Trust Agreements | Definition | What are Trust Agreements?

Trust Agreements

Trust Agreements | Definition

An agreement that places assets in the hands of a trustee and details the trustee's rights and responsibilities.

An agreement that details the methods of receipt, investment and disbursement of funds under a retirement plan. It contains provisions for investment powers of trustees; irrevocability and non-diversion of trust assets; payment of legal, trustee, and other fees relative to the plan; exculpatory clauses pertaining to the liability of trustees; periodic reports to the employer (or union) by the trustees; records and accounts to be maintained by the trustees; conditions for removal, resignation, or replacement of trustees; benefit payments under the plan; and the rights and duties of the trustees in case of amendment or termination of the plan. The plan agreement is often separate from the trust.

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