Resolution:
The Event Action Daemon has three loops which it does one after another.  Most of the time the EAD is processing triggers which do not involve time; next it processes late and overdue triggers and lastly it looks for triggers that are tied to objects which now no longer exist.  This is recorded in the debug log as:debug: removed 0 unassociated triggers Time: 3846.144

The cleanup of triggers which are no longer tied to an existing object can take considerable time which can impact timely delivery of triggers.  To turn off this action: run IcStop to stop the InConcert trigger; set IC_TRIGGER_CLEANUP_BATCH_SIZE to 0 either by editing icconfig.xml or by using 'IcStart' to change the value.

The impact of turning off trigger clean up is that triggers will grow in the database.  Triggers should be cleaned up during low through put periods by stopping the InConcert server to reset IC_TRIGGER_CLEANUP_BATCH_SIZE to the default size of 10000 and setting IC_EVENT_POLL_INTERVAL to say 1800 seconds.  You could also greatly increase the batch size to try and get all of the unassociated triggers in one run but you have to make sure your database has sufficient resources.

After you have cleaned up as many triggers as you can then restart the InConcert server and revert back the two changes.