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RES 11428
City of Pleasanton
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RES 11428
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3/18/2011 10:01:29 AM
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3/18/2011 9:07:17 AM
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CITY CLERK
CITY CLERK - TYPE
RESOLUTIONS
DOCUMENT DATE
3/15/2011
DESTRUCT DATE
PERMANENT
DOCUMENT NO
RES 11428
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G. Costs of Administration <br /> Employer shall pay its share of the costs of administration of the Prefunding Plan, as <br /> determined by the Board. <br /> H. Termination of Employer Participation in Prefunding Plan <br /> (1) The Board may terminate Employer's participation in the Prefunding Plan if: <br /> (a) Employer gives written notice to the Board of its election to terminate; <br /> (b) The Board finds that Employer fails to satisfy the terms and conditions of <br /> this Agreement or of the Board's rules or regulations. <br /> (2) If Employer's participation in the Prefunding Plan terminates for any of the foregoing <br /> reasons, all assets in Employer's Prefunding Account shall remain in the Prefunding <br /> Plan, except as otherwise provided below, and shall continue to be invested and accrue <br /> income as provided in Paragraph D. <br /> (3) After Employer's participation in the Prefunding Plan terminates, Employer may not <br /> make contributions to the Prefunding Plan. <br /> (4) After Employer's participation in the Prefunding Plan terminates, disbursements <br /> from Employer's Prefunding Account may continue upon Employer's instruction or <br /> otherwise in accordance with the terms of this Agreement. <br /> (5) After thirty -six (36) months have elapsed from the effective date of this Agreement <br /> or at such earlier date as may be approved by the Board in its sole discretion: <br /> (a) Employer may request a trustee to trustee transfer of the assets in <br /> Employer's Prefunding Account. Upon satisfactory showing to the Board <br /> that the transfer will satisfy applicable requirements of the Internal <br /> Revenue Code and the Board's fiduciary duties, then the Board shall <br /> effect the transfer within one hundred twenty (120) days. The amount to <br /> be transferred shall be the amount in the Employer's Prefunding Account <br /> as of the disbursement date and shall include investment earnings up to <br /> the investment earnings allocation date immediately preceding the <br /> disbursement date. In no event shall the investment earnings allocation <br /> date precede the transfer by more than 120 days. <br /> (b) Employer may request a disbursement of the assets in Employer's <br /> Prefunding Account. Upon satisfactory showing to the Board that all of <br /> Employer's obligations for payment of post employment health care <br /> benefits and other post employment benefits and reasonable <br /> administrative costs of the Board have been satisfied, then the Board shall <br /> Rev 6/23/20)0 6 <br />
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