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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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180-day requirement by all of the Employers then participating in the Trust. In <br />addition, the Trust Administrator or the Trustee shall have the right to amend this <br />Trust Agreement from time to time (without the requirement of a vote of <br />Employers) solely for the purpose of keeping the Trust Agreement in compliance <br />with the Code and applicable state law. Any such amendment by the Trust <br />Administrator or the Trustee shall be set forth in an instrument in writing and <br />shall be delivered to the Trustee, the Trust Administrator and all Plan <br />Administrators promptly as each is made. <br />(b) Any amendment of the Trust Agreement may be current, retroactive or <br />prospective, provided, however, that no amendment shall: <br />(1) Cause the Assets of any Agency Account to be used for or diverted <br />to purposes other than for the exclusive benefit of Eligible Employees of <br />the applicable Employer or for the purpose of defraying the reasonable <br />expenses of administering such Agency Account. <br />(2) Permit the Assets of any Agency Account to be used for the benefit <br />of any other Employer. <br />7.3 Termination of Employer's Obligation to Provide OPEB <br />A termination of the Employer's obligation to provide OPEB pursuant to its <br />policies and/or applicable collective bargaining agreements for which the <br />Employer's Agency Account was established shall not, in itself, effect a <br />termination of the Agency Account. Upon a termination of the Employer's <br />obligation to provide OPEB pursuant to its policies and/or applicable collective <br />bargaining agreements, the Assets of the Agency Account shall be distributed by <br />the Trustee when directed by the Plan Administrator in accordance with this <br />Section 7.3. From and after the date of such termination and until final <br />distribution of the Assets, the Trustee shall continue to have all the powers <br />provided herein as are necessary or expedient for the orderly liquidation and <br />distribution of such Assets, and the Agency Account shall continue until the <br />Assets have been completely distributed. Such Assets shall be used first to satisfy <br />any remaining obligations of the Employer to provide OPEBs pursuant to its <br />policies and/or applicable collective bargaining agreements (to the extent that <br />such distribution constitutes the exercise of an "essential governmental function" <br />within the meaning of Section 115 of the Code) and to satisfy any of such <br />Employer's obligations under this Trust Agreement. Any Assets remaining in the <br />Agency Account after giving effect to the foregoing sentence shall be paid to the <br />Employer to the, extent permitted by law and consistent with the requirements of <br />Section 115 of the Code. <br />7.4 Fund Recovery Based on Mistake of Fact <br />Except as hereinafter provided or in accordance with Section 7.3, the Assets of <br />the Trust shall never inure to the benefit of the Employer. The Assets shall be <br />20 <br />NB I :657192.8 <br />
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