The Plan Administrator shall receive, hold, invest and reinvest all contributions and assets of this plan. The purchase of contract(s) shall be considered a form of investment. Investments of any other form of property such as securities, real estate mortgages, or notes shall be limited to property of a character which is consistent with Code § 503 for investments under qualified plans. Such investments shall be made from contributions and monies deposited into the pension fund.
A. 
The Plan Administrator is authorized and empowered to invest and reinvest the principal and income of the pension fund and to keep the pension fund invested without distinction between principal and income, in such property, real or personal, as deemed advisable, including but not limited to any common or preferred stocks, bonds, mutual funds, notes, mortgages, trust certificates, savings accounts, individual single-premium annuity contracts, allocated or unallocated group annuity contracts, or investment-only contracts, and pooled accounts of a bank or trust company maintained exclusively for qualified plans. The Plan Administrator shall exercise the judgment and care under the circumstances then prevailing, which an individual of prudence, discretion, and intelligence familiar with such matters would exercise in a like situation.
B. 
The Plan Administrator may, on a nondiscriminatory basis, permit the plan participants to direct the investment of the balance of the participant's account, whether vested or nonvested, into investment options made available by the Plan Administrator. The Plan Administrator shall be responsible for determining what investment options shall be made available hereunder and shall be liable for the prudent selection and monitoring of such options. To the extent that a participant hereunder directs investment of the balance of the participant's account, the Plan Administrator shall be relieved of all responsibility and liability for the direction made by the participant other than to ensure that the direction of the participant is followed. The Plan Administrator shall have the right to change the investment options available hereunder at any time and from time to time upon notifying the plan participants, or may terminate the privilege of plan participant's to self direct the investment of the balance of the participant's account at any time.
The rights and interest of any participant on whose life or in whose name a contract is issued shall not be expanded by such an investment, and any and all rights provided under the contract or permitted by the insurer shall be reserved to the Plan Administrator. Such rights shall include the right to surrender, reduce or split the contract, the right to name and change the payee to receive thereunder on the happening of any contingency specified in the contract, the right to exercise any loan provisions to pay premiums or for any other reason, and such other rights as may be reserved to the owner of the policy.