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No guaranty that uayments or reimbursements to emplovees, former employees or retirees <br />will be tax-free. The Trust has obtained a ruling from the Internal Revenue Service <br />concerning only the federal tax treatment of the Trust's income. That ruling may not be <br />cited or relied upon by the Employer whatsoever as precedent concerning any matter <br />relating to the Employer's health plan(s) (including post-retirement health plans). In <br />particular, that ruling has no effect on whether contributions to the Employer's health <br />plan(s) or payments from the Employer's health plan(s) (including reimbursements of <br />medical expenses) are excludable from the gross income of employees, former employees or <br />retirees, under the Internal Revenue Code. The federal income tax consequences to <br />employees, former employees and retirees depend on the terms and operation of the <br />Employer's health plan(s). <br />INTRODUCTION <br />The Employer specified in the Adoption Agreement has adopted this qualified <br />governmental post-retirement health care plan ("Plan") for the benefit of its Eligible Employees. <br />The Plan document consists of this Master Plan Document plus the Adoption Agreement. Assets <br />of the Plan are held under a trust (the "Trust") evidenced by a trust agreement (the "Trust <br />Agreement"). Each Employer's separate portion of the Trust is referred to as such Employer's <br />"Agency Account." Capitalized terms that are not defined herein shall have the meaning <br />attributed to such terms in the Trust Agreement. <br />It is intended that this Plan and the Trust established to hold the assets of the Plan shall be <br />tax-exempt under Section 115 of the Internal Revenue Code of 1986, together with any <br />amendments thereto ("Code"), and that contributions to the Plan shall be deemed "plan assets" <br />pursuant to Government Accounting Standards Board Statement No. 45 ("GASB 45"). At any <br />time prior to the satisfaction of all liabilities with respect to Eligible Employees under an <br />Employer's Agency Account, the Agency Account assets shall not be used for, or diverted to, <br />purposes other than the exclusive benefit of Eligible Employees. <br />NB1:680079.5 -1- <br />