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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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Template:
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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Section 9.03 Residual Assets. If any Assets remain in the Trust Fund upon termination of this Trust Agreement, <br /> Directed Trustee is permitted to designate the Plan Administrator as successor custodian hereunder and deliver <br /> such Assets directly to the Plan Administrator. <br /> Section 9.04 Survival. Upon termination of this Trust Agreement, all obligations of the parties to each other <br /> hereunder will cease, except those obligations specified in Article VIII hereof. <br /> Article X <br /> TRUST AMENDMENT AND TERMINATION <br /> 10.01 Amendment. The Employer reserves the right to amend, alter, or wholly revise the Trust Agreement, <br /> prospectively or retrospectively, at any time by the action of its managing body, and the interest of each <br /> Participant is subject to the powers so reserved. The Employer expressly may amend, alter or wholly revise the <br /> Trust Agreement if it determines it necessary or desirable, with or without retroactive effect, to comply with the <br /> law. Such changes shall not affect any right to benefits that accrued prior to such amendments. Such <br /> amendment shall be made in writing, shall be signed by the Employer and Trustee. Notwithstanding the <br /> foregoing, no amendment may be made, without its written consent, that would increase substantially the duties <br /> or liabilities of Directed Trustee and no amendment may be made that would divert any part of the Trust Fund to <br /> any use or purpose other than for the exclusive benefit of the Participants and Beneficiaries; provided, however, <br /> that any such amendments may be made that may be or become necessary in order that the Trust qualifies as tax <br /> exempt under the provisions of the Code, as amended, or in order that all provisions of the Trust will conform to <br /> all valid requirements of applicable federal and state laws. <br /> 10.02 Termination. Although the Employer expects the Plan and Trust to be maintained for an indefinite time, the <br /> Employer may terminate the Trust by delivering to Directed Trustee, at least thirty (30) days prior to the effective <br /> date of termination, a directive signed by an authorized representative of the Employer. If the Trust is <br /> terminated, all of the provisions of the Trust evidenced by this Trust Agreement shall continue in effect until the <br /> Trust assets have been distributed by Directed Trustee as directed by the Plan Administrator. <br /> 10.03 Transfer of Assets. Pursuant to Appropriate Directions, Directed Trustee may transfer all of the Trust's <br /> Assets to another tax-exempt trust, which may or may not also involve a change in Directed Trustee under Article <br /> IX. Directed Trustee shall be entitled to rely upon the representations of the Employer and Plan Administrator <br /> that the recipient trust is qualified to accept the transfer. To the extent the transfer adversely affects this Trust or <br /> the recipient trust, the Employer shall indemnify and hold harmless this Trust, Directed Trustee, and all others so <br /> negatively impacted. <br /> 10.04 Payment of Funds on Liquidation. Upon the termination of the Trust, the affairs of the Trust shall be wound <br /> up as soon as may be reasonably practicable and the assets or liquidation proceeds of the Trust shall be paid out <br /> and distributed by Directed Trustee in the following order unless a judgment or decree of a court of competent <br /> jurisdiction or any applicable law shall mandate a contrary application: <br /> (a) First, to the payment of all reasonable and necessary expenses of managing and administering the Trust <br /> to the extent that the expenses are not paid by the Employer; <br /> (b) Second, to the payment of Plan benefits that are payable from the Trust to Participants and Beneficiaries; <br /> and <br /> Directed Trust Agreement—Single Plan (405512) Page 9 of 12 <br />
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