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09/19/2017 (2)
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09/19/2017 (2)
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Last modified
5/1/2025 11:17:33 AM
Creation date
11/14/2017 9:45:16 AM
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Meetings
Meeting Type
BCC Regular Meeting
Document Type
Agenda Packet
Meeting Date
09/19/2017
Meeting Body
Board of County Commissioners
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ARTICLE VII — CONTRIBUTIONS NOT RECOVERABLE <br />Except as described in the Purpose section of this Agreement and to the extent permitted by the Plan and <br />applicable law, under no circumstances shall any part of the Account be recoverable by the Sponsor or <br />be used other than for the exclusive purposes of providing benefits to Participants and their beneficiaries <br />and paying reasonable expenses of the Plan prior to the satisfaction of all liabilities to Participants and <br />their beneficiaries; provided, however, a contribution by a Sponsor or a Participant made as a result of a <br />mistake of fact that is discovered within one (1) year after the contribution is made shall be returned to the <br />Sponsor or Participant as soon as administratively feasible, if the Sponsor so requests and the Funding <br />Vehicle(s) permits. <br />ARTICLE VIII -ACCOUNT RECORDS AND REPORTS <br />NTC shall maintain accurate records and detailed accounts of all investments, receipts, disbursements, <br />earnings, and other transactions related to the Account, and those records shall be available at all <br />reasonable times to the Sponsor. <br />ARTICLE IX— FIDUCIARY RESPONSIBILITIES AND LIABILITIES <br />NTC may rely upon any information provided by the Sponsor or its designee. NTC, the Sponsor, and all <br />other fiduciaries under the Plan and this Agreement intend that each party shall be solely responsible for <br />those specific duties and powers assigned to it. Each party may rely upon any direction, information, or <br />action of another party as being proper under the Plan and this Agreement. NTC shall not be required by <br />the Sponsor or its designee to engage in any action, or .make any investment which constitutes a <br />prohibited transaction or is otherwise contrary to the provisions of applicable law, the Code, or the terms <br />of the Plan, if any, or this Agreement. <br />NTC shall be responsible only for those functions which have been assigned to it under this Agreement <br />and shall have no responsibility to perform any duty of the Sponsor, or other fiduciary, required by the <br />Plan or applicable law. NTC shall have no duty to determine the rights or benefits of any person having <br />or claiming an interest under the Plan or this Agreement. <br />Except as otherwise provided in the Agreement, including any schedules thereto, any action to be taken <br />by NTC under the Agreement shall be taken upon Written Instruction from the Sponsor or its designee. <br />NTC shall comply with such instructions and shall incur no liability for any loss which may result from any <br />action or failure of action on its part due to its compliance with such Written Instructions. <br />ARTICLE X — LIMITATION OF LIABILITY <br />To the extent permitted by applicable law, NTC shall not be liable for any failure or delay in the <br />performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by <br />circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fires; <br />floods; wars; civil or military disturbances; sabotage; epidemics; riots; interruptions, loss or malfunction of <br />utilities, computer (hardware or software) or communications services; accidents; labor disputes; acts of <br />civil or military authority or government actions. <br />ARTICLE XI — RELIANCE ON COUNSEL AND INDEMNIFICATION <br />NTC may consult with, and act upon the advice of counsel (who may be counsel for the Sponsor), <br />regarding its responsibilities under this Agreement. To the extent permitted under applicable law, the <br />Sponsor shall indemnify and hold harmless NTC, its officers, employees, and agents from and against all <br />liabilities, losses, expenses, and claims (including reasonable attorneys' fees and costs of defense) <br />arising as a result of: <br />NRS (0712007) -5 of 9- <br />P60 <br />
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