AgdaPkt 2002-12-09 - Laserfiche WebLink

Browse Search

i �5 �� matter and await their written instructions without incurring any liability. If at any fime the Plan Administrator or the Delegatee should fail to give directions to the Trustee, the Trustee may act in the manner that in its discretion seems advisable under the circumstances for carrying out the purposes of the PARS Trust � Program and/or any Agency Trust which may include not taking any action. The Trustee may request directions or clarification of directions received and may delay acting until clarification is received. In the absence of timely direction or clarification, or if the Trustee considers any direction to be a violation of the PARS Trust Agreement or any applicable law, the Trustee shall in its sole discretion take appropriate action, or refuse to act upon a direction. 3.9 Alternate Trustee A Member Agency may appoint a trustee, other than the Trustee, as to a portion of the assets in the Agency Trust by designating such person or entity as an Alternate Trustee on the Adoption Agreement and by specifying which assets � shall be subject to the fiduciary management of the Altemate Trustee. Such appointment shall not be effective unless it is in writing, specifies clea�ly the assets as to which the Alternate Trustee is to have trustee powers, is acknowledged in writing by the Altemate Trustee, is delivered to and acknowledged by the Trustee and the Trust Administrator. Only a bank, trust company, retirement board, insurer, the Member Agency or such entity as � permitted by Califomia law to be a trustee may be appointed an Altemate Trustee. Such appointment will become effective upon acceptance by the Alternate Trustee. 3.10 Powers Of Alternate Tn:stee The Alternate Trustee shall be deemed to have all of the powers and duties and responsibilities specified in the PARS Trust Agreement for the PARS Trustee in Article IV unless otherwise specified in the Adoption Agreement. 3.11 Responsibility of Trustee Upon Appointment of Alternate Trustee � Upon the appointment of an Alternate Trustee, the Trustee shall have no liability or responsibility for any matters relating to the management, investment or administration of those assets as to which the Alternate Trustee has been appointed and shall only have the duties set forth in Section 4.3. 3.12 Trust Administrator The Member Agencies have appointed Phase II Systems as the Trust Administrator. The Trust Administrator has accepted its appointment subje�t to each Member Agency's delegation of authority, to act as such, pursuant to Section 3.6 of this PARS Trust Agreement. The Trust Administrator's duties �o 2567 12 PEL _ _ ___ _ _ _