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55A - RESO - PARS AGMT
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55A - RESO - PARS AGMT
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Last modified
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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Plan provides that the Trustee shall act as therein prescribed, the Trustee shall be and is hereby <br />authorized and empowered to do so for all purposes as fully as though specifically so provided <br />herein or so directed by the Plan Administrator. The Trustee shall furnish the Agency with copies of <br />the Trust Agreement and all amendments thereto. <br />10.6 Use of Trust Funds. Except as provided in Section 9.2 and 93, under no circumstances <br />shall any part of the Trust be recoverable by the Agency from the Trustee or from any Participant or <br />former Participant, his or her Beneficiaries, or any other person or be used for or diverted to <br />purposes other than for the exclusive purposes of providing benefits to Participants and their <br />Beneficiaries, provided, however, that: <br />(a) An Agency's excess contribution may be returned to such Agency in accordance <br />with the provisions of the Plan, and <br />(b) The portion, if any, of the Trust attributable to an Agency not required for the <br />satisfaction of all liabilities to Participants and their Beneficiaries shall, upon such Agency's <br />termination of the Plan, revert to such Agency. <br />10.7 Location of Trust Fund Assets. Except as authorized by applicable state or federal laws <br />or regulations, the indicia of ownership of any assets of the Trust and Plan shall not be maintained <br />outside the jurisdiction of the District Courts of the United States. <br />10.8 Arbitration of Disputes. Any dispute under this Agreement shall be resolved by <br />submission of the issue to a member of the American Arbitration Association who is chosen by the <br />Agency and the Trustee. If the Agency and the Trustee cannot agree on such a choice, each shall <br />nominate a member of the American Arbitration Association, and the two nominees will then select <br />an arbitrator. Expenses of the arbitration shall be paid as decided by the arbitrator. Venue and <br />jurisdation shall be in the State of California, County of Orange. <br />10.9 Partial Invalidity. If any provision of this Trust Agreement is held to be invalid or <br />unenforceable for any reason, this Agreement shall be construed and enforced as if such provisions <br />had not been included and such illegality or invalidity shall not affect the remaining portions of this <br />Trust Agreement, unless such invalidity prevents accomplishment of the objectives and purposes of <br />this Trust Agreement and the Plan. In the event of any such holding, the parties will immediately <br />amend this Trust Agreement as necessary to remedy any such defect. <br />10.10 Construction. This Trust Agreement shall be constructed, administered and enforced <br />according to the Internal Revenue Code and where state law is applicable, under applicable Statutes <br />and laws of the State of California applied fairly and equitably in accordance with the purposes of <br />the Plan. <br />***Signature Page Follows*** <br />55At37 <br />
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