124.83 Articles, bylaws, and trust agreement; filing; notice of meetings; powers of board of trustees.
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124.83 Articles, bylaws, and trust agreement; filing; notice of meetings; powers of board of trustees.
Sec. 13.
(1)The articles, bylaws, and trust agreement of the pooled plan and all amendments thereto shall be filed with and presumed approved by the commissioner before becoming operative. The trust agreement shall be filed on a form prescribed by the commissioner.
(2)Each member employer of a pooled plan shall be given notice of every meeting of the members and shall be entitled to an equal vote, either in person or by proxy in writing by such member.
(3)The powers of a pooled plan, except as otherwise provided, shall be exercised by the board of trustees chosen to carry out the purposes of the trust agreement. Not less than 50% of the trustees shall be persons who are covered under the pooled plan or the collective bargaining representatives of those persons. No trustee shall be an owner, officer, or employee of a third party administrator providing services to the pooled plan.
History: 2007, Act 106 , Imd. Eff. Oct. 1, 2007