Common use of ProComp System Funding Powers Clause in Contracts

ProComp System Funding Powers. The Trustees shall have such powers as may be necessary to discharge their responsibilities in managing and controlling the funding of the ProComp System. The Trustees shall have full and complete authority and control with respect to the these powers unless such authority or control is allocated or delegated by the Trustees in accordance with the procedures set forth in subparagraphs (b) and (c) below. Any determination by the Trustees in the exercise of these powers shall be binding on all persons. In addition to such other powers as are conferred by law or are set forth elsewhere in this Agreement, the powers of the Trustees in connection with the funding of the ProComp System shall include, but shall not be limited to, the following: (a) To employ such actuaries, consultants, accountants, counsel or other persons as they deem necessary or desirable in connection with the administration of the Trust and to employ one or more persons to render advice with regard to any responsibility or power of the Trustees. The costs of such services and other administrative expenses shall be paid by the Trust in accordance with the ProComp Agreement to the extent not paid by the District. (b) To designate in writing persons who are not Trustees to carry out fiduciary or nonfiduciary responsibilities or duties of the Trustees, and in the event of such a designation the Trustees shall not be liable for any act or omission of such a person. (c) To allocate fiduciary or nonfiduciary responsibilities or duties among Trustees provided a Trustee to whom such responsibility or duty is allocated consents thereto. Those persons to whom such responsibilities have not been allocated shall not be liable for any act or omission of those persons to whom such responsibilities have been allocated. (d) To construe and interpret the Trust Agreement and ProComp Agreement. (e) To receive from the District, the Association, and the Teachers such information as shall be necessary to monitor administration of the ProComp System. (f) To furnish the District and the Association such annual reports with respect to the administration of the Trust as are reasonable and appropriate. (g) To maintain such bank accounts as they deem appropriate for the administration of the Trust; provided, however, all checks, drafts, vouchers or other withdrawals of funds from the Trust shall be signed by at least one District Trustee and one Association Trustee, or if the Trustees unanimously so provide by contract or resolution, by a person to whom such responsibility has been delegated. (h) To receive and review reports of the financial condition and of the receipts and disbursements of the Trust. (i) To prescribe procedures to be followed by any persons in applying for any payment from the Trust; and to designate the forms or documents, evidence and such other information as the Trustees may reasonably deem necessary, desirable or convenient to support an application for payment from the Trust. (j) To adopt such by-laws, rules, regulations, actuarial tables, forms and procedures from time to time as they deem advisable and appropriate in the proper administration of the Trust, provided the same are consistent with the terms of this Agreement and do not modify or increase the burdens or obligations of any party under the terms of the ProComp Agreement. (k) To have a judicial settlement of their accounts and judicial determination of any questions in connection with their duties and obligations hereunder, or in connection with the administration or distribution thereof. The costs and expenses, including accounting and legal fees, for such judicial settlement of accounts or other judicial determination shall be paid by the Trust as a general administration expense to the extent permitted by applicable law. (l) To purchase out of the assets of the Trust insurance for the protection of the Trustees or other fiduciaries of the Trust against any losses by reason of errors or omissions or breach of fiduciary duty. (m) To enter into any and all contracts and agreements for carrying out the terms of this Trust and for the administration and operation of the Trust and to do all acts as they, in their discretion, may deem necessary or advisable, and such contracts and agreements and acts shall be binding and conclusive on the parties hereto. (n) To receive contributions or payments from any source whatsoever to the extent permitted by law. (o) To attend and participate in conferences, seminars and similar educational meetings, which the Trustees deem helpful to them in the operation, administration, control or management of the Trust and to cause payment for all reasonable expenses therefore by the Trust. (p) To pay membership dues in educational and other organizations operated for purposes related to the Trust. (q) To do all acts, whether or not expressly authorized herein, which the Trustees may deem necessary or proper in connection with the Trust, although the power to do such acts is not specifically set forth herein.