AgdaPkt 2002-12-09 - Laserfiche WebLink

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.i - �� � 62 Fiduciary Discharge of Duties Except as otherwise provided in the Code and applicable law each fiduciary shall discharge such fiduciary's duties with respect to the PARS Trust Agreement and • the Plan: Solely in the interest of ths Participants and for the exclusive purpose of providing benefits to Participants, and defraying reasonable expenses of administering the Plan. With the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent man acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of like character and with like aims. By diversifying the investments of the Plan and the Agency Trust so as to minimize the risk of loss and to maximize the rate of return, unless under the circumstances it is clearly prudent not to do so. 6.3 Limitations on Fiduciary Responsibility To the extent permitted by applicable law: No fiduciary shall be liaale with respect to a breach of fiduciary duty by any other fiduciary if such breach was coFnmitted before such party became a fiduciary or . after such party ceased to be a fiduciary. No fiduciary shall be liable for a breach by another fiduciary unless the non- breaching fiduciary knowingly participates in such a breach, knowingly undertakes to conceal such breach, or has actual knowledge of such breach and fails to take reasonable steps to remedy such breach. No fiduciary shall be liable for carrying out a proper direction from another fiduciary, including refraining from taking an action in the absence of a proper direction from the other fiduciary passessing the authority and responsibility to make such a direction, which direction the fiduciary in good faith believes to be authorized and appropriate. 6.4 Indemnification of Trustee by Member Agency The Trustee shall not be liable for, and Member Agency shall indemnify, defend (as set out in 6.8 of this Trust Agreement), and hold the Trustee (including its officers, agents, employees and attorneys) and other Member Agencies and Alternate Trustees, harmless from and against any claims, demands, loss, costs, expense or liability imposed on the indemnified party, including reasonable attorneys' fees and costs incurred by the indemnified party, arising as a result of Member Agency's active or passive negligent act or omission or willful misconduct in the execution or performance of its duties under this Trust Agreement. 2s 2567 12 PEL __ _ _.__ _ _ _ _ _ . _