certified public accountants,
who may be accountants for the employer, as it shall require or may
deem advisable for the purposes of the plan, and may appoint a plan
administrator to assist Township Council in the administration of
the plan.
[Ord. No. 287,
passed 8-10-1995]
The trustee shall have general responsibility under the plan
for the management and control of the assets of the plan, including
the power to appoint and remove one or more investment advisers and
to delegate to such adviser(s) authority and discretion to manage,
including the power to acquire and dispose of, the assets of the plan,
provided that each adviser with such authority and discretion shall
be either a bank, an insurance company or a registered investment
adviser under the Investment Advisers Act of 1940 and shall acknowledge
in writing that it is a fiduciary with respect to the plan. The trust
shall periodically review the investment performance and methods of
each adviser with such authority and discretion. The trustee shall
establish investment standards and policies, incorporating any pertinent
requirements and objectives of the plan, including any interest rate
or other actuarial assumptions, in its minutes and communicate the
same to the plan administrator, insurance company or companies or
other funding agencies under the plan and any investment advisers.
If annuities are to be purchased under the plan, the trustee shall
determine what contracts should be made available to terminated members
or purchased by the trust. Under all circumstances the investment
of plan assets shall be made in conformity with the prudent man rules
and as may be required by Federal or State regulations.
[Ord. No. 287,
passed 8-10-1995]
If the payment of any benefit under the plan is provided for
by a contract with an insurance company, the payment of such benefit
shall be subject to all provisions of such contract.
[Ord. No. 287,
passed 8-10-1995]
(a)
All notices, instructions, designations and other communications
from the employer, a member, a retired member or a beneficiary to
the trustee, required or permitted under the plan, shall be in such
form as is prescribed from time to time by the trustee, shall be mailed
by first-class mail or delivered to such location as shall be specified
by Township Council and shall be deemed to have been duly given and
delivered only upon actual receipt thereof by the trustee at such
location.
(b)
All notices, statements, reports and other communications from the
employer or the trustee to any employee, member, retired member or
beneficiary, required or permitted under the plan or the law, shall
be deemed to have been duly given when delivered to, or when mailed
by first-class mail, postage prepaid and addressed to, such employee,
member, retired member or beneficiary at the member's address
last appearing on the records of the employer, or such other notice
shall be given in the manner as may be provided for by appropriate
regulations of the United States Department of Labor or the IRS.
[Ord. No. 287,
passed 8-10-1995]
The expenses of administering the plan, including the fees and
expenses of any employee of the trust and the plan administrator,
and the reasonable expenses incurred by the trustee in the performance
of its duties under the plan, including, but not limited to, reasonable
compensation for any legal counsel, certified public accountant, actuary
and any other agents of the plan for the cost of services rendered
to the plan, and all other proper charges and disbursements of the
trustee, including settlements of claims or legal actions approved
by counsel to the plan, shall be paid out of the trust or other funding
agency under the plan if the employer does not pay such expenses directly.
In estimating costs under the plan, administrative expenses may be
anticipated.
[Ord. No. 287,
passed 8-10-1995]
Each member shall file with the trustee such pertinent information
concerning himself or herself or his or her spouse, beneficiary and
contingent annuitant as said trustee may specify, and, to the maximum
extent permitted by the law, no member, spouse, beneficiary or contingent
annuitant shall have any rights or be entitled to any benefits under
the plan unless such information is filed by or with respect to him
or her.
[Ord. No. 287,
passed 8-10-1995]
The trustee shall make all determinations as to the right of
any person to a benefit under the plan. Claims for benefits under
the plan shall be filed with said trustee. Written notification of
the disposition of a claim shall be furnished reasonably promptly
to the claimant. Any partial or total denial by said trustee of a
claim for benefits under the plan by a member or beneficiary shall
be stated in writing by said trustee and delivered or mailed to the
member or beneficiary, and such notice shall set forth the specific
reasons and explanation for the denial. Further, if appropriate, such
notice shall contain a description of any additional material or information
necessary for the claimant to perfect the claim, an explanation why
such material or information is necessary and an explanation of the
procedure by which the claimant can obtain a review of the decision.
Any employee, former employee or beneficiary of either who has been
denied a claimed benefit shall be entitled to review all pertinent
documents and, upon request to the trustee, shall be afforded a reasonable
opportunity for a review by said trustee of the decision denying the
claim. Such a request for review shall be made in writing and filed
with the trustee within a reasonable period, as specified by said
trustee in writing from time to time, after the delivery to said claimant
of the written notice denying the claim benefit. Such written request
for review shall contain all additional information which the claimant
wishes the trustee to consider. The trustee may hold any hearing or
conduct any independent investigation which it deems necessary to
render its decision, and the decision on review shall be made as soon
as possible after said trustee's receipt of the request for review.
Written notice of the decision on review shall be promptly furnished
to the claimant and shall include specific reasons for such decisions
and such notice shall set forth the specific reasons and explanation
for denial of the benefit written. For all purposes under the plan,
such decisions on review (where requested), or such decisions on claims
(where no review is requested), shall be final, binding and conclusive
on all interested persons as to all pertinent matters.
[Ord. No. 287,
passed 8-10-1995]
To the maximum extent permitted by law, the employer shall indemnify
directly from its own assets, including the proceeds of any insurance
policy the premiums of which are paid from the employer's own
assets, each trustee and each other officer or employee of the employer
to whom any duty or power relating to the administration or interpretation
of the plan or to the management and control of the assets of the
plan may be delegated or allocated, against any cost or expense, including
counsel fees, or liability, including any sum paid in settlement of
a claim with the approval of the employer, arising out of any act
or omission to act in connection with the plan, unless arising out
of such person's own fraud or bad faith.
[Ord. No. 287,
passed 8-10-1995]
Every fiduciary and every person or provider who handles funds
or other property of the plan shall be bonded. The amount of such
bond shall be fixed at the beginning of each fiscal year of the plan.
Such amount shall be not less than 10% of the amount of funds handled.
In no case shall the bond be less than $1,000 nor more than $5,000.
For purposes of fixing the amount of such bond, the amount of funds
handled shall be determined by the funds handled by the person, group
or class to be covered by such bond and by their predecessor or predecessors,
if any, during the preceding reporting year. Such bond shall provide
protection to the plan against loss by reason of acts of fraud or
dishonesty on the part of any plan official, administrator or other
person who handles funds belonging to the plan. Any bond shall have
as a surety thereon a corporate surety company which is an acceptable
surety company to the employer.
