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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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(b) an original of the Adoption Agreement executed by the Plan Administrator <br />or other duly authorized Employer employee; <br />(c) an original of the Agreement for Administrative Services with Public <br />Agency Retirement Services executed by the Plan Administrator or other duly <br />authorized Employer employee and Public Agency Retirement Services; <br />(d) an address notice; and <br />(e) such other documents as the Trustee may reasonable request. <br />(f) Any action taken by the Plan Administrator for an Employer shall be <br />deemed to have been taken by such Employer. Any notice given to or delivered <br />by the Plan Administrator for an Employer shall be deemed to have been given to <br />or delivered by such Employer. <br />2.4 Agency Accounts <br />Upon an Employer's adopting the Trust Agreement, as provided in Section 2.3, a <br />separate "Agency Account" shall be established under the Trust for that <br />Employer, and all Assets of the Trust attributable to that Employer shall be held <br />in that Employer's Agency Account. The Assets of the Trust that are held in an <br />Employer's Agency Account shall be available only to pay post-employment <br />health care and welfare benefits of Eligible Employees of that Employer <br />(including reimbursement of the Employer for payments to health care providers <br />with respect to such benefits) and shall not be available to pay any obligations <br />incurred by any other Employer as provided in Section 2.8. <br />2.5 Assets of Agency Account <br />The assets held in an Agency Account shall consist of all contributions and <br />transfers received by the Trust on behalf of the Employer, together with the <br />income and earnings from such contributions and transfers, and any increments <br />accruing to them, net of any investment losses, benefits, expenses or other costs <br />("Assets"). All contributions or transfers shall be received by the Trustee in cash <br />or in other property acceptable to the Trustee. The Trustee shall manage and <br />administer the Assets held in Agency Accounts without distinction between <br />principal and income. The Trustee and the Trust Administrator shall have no duty <br />to compute any amount to be transferred or paid to the Agency Account by the <br />Employer, and the Trustee and the Trust Administrator shall not be responsible <br />for the collection of any contributions or transfers to the Agency Account. <br />2.6 Aggregate Balance for Investment and Administration <br />The balances of the Assets of more than one Agency Account may be aggregated <br />by the Trustee in one or more Omnibus Accounts for investment and <br />administrative purposes, to provide economies of scale and efficiency of <br />administration to the Agency Accounts. The responsibility for Plan and Agency <br />4 <br />NBI:657192.8 <br />
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