Directed Trustee. Option 2: Discretionary Trustee.
Directed Trustee. A Trustee is a Directed Trustee to the extent that the Trustee’s investment powers are subject to the direction of another person. See Section 12.2(b).
Directed Trustee. A Trustee is a Directed Trustee with respect to the investment of Plan assets to the extent the Trustee is subject to the direction of the Plan Administrator, the Employer, a properly appointed Investment Manager, a Named Fiduciary, or Plan Participant. To the extent the Trustee is a Directed Trustee, the Trustee does not have any discretionary authority with respect to the investment of Plan assets. In addition, the Trustee is not responsible for the propriety of any directed investment made pursuant to this Section and shall not be required to consult or advise the Employer regarding the investment quality of any directed investment held under the Plan. The Trustee shall be advised in writing regarding the retention of investment powers by the Employer or the appointment of an Investment Manager or other Named Fiduciary with power to direct the investment of Plan assets. Any such delegation of investment powers will remain in force until such delegation is revoked or amended in writing. The Employer is deemed to have retained investment powers under this subsection to the extent the Employer directs the investment of Participant Accounts for which affirmative investment direction has not been received pursuant to Section 13.5(c). The Employer is a Named Fiduciary for investment purposes if the Employer directs investments pursuant to this subsection. Any investment direction shall be made in writing by the Employer, Investment Manager, or Named Fiduciary, as applicable. A Directed Trustee must act solely in accordance with the direction of the Plan Administrator, the Employer, any employees or agents of the Employer, a properly appointed Investment Manager or other fiduciary of the Plan, a Named Fiduciary, or Plan Participants. (See Section 13.5(c) for a discussion of the Trustee’s responsibilities with regard to Participant directed investments.) The Employer may direct the Trustee to invest in any media in which the Trustee may invest, as described in Section 12.4. However, the Employer may not borrow from the Trust or pledge any of the assets of the Trust as security for a loan to itself; buy property or assets from or sell property or assets to the Trust; charge any fee for services rendered to the Trust; or receive any services from the Trust on a preferential basis.
Directed Trustee. The corporate Trustee is only permitted to invest the assets of the Plan as directed by the Administrator, by the Employer, by an Investment Manager, by another Named Fiduciary < þ or by a Participant in accordance with Section 16.3 of the Adoption Agreement with regard to Participant directed investments >.
Directed Trustee. The parties expressly acknowledge and agree that the Trustee is a directed trustee. In the management and control of the Trust Assets, the Trustee shall be subject to the direction of the Employer, Administrator, Participants, Beneficiaries or Alternate Payees in the Plan and, to the extent applicable under the terms of this Agreement, the directions of Investment Managers. The Trustee shall not make any investment review of, consider the propriety of holding or selling, or vote any assets held in the Trust except as directed by the Administrator, Investment Manager, Employer, Participant, Beneficiaries, Alternate Payees or Participating Employer. The Trustee shall have no responsibility to review or make recommendations regarding investments made at the direction of the Employer, Administrator, Participant, Beneficiaries, Alternate Payees or an Investment Manager. The Employer, Administrator, Investment Manager, Participants, Beneficiaries, and Alternate Payees shall not issue any directions to the Trustee that are in violation of the terms of the Plan or this Agreement. The Participants, Beneficiaries and Alternate Payees may exercise direction to the Trustee only through the Recordkeeper, provided that if the Plan permits a Participant, Beneficiary or Alternate Payee to direct investments through a self-directed Brokerage Account, each such self-directed Brokerage Account shall be opened in the name of the Trustee with a Broker for the benefit of each affected Participant, Beneficiary or Alternate Payee. The Trustee shall have and exercise authority and control over such Brokerage Account, subject always to the terms of the Plan and to authorized directions from the Administrator, Investment Manager, Employer, Participant, Beneficiary, Alternate Payee or Participating Employer. Subject to the foregoing, the parties agree that Participants, Beneficiaries or Alternate Payees may relay trading instructions directly to the Broker.
Directed Trustee. A Directed Trustee is subject to the direction of the Plan Administrator, the Employer, a properly appointed investment manager, or a Plan Participant. A Directed Trustee does not have any discretionary authority with respect to the investment of Plan assets. In addition, a Directed Trustee is not responsible for the propriety of any directed investment made pursuant to this ASC Trust Agreement (Governmental) and shall not be required to consult with or advise the Employer regarding the investment quality of any directed investment held under the Plan.
Directed Trustee. The Trustee shall be a directed trustee. The Trustee shall have no discretion or authority with respect to the investment of the Trust Fund and shall act solely as a directed trustee of the funds contributed to the Trust Fund.
Directed Trustee. The Trustee that is designated as the Directed Trustee in the Adoption Agreement. The Directed Trustee shall be responsible for investing the assets of the Plan and perform the responsibilities of the Trustee set forth in the Plan in accordance with specific instructions provided by the Employer or the Plan Administrator (or Participant or Beneficiary) in accordance with instructions (either in writing or in any other form permitted by rules promulgated by the IRS or DOL) from one of the foregoing.
Directed Trustee. Notwithstanding any conflicting provisions of the Trust Agreement, FBTS will, unless and until otherwise agreed to in writing between the Company and FBTS, have no discretionary investment responsibility with respect to the Pension Trust. It is the intent of the Parties that FBTS be a directed trustee, and all discretionary investment responsibility will be exercised by the Company, pursuant to the provisions of Section 7(B) of the Trust Agreement.
Directed Trustee. (a) Notwithstanding any of the provisions of this Plan to the contrary, and to the extent permitted by applicable law, this Section 7.3 shall apply in the event MFS Heritage Trust (or any successor appointed by the sponsoring organization of this Plan) or any other eligible entity is designated to serve as a Directed Trustee of this Plan. A Directed Trustee shall serve in accordance with this Section.
(b) The Administrator shall direct the Directed Trustee in the performance of the duties and obligations of the Trustee set forth in the Plan, or as may exist under common law or statutory authority (including the Act), unless the Administrator has properly delegated its authority hereunder to another party other than the Directed Trustee in accordance with the terms of the Plan.
(c) Powers, rights and authority of a Trustee under the terms of the Plan or under common law or statutory authority (including the Act) shall vest in, and shall be exercised solely by, the Administrator by directing the Directed Trustee unless the Plan Administrator has properly delegated its authority hereunder to another party other than the Directed Trustee in accordance with the terms of the Plan.
(d) The duties and obligations of a Directed Trustee shall be limited to holding title to Plan assets and performing such clerical, administrative, ministerial or recordkeeping duties as may be associated therewith or pursuant to instructions or directions from the Plan Administrator in the exercise of the Administrator's fiduciary authority hereunder (including Trustee direction authority pursuant to Section 7.3(b) or Section 7.3(c).
(e) The parties intend that this Section shall constitute an allocation of fiduciary duties for purposes of Section 403(a) of the Act and that the Directed Trustee shall have no residual fiduciary obligations whatsoever with respect to Plan assets or Plan operations, no responsibility or obligation whatsoever to ascertain or to inquire with respect to the propriety of any action, of any Plan fiduciary, and in all respects shall have no obligation other than the custodial function of holding title to Plan Assets and such administrative, clerical or ministerial duties as may be associated therewith or with the exercise of authority (including Trustee authority to direct or instruct the Trustee hereunder) by the Administrator.
(f) A Directed Trustee shall be under no duty whatsoever to question or otherwise ascertain the propriety or authority of any fiducia...
