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55A - RESO - PARS AGMT
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55A - RESO - PARS AGMT
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5/28/2020 5:18:44 PM
Creation date
5/28/2020 5:12:59 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Finance & Management Services
Item #
55A
Date
6/2/2020
Destruction Year
2025
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Assets, and any increments accruing to them. The Trustee shall manage and administer the Trust <br />without distinction between principal and income. The Trustee shall have no other duty to compute <br />any amount to be transferred or paid to it by the Agency and it shall not be responsible for the <br />collection of any contributions or transfers due to the Trust. <br />1.3 Establishment of Trust. The principal of the Trust, and any earnings thereon shall be held <br />separate and apart from other funds of Agency and shall be used exclusively for the uses and <br />purposes of Participants and Beneficiaries as herein set forth. Participants and Beneficiaries shall <br />have no preferred claim on, or any beneficial ownership interest in, any assets of the Trust. <br />1.4 Ongoing Contributions to Trust. Agency, in its sole discretion, may at any time, or from <br />time to time, make additional deposits of cash or other property acceptable to the Trustee to augment <br />the principal to be held, administered and disposed of by Trustee as provided in this Trust <br />Agreement. Neither the Trustee nor any Participant shall have any right to compel such additional <br />deposits. <br />1.5 No Duty of Trustee to Enforce Collection. Notwithstanding anything herein to the <br />contrary, the Trustee shall have no authority or obligation to enforce the collection of any <br />contribution or transfer to the Trust. <br />1.6 Plan Administration. The Agency and not the Trustee shall be responsible for <br />administering the Plan (including without limitation determining the rights of the Agency's <br />employees to participate in the Plan, determining any Participant's right to benefits under such Plan), <br />and issuing statements to Participants of their interest in the Trust and Plan. <br />1.7 Participant Accounts. The Agency shall maintain, or cause to be maintained, a separate <br />account for each Participant under the Plan (the "Account") in which it shall keep a record of the <br />share of such Participant under such Plan in the Trust. The Agency may appoint a third -party <br />administrator or record -keeper (the "Record -keeper") to maintain such Accounts. A Participant's <br />Account under the Plan shall represent the portion of the Trust allocated to provide such Participant <br />benefits under such Plan. If the Trustee is directed by the Agency to segregate the Trust into <br />separate Accounts for each Participant, at the time it makes a contribution to the Trust, the Agency <br />shall certify to the Trustee the amount of such contribution being made in respect of each Participant <br />under the Plan. <br />1.8 Tax Reporting. The Agency and not the Trustee shall be responsible for all income tax <br />reporting and calculation and payment of any wage withholding or other tax requirements in <br />connection with the Trust and any contributions thereto, and any income earned thereby, and <br />payments or distributions therefrom, and Agency agrees to indemnify and defend Trustee against <br />any liability for any such taxes, interest or penalties resulting from or relating to the Trust, provided, <br />however, that Union Bank, N.A., as Trustee shall file such tax reports for the Trust as required by <br />law and as agreed to by the parties in writing from time to time. <br />ARTICLE II <br />INVESTMENTS <br />2.1 Plan Administrator Authority. Except as otherwise provided in this Article II, the Plan <br />55A° 21 <br />
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