Laserfiche WebLink
<br /> <br /> <br /> <br /> <br /> ARTICLE V <br /> <br /> RESTRICTIONS ON TRANSFER <br /> <br /> 5.1 Persons to Receive Payment. <br /> <br /> (a) As directed by the Plan Administrator, the Trustee shall, except as otherwise provided <br /> in subsection (b), pay all amounts distributable hereunder only to the person or persons designated under <br /> the Plan or deposit to the Participant's or Beneficiary's checking or savings account and not to any other <br /> person or corporation, and only to the extent of assets held in the Trust. The Plan Administrator's <br /> instructions to the Trustee regarding whether or not to make distributions, and the amount of such <br /> distributions, shall be conclusive on all Participants and Beneficiaries. <br /> (b) In the event any controversy shall arise as to the person or persons to whom any <br /> distribution or payment is to be made by the Trustee, or as to any other matter arising in the <br /> administration of the Plan or Trust, the Trustee may, (i) retain the amount in controversy pending <br /> resolution of the controversy, (ii) file an action seeking declaratory relief, or (iii) interplead the Trust <br /> Assets in issue, and (iv) name the Agency and/or any or all persons making conflicting demands as <br /> necessary parties. <br /> <br /> (c) The Trustee shall not be liable for the payment of any interest or income on any amount <br /> withheld or interpleaded under subsection (b). <br /> <br /> (d) The expenses incurred by the Trustee for taking any action under subsection (b) shall be <br /> charged by the Trustee to the Trust unless paid by the Agency. <br /> 5.2 Assignment and Alienation Prohibited. In accordance with Section 457 of the Code, Trust <br /> Assets shall not be subject to any claims of Agency or other creditors. Additionally, no benefit or <br /> interest available hereunder shall be subject in any manner to assignment or alienation, whether <br /> voluntarily or involuntarily, or to legal process except as permitted in the Internal Revenue Code, <br /> applicable state or federal law, or as provided in the Plan. <br /> <br /> <br /> ARTICLE VI <br /> <br /> RESIGNATION, REMOVAL AND SUCCESSION <br /> <br /> 6.1 Resitznation or Removal of Trustee. The Trustee may resign at any time upon ninety days' <br /> prior written notice to the Agency (which notice may be waived by the Agency). Agency may remove <br /> the Trustee upon ninety days' prior written notice to the Trustee (which notice may be waived by the <br /> Trustee). <br /> 6.2 Deshmation of Successor. Upon notice of the Trustee's resignation or removal, Agency shall <br /> promptly designate a Successor Trustee who will accept transfer of the assets of the Trust. If no <br /> Successor Trustee is designated within thirty days of notice of Trustee's resignation or removal, the Plan <br /> Administrator shall designate a Successor Trustee. <br /> <br /> <br /> <br /> <br /> 13 <br /> <br /> 55A-31 <br />