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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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or Participant should fail to give directions to the Trustee, the Trustee may but is not required to act <br />in the manner that in its discretion seems advisable under the circumstances for carrying out the <br />purposes of this Trust. Such actions shall be conclusive on the Plan Administrator and the Agency <br />and the Participant if written notice of the proposed action is given to the Plan Administrator five (5) <br />days prior to the action being taken, and the Trustee receives no response; <br />O As directed by the Plan Administrator: <br />(i) To cause the benefits provided under. the Plan to be paid directly to the <br />persons entitled thereto under the Plan, and in the amounts and in the manner specified, or to <br />disburse such sums to the Agency, who shall be responsible to distribute sums due; and make <br />appropriate tax reports to Participants, Beneficiaries and taxing authorities, and to charge such <br />payments against the Trust with respect to which such benefits are payable; <br />(ii) To compensate such executive, consultant, actuarial, accounting, investment, <br />appraisal, administrative, clerical, secretarial, custodial, depository and legal, personnel and other <br />employees or assistants as are engaged by the Plan Administrator in connection with the <br />administration of the Plan and to pay from the Trust the necessary expenses of such, personnel, <br />employees and assistants, to the extent not paid by the Agency and directed by the Plan <br />Administrator; <br />(iii) To impose a reasonable charge to cover the cost of furnishing to Participants <br />or Beneficiaries upon their written request documents as may be legally required by applicable state <br />or federal law or regulations; <br />(iv) To act upon proper directions of the Agency, the Plan Administrator or any <br />other fiduciary or Participant including directions in writing, or oral instructions which Trustee in its <br />discretion may follow prior to receipt of written instructions, instruction given by photostatic <br />teletransmission using facsimile signature, or those instructions which are digitally recorded on the <br />Trustee's oral recording or VRU communications system. If oral or digital instructions are given, to <br />act upon those in Trustee's discretion prior to receipt of written instructions. Trustee's recording or <br />lack of recording of any such oral or digital instructions taken in Trustee's ordinary course of <br />business shall constitute conclusive proof of Trustee's receipt or non -receipt of the oral or digital or <br />VRU instructions; <br />In exercising the power and authority under this subparagraph (iv), the Trustee will perform <br />telephonic verification to the Plan Administrator, or other authorized representative properly <br />designated by the Plan Administrator or the Agency, or such other security procedure selected by the <br />Plan Administrator prior to wire transfer of funds as the Trustee may require. The Plan <br />Administrator, the Agency, and the Plan assume all risk with respect to delays or transfers if the <br />Trustee is unable to reach the Plan Administrator or other authorized representative properly <br />designated by the Plan Administrator, or in the event of delay as a result of attempts to comply with <br />any other security procedure selected by the Plan Administrator in connection with wire transfers or <br />otherwise; <br />(v) To pay from the Trust the expenses reasonably incurred in the administration <br />of the Trust as provided in the Plan, to the extent such expenses are not paid by the Agency pursuant <br />to Section 10.2; <br />55Ag27 <br />
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