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ATTACHMENT 2 Internal Revenue Service Department of the Treasury Washington, DC 20224 Third Party Communication: None Index Number: 115.00-00 Date of Communication: Not Applicable U.S. Bank National Association Person To Contact: c/o Susan Hughes, Vice President Robin J. Ehrenberg, ID No. 1000219292 3121 Michelson Drive (Suite 300) Telephone Number: Irvine, CA 92612 (202) 317-5800 Refer Reply To: CC:TEGE:EOEG:EO3 PLR-146796-14 Date:June 5, 2015 Legend Trust = Public Agencies Post-Employment Benefits Trust Trust Agreement = Public Agencies Post-Employment Benefits Trust Agreement Trustee = U.S. Bank National Association Dear Ms. Hughes: This letter responds to a letter from your authorized representative dated December 22, 2014, requesting rulings that (1) the Trust's income is excludable from gross income under section 115 of the Internal Revenue Code (IRC) and (2) the Trust is not required to file annual federal income tax returns under IRC section 6012(a)(4). The Trust represents the facts as follows: FACTS The Trust is a multiple employer trust established to enable public-agency employers to fund post-retirement employee benefits. Each participating employer must be a public agency that is a state, political subdivision of a state, or an entity the income of which is excludable from gross income under IRC section 115. The employer's governing body must authorize in writing the adoption of the Trust and the employer must execute the adoption agreement, which approves the Trust's administrator and provides that the agency adopts and agrees to be bound by the Trust Agreement. In the adoption agreement, the employer elects to fund obligations to provide benefits under a post- employment health care plan and contribute to a defined-benefit pension plan maintained by the employer that is qualified under IRC section 401(a). The employer may elect to fund either or both obligations.