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PLR-116685-99 <br />2 <br />may provide benefits by cash payment, and may reimburse a <br />Participant, City, or Trust's Administrator for insurance <br />premiums or other payments expended for permissible benefits <br />under the Plan. <br />Under Trust's Declaration, City will be the Administrator of <br />Trust. City may appoint one or more investment managers to <br />manage and control all or part of the assets of Trust. Under <br />Trust's Declaration, the Trustee will hold assets only as <br />titleholder. Persons having custody or possession of assets may <br />include City, the Administrator of Trust, the investment manager, <br />and their agents and subagents, but not the Trustee. The Trustee <br />will have no discretion or authority with regard to the <br />investments of Trust and will act solely as a directed Trustee <br />with respect to the assets to which it holds title. <br />The Trustee will not be responsible or liable for any loss <br />or expense that may arise or result from complying with any <br />direction from the City, the Administrator, the investment <br />manager, or such agents to take title to any assets, or from the <br />Trustee's refusal or failure to comply with any direction to hold <br />title, unless it involves or results from the Trustee's <br />negligence or intentional misconduct. The Trustee may refuse to <br />comply with any direction if it deems such direction illegal. <br />City indemnifies and holds the Trustee harmless from any <br />actions, claims, demands, liabilities, losses, damages or <br />reasonable expenses of any kind in connection with or arising out <br />of (i) any action taken or omitted in good faith in accordance <br />with its directions, (ii) any disbursements made in accordance <br />with directions, or (iii) any action taken by or omitted by the <br />Trustee with respect to an investment managed by an investment <br />manager in accordance with any direction of the investment <br />manager or any inaction regarding any investment in the absence <br />of directions from the investment manager. City, however, has no <br />responsibility to the Trustee under the indemnification if the <br />Trustee fails negligently, intentionally, or reckless to perform <br />its duties. <br />City will contribute to Trust such amounts as specified in <br />the Plan or by resolution. No other person or persons will be <br />Permitted to make any contributions. <br />The Plan must provide a formula for determining the value of <br />a Participant's accrued vacation leave, sick leave, or both, in <br />excess of a threshold number of hours of such leave. City :may <br />contribute amounts so determined to Trust. The Plan will contain <br />a forfeiture provision that will prevent Participants and their <br />Beneficiaries from receiving cash in lieu of a contributicn to <br />Trust in their behalf. Contributions, investment income, <br />realized and unrealized gains and losses, and forfeit::r_s �e <br />deposited into an account in Trust In the lame of the Pa pant <br />03/2000 <br />m <br />z <br />