Powers and Duties of Trustees. Sec. 1. The Trustees shall have authority to control and manage the operation and administration of the Trust in accordance with applicable law. 2. The Trustees shall hold, manage, care for, and protect the Trust Fund and collect the income therefrom and contributions thereto, except to the extent that any of these functions or responsibilities are assigned to another entity or entities pursuant to any provision of this Article. Sec. 3. (a) The Trustees appoint Northern Trust Investments, Inc. (hereinafter identified as “Northern Trust”) as a Named Fiduciary of the Fund as defined in Section 402 of the Employee Retirement Income Security Act of 1974, with such rights, powers, authority, duties and responsibilities as are stated in an agreement with such Named Fiduciary (hereinafter identified as a “Named Fiduciary Agreement”), an agreement which was entered by the Trustees with Northern Trust in September 2022, and as are stated in the Amended and Restated Consent Decree (hereinafter identified as “the Consent Decree”) entered September 12, 2022, as that agreement and the Consent Decree were heretofore and are hereafter amended. The appointment of Northern Trust as a Named Fiduciary of the Fund shall remain effective until termination or resignation in accordance with the Named Fiduciary Agreement to which Northern Trust is a party. (b) Assets of the Fund shall be managed by one or more investment managers, as defined in Section 3(38) of the Employee Retirement Income Security Act of 1974, each such investment manager to be appointed by Northern Trust. (c) Each investment manager appointed by Northern Trust in its capacity as a Named Fiduciary of the Fund shall have the power and authority, in its sole discretion, to invest and reinvest the principal and income of the Trust Fund, delegated to it for management, in such securities, common and preferred stock, fixed income securities, mortgages, notes, real estate or other property as shall be permissible investments in accordance with applicable law and agreements, including the specific terms and conditions of its agreement as an investment manager of the Fund, and may sell or otherwise dispose of such securities or property at any time and from time to time as it determines to be in accordance with its fiduciary obligations. (d) The Trustees are authorized to procure from such solvent insurance company or companies as they may designate, a group health, accident and life policy or policies including, in their discretion, dependent coverages; the Trustees may also purchase, lease, manage or contract for any other programs or facilities which are to be used or devoted to the general health and welfare of the Employees and their families, including, without limitation, participation in, or adoption of, privately or governmentally sponsored health programs and also including self-insurance. The amounts of such policy or policies, or purchases or programs, shall be within the discretion of the Trustees. (e) With respect to all assets of the Fund, except those assets which are then subject to the exercise by Northern Trust of its rights, powers, authority, duties and responsibilities as a Named Fiduciary of the Fund, the Trustees shall have the power, in their sole discretion, to invest and reinvest all or any part of the Trust Fund in such securities and other property as shall be permissible investments by them in accordance with applicable law, and may sell or otherwise dispose of such securities or other property at any time and from time to time as they determine to be in accordance with their fiduciary obligations. (f) The overall investment policy objective of the Fund is to invest and manage the assets of the Trust Fund in a prudent and conservative yet productive manner, in order to enhance the ability of the Fund to meet its obligations to participants and beneficiaries. Subject to the overall investment policy objective of the Fund, Northern Trust shall develop the short-term and long- term investment objectives and policies of the Fund for the assets of the Fund for which it is responsible, in accordance with the Consent Decree, after consultation with the Trustees and with appropriate regard for the actuarial requirements of the Fund.
Appears in 2 contracts
Samples: Trust Agreement, Trust Agreement
Powers and Duties of Trustees. Sec.
1. The Trustees shall have authority to control and manage the operation and administration of the Trust in accordance with applicable law.
2. The Trustees shall hold, manage, care for, and protect the Trust Fund and collect the income therefrom and contributions Employer Contributions thereto, except to the extent that any of these functions or responsibilities are assigned to another entity or entities pursuant to any provision of this Article. Sec. 3.
(a) The Trustees appoint Northern Trust InvestmentsGlobal Advisors, Inc. (hereinafter identified as “Northern Trust”) as a Named Fiduciary of the Fund as defined in Section 402 of the Employee Retirement Income Security Act of 1974, with such rights, powers, authority, duties and responsibilities as are stated in an agreement with such Named Fiduciary (hereinafter identified as a “Named Fiduciary Agreement”), an agreement which was entered by the Trustees with Northern Trust in September 2022as of April 1, 2005, and as are stated in the Amended and Restated a Consent Decree (hereinafter identified as “the Consent Decree”) entered September 1222, 20221982, as that agreement and the Consent Decree were heretofore and are hereafter amended. The appointment of Northern Trust as a Named Fiduciary of the Fund shall remain effective until termination or resignation in accordance with the Named Fiduciary Agreement to which Northern Trust is a party.
(b) Assets of the Fund, in addition to those assets for which Northern Trust is responsible as a Named Fiduciary of the Fund, shall include assets allocated to and managed in the Passive Fixed-Income Index Account (“Passive Fixed-Income Index Account”) established and maintained in accordance with Section II.E. of the Consent Decree as amended effective June 1, 2003, in the Passive Equity Index Account (“Passive Equity Index Account”) established and maintained in accordance with Section II.F. of the Consent Decree as amended effective November 20, 2007 and in the Passive EAFE Index Account established and maintained in accordance with Section II.G. of the Consent Decree, as amended effective June 25, 2010 (collectively the “Index Accounts”). All assets of the Fund in the Index Accounts shall be managed by one or more investment managers, as defined in Section 3(38) of the Employee Retirement Income Security Act of 1974, each such investment manager to be appointed by Northern Trustthe Trustees upon court approval of the appointment.
(c) Each investment manager appointed by Northern Trust in its capacity as a Named Fiduciary of the Fund Fund, and each investment manager for the Index Accounts appointed by the Trustees upon court approval of the appointment, shall have the power and authority, in its sole discretion, to invest and reinvest the principal and income of the Trust Fund, delegated to it for management, in such securities, common and preferred stock, fixed income securities, mortgages, notes, real estate or other property as shall be permissible investments in accordance with applicable law and agreements, including the specific terms and conditions of its agreement as an investment manager of the Fund, and may sell or otherwise dispose of such securities or property at any time and from time to time as it determines to be in accordance with its fiduciary obligations.
(d) The Trustees are authorized to procure from such solvent insurance company or companies as they may designate, a group health, accident and life policy or policies including, in their discretion, dependent coverages; the Trustees may also purchase, lease, manage or contract for any other programs or facilities which are to be used or devoted to the general health and welfare of the Employees and their families, including, without limitation, participation in, or adoption of, privately or governmentally sponsored health programs and also including self-insurance. The amounts of such policy or policies, or purchases or programs, shall be within the discretion of the Trustees.
(e) With respect to all assets of the Fund, except those assets which are then subject to the exercise by Northern Trust of its rights, powers, authority, duties and responsibilities as a Named Fiduciary of the Fund, and except those assets which are then managed in the Index Accounts, the Trustees shall have the power, in their sole discretion, to invest and reinvest all or any part of the Trust Fund in such securities and other property as shall be permissible investments by them in accordance with applicable law, and may sell or otherwise dispose of such securities or other property at any time and from time to time as they determine to be in accordance with their fiduciary obligations.
(fe) The overall investment policy objective of the Fund is to invest and manage the assets of the Trust Fund in a prudent and conservative yet productive manner, in order to enhance the ability of the Fund to meet its obligations to participants and beneficiaries. Subject to the overall investment policy objective of the Fund, Northern Trust shall develop the short-term and long- long-term investment objectives and policies of the Fund for the assets of the Fund for which it is responsible, in accordance with the Consent Decree, after consultation with the Trustees and with appropriate regard for the actuarial requirements of the Fund. The investment policy statement for the Index Accounts will be established by the Trustees upon approval by the court.
(f) Northern Trust shall have the power and authority, in its sole discretion, to invest and reinvest all or any part of the assets of the Trust Fund for which it is responsible in the following group trust, selected and designated by it and maintained as a domestic trust in the United States: Barclays Global Investors, N.A. Investment Funds for Employee Benefit Trusts, which is maintained by Barclays Global Investors, N.A. To the extent Northern Trust invests any part of the Trust Fund in that group trust, the group trust is and will be adopted as part of the Fund and the trust instrument of such group trust and any amendments of that instrument are and will be incorporated in this Agreement, provided that such trust is and continues to be a tax-exempt organization under Section 501(a) of the Internal Revenue Code.
4. With respect to all assets of the Fund, except those assets which are then subject to the exercise by Northern Trust of its rights, powers, authority, duties and responsibilities as a Named Fiduciary of the Fund, and except those assets which are then managed in the Index Accounts, any part of the Trust Fund which is not invested shall be deposited by the Trustees in such depository or depositories as the Trustees shall from time to time select and any such deposit or deposits, or disbursements therefrom, shall be made in the name of the Trust in the manner designated by the Trustees and upon the signature(s) designated by the Trustees.
Appears in 1 contract
Samples: Trust Agreement
Powers and Duties of Trustees. Sec.
1. The Trustees shall have authority to control and manage the operation and administration of the Trust in accordance with applicable law.
2. The Trustees shall hold, manage, care for, and protect the Trust Fund and collect the income therefrom and contributions Employer Contributions thereto, except to the extent that any of these functions or responsibilities are assigned to another entity or entities pursuant to any provision of this Article. Sec. 3.
(a) The Trustees appoint Northern Trust InvestmentsBlackRock Financial Management, Inc. (hereinafter identified as “Northern TrustBlackRock”) as a Named Fiduciary of the Fund as defined in Section 402 of the Employee Retirement Income Security Act of 1974, with such rights, powers, authority, duties and responsibilities as are stated in an agreement with such Named Fiduciary (hereinafter identified as a “Named Fiduciary Agreement”), an agreement which was entered by the Trustees with Northern Trust in September BlackRock effective as of October 11, 2022, and as are stated in the an Amended and Restated Consent Decree entered September 12, 2022 (hereinafter identified as “the Consent Decree”) entered September 12, 2022, as that agreement and the Consent Decree were heretofore and are hereafter amended. The appointment of Northern Trust BlackRock as a Named Fiduciary of the Fund shall remain effective until termination or resignation in accordance with the Named Fiduciary Agreement to which Northern Trust BlackRock is a party.
(b) Assets of the Fund shall be managed by one or more investment managers, as defined in Section 3(38) of the Employee Retirement Income Security Act of 1974, each such investment manager to be appointed by Northern TrustBlackRock.
(c) Each investment manager appointed by Northern Trust BlackRock in its capacity as a Named Fiduciary of the Fund Fund, shall have the power and authority, in its sole discretion, to invest and reinvest the principal and income of the Trust Fund, delegated to it for management, in such securities, common and preferred stock, fixed income securities, mortgages, notes, real estate or other property as shall be permissible investments in accordance with applicable law and agreements, including the specific terms and conditions of its agreement as an investment manager of the Fund, and may sell or otherwise dispose of such securities or property at any time and from time to time as it determines to be in accordance with its fiduciary obligations.
(d) The Trustees are authorized to procure from such solvent insurance company or companies as they may designate, a group health, accident and life policy or policies including, in their discretion, dependent coverages; the Trustees may also purchase, lease, manage or contract for any other programs or facilities which are to be used or devoted to the general health and welfare of the Employees and their families, including, without limitation, participation in, or adoption of, privately or governmentally sponsored health programs and also including self-insurance. The amounts of such policy or policies, or purchases or programs, shall be within the discretion of the Trustees.
(e) With respect to all assets of the Fund, except those assets which are then subject to the exercise by Northern Trust BlackRock of its rights, powers, authority, duties and responsibilities as a Named Fiduciary of the Fund, the Trustees shall have the power, in their sole discretion, to invest and reinvest all or any part of the Trust Fund in such securities and other property as shall be permissible investments by them in accordance with applicable law, and may sell or otherwise dispose of such securities or other property at any time and from time to time as they determine to be in accordance with their fiduciary obligations.
(fe) The overall investment policy objective of the Fund is to invest and manage the assets of the Trust Fund in a prudent and conservative yet productive manner, in order to enhance the ability of the Fund to meet its obligations to participants and beneficiaries. Subject to the overall investment policy objective of the Fund, Northern Trust BlackRock shall develop the short-term and long- long-term investment objectives and policies of the Fund for the assets of the Fund for which it is responsible, in accordance with the Consent Decree, after consultation with the Trustees and with appropriate regard for the actuarial requirements of the Fund.
Appears in 1 contract
Samples: Trust Agreement
Powers and Duties of Trustees. Sec.
1. The Trustees shall have authority to control and manage the operation and administration of the Trust in accordance with applicable law.
2. The Trustees shall hold, manage, care for, and protect the Trust Fund and collect the income therefrom and contributions Employer Contributions thereto, except to the extent that any of these functions or responsibilities are assigned to another entity or entities pursuant to any provision of this Article. Sec. 3.
(a) The Trustees appoint Northern Trust InvestmentsGlobal Advisors, Inc. (hereinafter identified as “Northern Trust”) as a Named Fiduciary of the Fund as defined in Section 402 of the Employee Retirement Income Security Act of 1974, with such rights, powers, authority, duties and responsibilities as are stated in an agreement with such Named Fiduciary (hereinafter identified as a “Named Fiduciary Agreement”), an agreement which was entered by the Trustees with Northern Trust in September 2022as of April 1, 2005, and as are stated in the Amended and Restated a Consent Decree (hereinafter identified as “the Consent Decree”) entered September 1222, 20221982, as that agreement and the Consent Decree were heretofore and are hereafter amended. The appointment of Northern Trust as a Named Fiduciary of the Fund shall remain effective until termination or resignation in accordance with the Named Fiduciary Agreement to which Northern Trust is a party.
(b) Assets of the Fund, in addition to those assets for which Northern Trust is responsible as a Named Fiduciary of the Fund, shall include assets allocated to and managed in the Passive Fixed-Income Index Account (“Passive Fixed-Income Index Account”) established and maintained in accordance with Section II.E. of the Consent Decree as amended effective June 1, 2003, in the Passive Equity Index Account (“Passive Equity Index Account”) established and maintained in accordance with Section II.F. of the Consent Decree as amended effective November 20, 2007 and in the Passive EAFE Index Account established and maintained in accordance with Section II.G. of the Consent Decree, as amended effective June 25, 2010 (collectively the “Index Accounts”). All assets of the Fund in the Index Accounts shall be managed by one or more investment managers, as defined in Section 3(38) of the Employee Retirement Income Security Act of 1974, each such investment manager to be appointed by Northern Trustthe Trustees upon court approval of the appointment.
(c) Each investment manager appointed by Northern Trust in its capacity as a Named Fiduciary of the Fund Fund, and each investment manager for the Index Accounts appointed by the Trustees upon court approval of the appointment, shall have the power and authority, in its sole discretion, to invest and reinvest the principal and income of the Trust Fund, delegated to it for management, in such securities, common and preferred stock, fixed income securities, mortgages, notes, real estate or other property as shall be permissible investments in accordance with applicable law and agreements, including the specific terms and conditions of its agreement as an investment manager of the Fund, and may sell or otherwise dispose of such securities or property at any time and from time to time as it determines to be in accordance with its fiduciary obligations.
(d) The Trustees are authorized to procure from such solvent insurance company or companies as they may designate, a group health, accident and life policy or policies including, in their discretion, dependent coverages; the Trustees may also purchase, lease, manage or contract for any other programs or facilities which are to be used or devoted to the general health and welfare of the Employees and their families, including, without limitation, participation in, or adoption of, privately or governmentally sponsored health programs and also including self-insurance. The amounts of such policy or policies, or purchases or programs, shall be within the discretion of the Trustees.
(e) With respect to all assets of the Fund, except those assets which are then subject to the exercise by Northern Trust of its rights, powers, authority, duties and responsibilities as a Named Fiduciary of the Fund, and except those assets which are then managed in the Index Accounts, the Trustees shall have the power, in their sole discretion, to invest and reinvest all or any part of the Trust Fund in such securities and other property as shall be permissible investments by them in accordance with applicable law, and may sell or otherwise dispose of such securities or other property at any time and from time to time as they determine to be in accordance with their fiduciary obligations.
(fe) The overall investment policy objective of the Fund is to invest and manage the assets of the Trust Fund in a prudent and conservative yet productive manner, in order to enhance the ability of the Fund to meet its obligations to participants and beneficiaries. Subject to the overall investment policy objective of the Fund, Northern Trust shall develop the short-term and long- long-term investment objectives and policies of the Fund for the assets of the Fund for which it is responsible, in accordance with the Consent Decree, after consultation with the Trustees and with appropriate regard for the actuarial requirements of the Fund. The investment policy statement for the Index Accounts will be established by the Trustees upon approval by the court.
(f) Northern Trust shall have the power and authority, in its sole discretion, to invest and reinvest all or any part of the assets of the Trust Fund for which it is responsible in the following group trust, selected and designated by it and maintained as a domestic trust in the United States: Barclays Global Investors, N.A. Investment Funds for Employee Benefit Trusts, which is maintained by Barclays Global Investors, N.A. To the extent Northern Trust invests any part of the Trust Fund in that group trust, the group trust is and will be adopted as part of the Fund and the trust instrument of such group trust and any amendments of that instrument are and will be incorporated in this Agreement, provided that such trust is and continues to be a tax-exempt organization under Section 501(a) of the Internal Revenue Code.
Appears in 1 contract
Samples: Trust Agreement
