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11.04. Powers And Responsibilities. <br />A. The Employer shall be empowered to appoint and remove the Administrator and the <br />Advisory Committee from time to time, as it deems necessary for the proper <br />administration of the Plan and to assure that the Plan is being operated for the <br />exclusive benefit of the Participants and their Beneficiaries in accordance with the <br />terms of the Plan and the Code. <br />B. The Advisory Committee shall establish an investment policy or guidelines to ensure <br />the prudent selection and monitoring of Plan investments or investment options. Such <br />investment policy or guidelines shall be consistent with the objectives of this Plan and <br />with the requirements of applicable State law. <br />C. The Employer shall periodically review the performance of any fiduciary or other <br />person to whom duties have been delegated or allocated by it under the provisions of <br />this Plan, or pursuant to procedures established hereunder, or under the provisions of <br />the Trust. This requirement may be satisfied by formal periodic review by the <br />Employer or by a qualified person specifically designated by the Employer, through <br />day-to-day conduct and evaluation, or through other appropriate means. <br />11.05. Designation Of Administrative Authority. <br />A. The City Manager of the Employer shall be the Administrator. However, the Employer <br />may appoint another person or persons to serve as the Administrator. Any person, <br />including, but not limited to, the Employees of the Employer, shall be eligible to serve <br />as an Administrator. Any person so appointed shall signify such appointee's <br />acceptance by filing written acceptance with the Employer. An Administrator may <br />resign by delivering a written resignation to the Employer, or may be removed by the <br />Employer with or without cause by delivery of written notice of removal, to take effect <br />at a date specified therein, or upon delivery to the Administrator if no date is specified. <br />The Employer, upon the resignation or removal of an Administrator, shall promptly <br />designate, in writing, a successor to this position. If the Employer does not appoint a <br />successor Administrator, the Employer will function as the Administrator. <br />B. The City Manager of the Employer shall serve as the Advisory Committee. However, <br />the Employer may appoint another person or persons to serve as members of the <br />Advisory Committee. Any person, including, but not limited to, the Employees of the <br />Employer, shall be eligible to serve as a member of the Advisory Committee. Any <br />person so appointed shall signify such appointee's acceptance by tiling written <br />acceptance with the Employer. A member of the Advisory Committee may resign by <br />deliver7ng a written resignation to the Employer, or may be removed by the Employer <br />with or without cause by delivery of written notice of removal, to take effect at a date <br />specified therein, or upon delivery to such member if no date is specified. The <br />Employer, upon the resignation or removal of all members of the Advisory Committee, <br />shall promptly designate, in writing, a successor to this position. If the Employer does <br />not appoint a successor member or members of the Advisory Committee, the <br />Employer will function as the Advisory Committee. <br />11.06. Allocation And Delegation Of Responsibilities. <br />If more than one person is appointed as the Administrator or the Advisory Committee <br />members, the responsibilities of each appointed person may be specified by the Employer <br />and accepted in writing by each Administrator or Advisory Committee member, with written <br />notice to the Trustee. In the event that the Employer makes no such delegation, the <br />28 <br />