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8F Consent 2009 0518
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8F Consent 2009 0518
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5/15/2009 10:48:02 AM
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5/15/2009 10:48:00 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
5/18/2009
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_CC Agenda 2009 0518
(Reference)
Path:
\City Clerk\City Council\Agenda Packets\2009\Packet 2009 0518
Reso 2009-067
(Reference)
Path:
\City Clerk\City Council\Resolutions\2009
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ARTICLE V <br />DISTRIBUTION OF BENEFITS <br />5.1 Payment of Distribution <br />Distribution shall only be made to the insurers, third party administrators, health care and welfare <br />providers or other entities providing Plan benefits or services as designated by the Employer or <br />to the Employer for the reimbursement of Plan benefits and expenses paid by the Employer. No <br />distributions shall be made directly to Eligible Employees or Eligible Dependents. The Plan <br />Administrator or its Delegatee shall provide instructions to the Trustee regarding how <br />distributions and reimbursements are to be made. <br />ARTICLE VI <br />FUNDING AND INVESTMENT <br />6.1 Funding and Investment <br />The assets of the Plan shall be held in the Agency Account of each Employer. In Section A.4.1 <br />of the Adoption Agreement, each Employer shall elect between a discretionary or directed <br />investment approach. If the Employer elects a discretionary investment approach, the Employer <br />shall further elect between the various investment strategies offered in the investment strategy <br />selection and disclosure form. If the Employer elects a directed investment approach, the <br />Employer, in accordance with the Trust Agreement, shall have absolute discretion over the <br />investment of the assets of its Agency Account. <br />6.2 Tvne and Nature of Plan and Trust <br />Neither the faith and credit nor the taxing power of each Employer is pledged to the distribution <br />of benefits hereunder. Except for contributions, earnings and other amounts held in the Trust, no <br />amounts are pledged to the distribution of benefits hereunder. Distributions of benefits are <br />neither general nor special obligations of the Employer, but are payable solely from <br />contributions, as more fully described herein. No employee of any Employer or any other person <br />may compel the exercise of the taxing power by the Employer. Distributions of benefits are not <br />a debt of the Employer within the meaning of any constitutional or statutory limitation or <br />restriction. Distributions are not a legal or equitable pledge, charge, lien or encumbrance, upon <br />any of the Employer's property, or upon any of its income, receipts or revenues. <br />1VB 1:680079.5 -4- <br />
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