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55A - RESO - PUBLIC AGENCY RETIREMENT SRVS
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12/20/2010
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55A - RESO - PUBLIC AGENCY RETIREMENT SRVS
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1/3/2012 3:56:20 PM
Creation date
12/16/2010 12:29:31 PM
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City Clerk
Doc Type
Agenda Packet
Item #
55A
Date
12/20/2010
Destruction Year
2015
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employees or assistants as are engaged by the Plan Administrator in connection with the administration <br />of the Plan and to pay from the Trust the necessary expenses of such, personnel, employees and <br />assistants, to the extent not paid by the Agency and directed by the Plan Administrator; <br />(iii) To impose a reasonable charge to cover the cost of furnishing to Participants or <br />Beneficiaries upon their written request documents as may be legally required by applicable state or <br />federal law or regulations; <br />(iv) To act upon proper directions of the Agency, the Plan Administrator or any other <br />fiduciary or Participant including directions in writing, or oral instructions which Trustee in its <br />discretion may follow prior to receipt of written instructions, instruction given by photostatic <br />teletransmission using facsimile signature, or those instructions which are digitally recorded on the <br />Trustee's oral recording or VRU communications system. If oral or digital instructions are given, to act <br />upon those in Trustee's discretion prior to receipt of written instructions. Trustee's recording or lack of <br />recording of any such oral or digital instructions taken in Trustee's ordinary course of business shall <br />constitute conclusive proof of Trustee's receipt or non-receipt of the oral or digital or VRU instructions; <br />In exercising the power and authority under this subparagraph (iv), the Trustee will perform telephonic <br />verification to the Plan Administrator, or other authorized representative properly designated by the Plan <br />Administrator or the Agency, or such other security procedure selected by the Plan Administrator prior <br />to wire transfer of funds as the Trustee may require. The Plan Administrator, the Agency, and the Plan <br />assume all risk with respect to delays or transfers if the Trustee is unable to reach the Plan Administrator <br />or other authorized representative properly designated by the Plan Administrator, or in the event of delay <br />as a result of attempts to comply with any other security procedure selected by the Plan Administrator in <br />connection with wire transfers or otherwise; <br />(v) To pay from the Trust the expenses reasonably incurred in the administration of <br />the Trust as provided in the Plan, to the extent such expenses are not paid by the Agency pursuant to <br />Section 10.2; <br />(vi) To maintain insurance for such purposes, in such amounts and with such <br />companies as the Plan Administrator shall elect, including insurance to cover liability or losses <br />occurring by reason of the acts or omissions of fiduciaries (but only if such insurance permits recourse <br />by the insurer against a fiduciary in the case of a breach of a fiduciary obligation by such fiduciary). <br />3.3 Delegatee. The Plan Administrator may delegate certain authority, powers and duties to an <br />entity to act in those matters specified in the delegation ("Delegatee"). Any such delegation must be in a <br />writing that names and identifies the Delegatee, states the effective date of the delegation, specifies the <br />authority and duties delegated, is executed by the Plan Administrator and is acknowledged in writing by <br />the Delegatee, the Trust Administrator (if not the Delegatee) and the Trustee. Such delegation shall be <br />effective until the Trustee and the Trust Administrator are directed in writing by the Plan Administrator <br />that the delegation has been rescinded or modified. <br />10 <br />55A-28
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