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Benefit Plans Administrative Services 12/26/2018
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Benefit Plans Administrative Services 12/26/2018
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Last modified
1/17/2019 10:42:27 AM
Creation date
1/17/2019 10:40:55 AM
Metadata
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Contracts
Contractor's Name
Benefit Plans Administrative Services
Approval Date
12/26/2018
Council Approval Date
12/12/2018
Department
Human Resources
Department Project Manager
Sharon DeHaan
Subject / Project Title
HRA VEBA Account for LEOFF Trust Plan B
Tracking Number
0001615
Total Compensation
$0.00
Contract Type
Agreement
Contract Subtype
Professional Services
Retention Period
6 Years Then Destroy
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any part of any such payment so withheld, may discharge any such liability. Any part of any such payment so <br /> withheld by Directed Trustee that may be determined by Directed Trustee to be in excess of any such liability will, <br /> upon such determination by Directed Trustee, be paid to the person or entity from whom or from which it was <br /> withheld. <br /> Section 4.02 Method of Payments. Directed Trustee may make any payment required to be made by it <br /> hereunder, unless directed otherwise by the Plan Administrator, by mailing its check in the amount thereof by <br /> first class mail in a sealed envelope addressed to the person or entity to whom or to which such payment is to be <br /> made, or by any other such means as Directed Trustee is directed by the Plan Administrator. If any dispute arises <br /> as to the identity or rights of persons who may be entitled to benefits hereunder, Directed Trustee may withhold <br /> payment until such dispute is resolved by a court of competent jurisdiction or, at the discretion of the Plan <br /> Administrator, is settled by written stipulation of the parties concerned. <br /> Article V <br /> DIRECTED TRUSTEE POWERS AND DUTIES <br /> Section 5.01 Powers and Duties of Directed Trustee. Directed Trustee shall have only such duties and <br /> responsibilities with respect to the Trust as are set forth in this Trust Agreement. Notwithstanding anything <br /> herein to the contrary, Directed Trustee's powers with respect to the investment or disposition of Assets held in <br /> the Trust Fund shall be subject to the provisions of Article VI. Directed Trustee will have the following powers and <br /> duties: <br /> (a) Upon receipt of Appropriate Directions, to pay the amount specified therein for assets purchased by or <br /> for the Trust and hold them as Assets, provided the assets are in satisfactory form for transfer. The Plan <br /> Administrator represents that (i) Appropriate Directions will not direct Directed Trustee to sell an asset <br /> from the Trust Fund before Directed Trustee has fully paid for the asset and (ii)the Plan Administrator will <br /> not engage in a practice whereby proceeds from the sale of an asset are used to pay for the earlier <br /> purchase of the same asset for the Trust Fund. <br /> (b) Upon receipt of Appropriate Directions, to deliver Assets sold by or for the Trust against payment to <br /> Directed Trustee of the amount specified in such directions according to the then current securities <br /> industry practices and in form satisfactory to Directed Trustee. The Plan Administrator acknowledges that <br /> the current securities industry practice is delivery of physical securities against later payment on delivery <br /> date. Directed Trustee agrees to use reasonable efforts to obtain payment therefor during the same <br /> business day, but the Plan Administrator confirms its sole assumption of all risks of payment for such <br /> deliveries. Directed Trustee may accept checks, whether certified or not, in payment for securities so <br /> delivered, and the Plan Administrator assumes sole responsibility for the risks of collectability of such <br /> checks. <br /> (c) To collect all income, principal, and other distributions due and payable on Assets wherever maintained. <br /> Even so, Directed Trustee will have no duty to take action to effect collection of any amount if (i) the <br /> Assets upon which such payment is due are in default or (ii) payment is refused after due demand and <br /> presentation. Directed Trustee will have no responsibility to notify the Plan Administrator in the event of <br /> such default or refusal to pay, but if Directed Trustee receives notice of default or refusal to pay from an <br /> issuer or transfer agent, Directed Trustee will so advise the Plan Administrator. <br /> (d) To cause any Assets to be registered in, or transferred into, its name as Directed Trustee or the name of <br /> its nominee or nominees, or to retain such investments unregistered in a form permitting transfer by <br /> Directed Trust Agreement—Single Plan (405512) Page 4 of 12 <br />
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