A. 
The Trust will consist of all funds held by the Trustee under the Plan, including contributions made pursuant to the provisions hereof and the investments, reinvestment and proceeds thereof. The Trust shall be held, managed, and administered pursuant to the terms of the Plan. The Trustee hereby accepts the Trust created hereunder and agrees to perform the duties under the Plan on its part to be performed. Except as otherwise expressly provided for in the Plan, the Trustee has exclusive authority and discretion to manage and control the Trust assets. The duties, powers and responsibilities reserved to the trustee may be allocated among the Trustees (if there be more than one) so long as such allocation is pursuant to action taken by the Employer, or by written agreement executed by the Trustee and approved by the Employer, in which case no Trustee shall have any liability, with respect to any duties, powers or responsibilities not allocated to him, for the acts or omissions of any other Trustee.
B. 
If all Plan assets are held in one or more custodial accounts or contracts issued by an insurance company licensed to do business in Pennsylvania, then the Township does not need to appoint a Trustee, and Plan assets shall be administered in accordance with the other provisions of this Plan and the terms of the agreement with the insurance company. If there is a separate trust document, then the terms of that document shall supersede the provisions of this article. If the Township fails to name a Trustee, the Township shall be the Trustee.
With respect to the Trust, the Trustee shall have the following powers, rights and duties, in addition to those vested in it elsewhere in the Plan or by law, unless such duties are delegated:
A. 
To retain in cash so much of the Trust as it deems advisable and to deposit any cash so retained in any bank or similar financial institution (including any such institution which may be a Trustee hereunder), and shall include the right to hold funds on a temporary basis in accounts or investments that do not bear interest.
B. 
To invest and reinvest the principal and income of the fund and keep said fund invested, without distinction between principal and income, in securities which are at the time legal investments for fiduciaries under the Pennsylvania Fiduciaries Investment Act, or as the same may be subsequently modified or amended.
C. 
To sell property held in the fund at either public or private sale for cash or on credit at such times as it may deem appropriate; to exchange such property; to grant options for the purchase or exchange thereof.
D. 
To consent to and participate in any plan of reorganization, consolidation, merger, extension or other similar plan affecting property held in the fund; to consent to any contract, lease, mortgage, purchase, sale or other action by any corporation pursuant to any such plan.
E. 
To exercise all conversion and subscription rights pertaining to property held in the fund.
F. 
To exercise all voting rights with respect to property held in the fund and in connection therewith to grant proxies, discretionary or otherwise.
G. 
To cause any securities or other property held as part of the Trust to be registered in its own name or in the name of one or more of its nominees, without designating the same as Trust property, and to hold any investments in bearer form, but the books and records of the Trustee shall at all times show that all such investments are part of the Trust.
H. 
Generally, to do all such acts, execute all such instruments, take all such proceedings and exercise all such rights and privileges with relation to property constituting the Trust as if the Trustee were the absolute owner thereof.
I. 
If bonds, preferred stocks or other securities shall be purchased at a premium, it shall not be necessary for the Trustee to set aside a sinking fund from the earnings to retire or absorb the premium.
J. 
To place money at any time in a deposit bank deemed by the Trustee to be appropriate for the purposes of this Plan no matter where situated, including in those cases where a bank has been appointed to serve as trustee hereunder, the savings department of its own commercial bank.
K. 
In addition to the foregoing powers, the Trustee shall also have all of the powers, rights, and privileges conferred upon Trustees by the Pennsylvania Fiduciaries Act of 1949, 20 P.S. § 320, or as the same may be subsequently modified or amended, and the power to do all acts, take all proceedings and execute all rights and privileges, although not specifically mentioned herein, as the Trustee may deem necessary to administer the Trust and to carry out the purposes of this trust.
L. 
To invest the assets of the Trust in any collective commingled trust fund maintained by a bank or trust company, including any bank or trust company which may act as a trustee hereunder or to invest in an insurance contract or other funding arrangement. In this connection, the commingling of the assets of this Plan with assets of other eligible, participating plans through such a medium is hereby specifically authorized. Any assets of the Plan which may be so added to such collective trusts shall be subject to all of the provisions of the applicable declaration of trust, as amended from time to time, which declaration, if required by its terms or by applicable law, is hereby adopted as part of the Plan, to the extent of the participation in such collective or commingled trust fund by the Plan.
M. 
To make any payment or distribution required or advisable to carry out the provisions of the Plan, provided that a trustee shall make such distribution only at the direction of the Employer.
N. 
To compromise, contest, arbitrate, enforce or abandon claims and demands with respect to the Plan.
O. 
To retain any funds or property subject to any dispute without liability for the payment of interest thereon, and to decline to make payment or delivery thereof until final adjudication is made by a court of competent jurisdiction.
P. 
After advance notice to the Employer to pay, and to deduct from and charge against the Trust, any taxes which may be imposed thereon, whether with respect to the income, property or transfer thereof, or upon or with respect to the interest of any person therein, which the Trust is required to pay; to contest, in its discretion, the validity or amount of any tax, assessment, claim or demand which may be levied or made against or in respect of the Trust, the income, property or transfer thereof, or in any matter or thing connected therewith.
Q. 
To appoint any persons or firms (including but not limited to accountants, investment advisors, counsel, actuaries, physicians, appraisers, consultants, professional plan administrators and other specialists), or otherwise act to secure specialized advice or assistance, as it deems necessary or desirable in connection with the management of the Trust, to the extent not prohibited by applicable law, the Trustee shall be entitled to rely conclusively upon and shall be fully protected in any action or omission taken by it in good faith reliance upon, the advice or opinion of such persons or firms, provided such persons or firms were prudently chosen by the Trustee, taking into account the interests of the Participants and Beneficiaries and with due regard to the ability of the persons or firms to perform their assigned functions.
R. 
To retain the services of one or more persons or firms for the management of (including the power to acquire and dispose of) all or any part of the Plan assets, provided that each of such persons or firms is registered as an investment advisor under the Investment Advisors Act of 1940, is a bank (as defined in that act), or is an insurance company qualified to manage, acquire or dispose of pension trust assets under the laws of more than one state; in such event, the Trustee shall follow the directions of such Investment Manager or Managers with respect to the acquisition and disposition of fund assets, but shall not be liable for the acts nor omissions of such Investment Manager or Managers, nor shall it be under any obligation to review or otherwise manage any assets which are subject to the management of such Investment Manager or Managers. The trustee shall not be permitted to retain such an Investment Manager except with the express written consent of the Employer.
Except as otherwise provided, authority granted to the Trustee shall be exercised in the discretion of the Trustee; however, the Employer may at any time affirmatively direct the Trustee with regard to the investment of the Trust, or direct the Trustee to obtain the Employer's approval before exercising any of the powers granted the Trustee. Any such direction may be of a continuing nature or otherwise, may be revoked at any time, and shall be complied with as promptly as possible by the Trustee. The Trustee shall not be liable for any loss or depreciation in value of the Trust, or any adverse effect upon the exempt status of the Trust under the Code, resulting from actions taken in accordance with the Employer's affirmative direction or from the failure or refusal of the Employer to give any required approval, nor shall the Trustee be obliged to review the assets of the trust acquired on the direction of the Employer.
Pending the appointment of any successor Trustee and the acceptance of such appointment, the existing Trustee or Trustees shall have full power to take any action hereunder. Each successor or additional Trustee shall have all rights and powers, as well as duties and liabilities, vested in the original Trustee without the signing or filing of any further instrument, but any resigning or removed Trustee shall execute all documents and do all acts necessary to vest title of record to any assets of the Trust in any successor Trustee, or in the remaining Trustee or Trustees. With the approval of the Employer, a successor Trustee may accept the account rendered and the property delivered to it by a predecessor Trustee as a full and complete discharge of the predecessor Trustee, without incurring any liability or responsibility for so doing.
The Employer shall not be required to make separate investments for individual Participants or to maintain separate investments for each Participant's account, but may invest contributions and any profits or gains therefrom in common investments.
The trustee shall be entitled to such reasonable compensation as shall from time to time be agreed upon by the Employer and the trustee, unless such compensation is prohibited by law. Such compensation, and all expenses reasonably incurred by the trustee in carrying out his functions, shall constitute a charge upon the Employer or the Trust, which may be executed at any time after 30 days written notice to the Employer. The Employer shall be under no obligation to pay such costs and expenses, and, in the event of its failure to do so, the trustee shall be entitled to pay the same, or to reimburse themselves for the payment thereof, from the Trust.
A. 
The Trustee shall not be liable for the making, retention or sale of any investment or reinvestment made by it, as herein provided, nor for any loss to, or diminution of, the Trust, unless due to its own intentional or willful misconduct, lack of good faith or gross negligence.
B. 
The Trustee shall be fully protected in acting upon any instrument, certificate or paper believed by it to be genuine and to be signed or presented by the proper person or persons, and the Trustee shall be under no duty to make any investigation or any inquiry as to any statement contained in any writing, but may accept the same as conclusive evidence of the truth and accuracy of the statements therein contained.
C. 
The Trustee shall not be liable for the proper application of any part of the Trust if payments are made in accordance with the directions of the Employer as herein provided, and the Trustee shall not be obliged to inquire as to whether any payee is entitled to any payment or distribution, pursuant to such directions, or as to whether any payment or distribution, pursuant to such directions, is proper or within the terms of the Plan. The Trustee shall not be required to make any investigation to determine the identity or mailing address of any person entitled to benefits under the Plan and shall be entitled to withhold making any payments or deliveries upon instructions from the Employer.
D. 
The Trustee shall not be responsible for the adequacy of the Trust to meet and discharge any and all payments and liabilities under the Plan. The Trustee shall be responsible only for such sums as shall actually be received by it as Trustee, hereunder, and it shall not be the duty of the Trustee to collect, or to ascertain the correctness of the amount of, any sum receivable or received from the Employer.
E. 
The Trustee shall discharge its duties with respect to the assets of the Trust solely in the interest of the Participants and Beneficiaries, administering the assets of the Plan with the care and diligence, under the then-prevailing circumstances, that a prudent man acting in like capacity and familiar with such matters would use in the conduct of an enterprise of like character and with like aims.
The Trustee shall maintain records and accounts reflecting all receipts and disbursements made by it under the Plan and showing such other items and information as the Employer from time to time may specify. The Trustee's records and accounts shall be open to the inspection of the Employer at all reasonable times, and may be audited from time to time by such person or persons as the Employer may specify.
The Trust shall be evaluated annually, or at more frequent intervals, by the trustee and a written accounting rendered as of each fiscal year end of the Trust, and as of the effective date of any removal or resignation of the trustee, and such additional dates as requested by the Employer, showing the condition of the Fund and all receipts, disbursements and other transactions effected by the trustee during the period covered by the accounting, based on fair market values prevailing as of such date. Any such accounting shall be due within 90 days after the date thereof; to the extent permitted by law, upon the expiration of 180 days from the filing of such accounting, the Trustee shall be forever released, remised and discharged from all liability and accountability to anyone with respect to the propriety of its accounts and transactions shown in such accounts except with respect to any such accounts or transactions as to which the Employer shall within such 180-day period file written exceptions. All determinations as to the value of the assets of the Trust, and as to the amount of the liabilities thereof, shall be made by the Trustee, whose decisions shall be final and conclusive and binding on all parties hereto, the Participants and Beneficiaries and their estates. In making any such determination, the Trustee shall be entitled to seek and rely upon the opinion of or any information furnished by brokers, appraisers and other experts, and the Trustee shall also be entitled to rely upon reports as to sales and quotations, both on security exchanges and otherwise as contained in newspapers and in financial publications.
The rights and interest of any Participant on whose life or in whose name an insurance contract is issued shall not be expanded by such an investment and any and all rights provided under the contract or permitted by the insurer shall be reserved to the Trustee. Such rights shall include the right to surrender, reduce or split the contract, the right to name and change the payee to receive thereunder on the happening of any contingency specified in the contract, the right to exercise any loan provisions to pay premiums or for any other reason, and such other rights as may be reserved to the owner of the policy.
No insurer, which may issue a policy for the purpose of this Plan, shall be required to take or permit any action contrary to the provisions of said policy nor shall the Insurer be required to look into the terms of this Plan, or question any action as authorized by the Trustee in the application for a policy or changes in an existing Policy.
The Trustee shall not, in any case, be required to accept as assets hereunder any contracts or policies which are not permissible investments for retirement plans subject to Act 205; moreover, the Trustee shall have no duty or obligation to inquire into the nature of any such contracts or policies, nor to access the appropriations of such contracts or policies as investments of Plan assets under Act 205.