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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
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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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held for the exclusive purposes of providing post-employment health care and <br />welfare benefits to Eligible Employees and defraying reasonable expenses of <br />administering the Trust. However, in the case of a contribution which is made by <br />an Employer because of a mistake of fact, that portion of the contribution relating <br />to the mistake of fact {exclusive of any earnings or losses attributable thereto) <br />may be returned to the Employer, provided such return occurs within two (2) <br />years after discovery by the Employer of the mistake. If any repayment is <br />payable to the Employer, then, as a condition to such repayment, and only if <br />requested by Trustee, the Employer shall execute, acknowledge and deliver to the <br />Trustee its written undertaking, in a form satisfactory to the Trustee, to indemnify, <br />defend and hold the Trustee harmless from all claims, actions, demands or <br />liabilities arising in connection with such repayment. <br />7.5 Ternnination of Trust <br />The Trust and this Trust Agreement may be terminated only by the unanimous <br />agreement of all Employers. Such action must be in writing and delivered to the <br />Trustee and Trust Administrator. Upon a termination of the Trust, the Assets of <br />each Agency Account under the Trust shall be distributed by the Trustee when <br />directed by the Plan Administrator for that Agency Account in accordance with <br />this Section 7.5. 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 with respect to each Agency Account as are necessary or <br />expedient for the orderly liquidation and distribution of the Assets of such Agency <br />Account, and the Agency Account shall continue until the Assets have been <br />completely distributed. The Assets of each Agency Account shall be used first to <br />satisfy any remaining obligations of the applicable Employer to provide OPEBs <br />pursuant to its policies and/or applicable collective bargaining agreements (to the <br />extent that such distribution constitutes the exercise of an "essential governmental <br />function" within the meaning of Section ] 15 of the Code) and to satisfy any of <br />such Employer's obligations under this Trust Agreement. Any Assets remaining <br />in such Agency Account after giving effect to the foregoing sentence shall be paid <br />to the Employer to the extent permitted by law and consistent with the <br />requirements of Section 115 of the Code. In no case will the assets of the Trust be <br />distributed on termination to an entity that is not a state, a political subdivision of <br />a state or an entity the income of which is excluded from gross income under <br />Section 115 of the Code. <br />21 <br />N B 1:657192.8 <br />
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