What does the Trustee do and are they paid fees?
The Trustee role is to protect the subscriber rights under the trust agreement and make sure the administrator carries out its duties in a professional and timely manner. The Trustee oversees the Plan bank account and has responsibility for ensuring that deposit records have been collected by the administrator and disbursements have been determined and disbursed according to the subscriber contract. The terms of the arrangement between the Trustee and the administrator provide that neither party can transfer funds out of the account without the acknowledgement of the other. For this responsibility the Trustee receives a small fee annually from the Plan as outlined in the Offering Memorandum.
