HomeMy WebLinkAboutU.S. Bank National Assn.ADOPTION AGREEMENT
for the
POST -EMPLOYMENT SECTION 115 TRUST
A.I.I. Trust agreement with U.S. Bank National. Association (the `Bank") (the "Trust Agreement"):
Post -Employment Section. 115 Trust. Public Agencies Post -Employment Benefits Trust
Agreement, effective November 5, 2014
A.1.2. OPEB Plan: Public Agencies Post -Employment Health Care Plan
The plan document for the OPEB Plan is the Public Agencies Post -
Employment Health Care Plan Master Plan Document, effective as of
November 5, 2014 (the "Plan Document").
A.1.3 . Pension Plan: WFQ?___S
A.1.4. Pension Plan's
effective date:
2.
❑ (Check if applicable) Additional Pension Plans (and their respective
effective dates) are listed. on an exhibit attached. hereto.
A.2.1. Employer:
Name:
Town of Los Altos Hills
U.S. snail address:
26379 Fremont Road, Los Altos Hills, CA 94022
Phone number:
(650) 941-7222
EIN:
94-6027523
Fiscal year end.:
June 30
A.2.2. Plan Administrator:
Position at Employer:
Cily Manager
Incumbent:
Carl Cahill
U.S. mail address:
26379 Fremont Road, Los Altos Hills, CA 94022
Phone number:
(650) 941-7222
Email address:
ccahi.11(Zblosaltoshills.ca.gov
Page 1 of 4
EXHIBIT "A" TO PUBLIC AGENCIES POST -EMPLOYMENT BENEFITS TRUST AGREEMENT
A.3.1 Adoption. The Employer hereby:
A.3.1.1.Adopts the Trust Agreement as part of the (Check one or both of the following boxes.):
,X Pension Plan
(each such plan separately, the "Plan") and agrees to be bound by the Trust Agreement's terms, effective
as of the Employer's signature date below and subject to the investment approach selected below.
A.3.1.2. The following provisions apply if and only if the OPER Plan box above is checked; (i)
Adopts the Plan Document and agrees to be bound by the Plan Document's terms, effective as of the
Employer's signature date below and. (ii) acknowledges that the determination of Eligible Employees and
Eligible Beneficiaries is finally and conclusively made by the Employer according to the Employer's
applicable policies and collective bargaining agreements and without reference to the Trust Agreement.
A.3.1.3. Ratifies, affirms, and approves Employer's appointment of Phase II Systems as Trust
Administrator and represents and. warrants that attached hereto is a fully -executed. original of Employer's
Agreement for Administrative Services with Phase II Systems, d/b/a Public Agency Retirement Services
(PARS).
A.3.1.4.Agrees that capitalized terms used herein but not defined. herein shall have the same
meaning attributed, to them as in the Trust Agreement or Plan Document, as the case may be.
A.4.1. The Employer hereby represents and warrants that:
A.4.1.1. Authorizing Law. Employer has reviewed with its legal counsel and has
determined that Employer is authorized to establish and maintain the Plan and to establish a financial -
institution trust (separate andapart from the state) for the Plan, including the authority to adopt the Trust
Agreement.
A.4.1.2. Authorizing Resolution. Attached. hereto is a certified. copy of a resolution of
the. Employer's governing body authorizing the adoption of the Trust Agreement as part of the Plan and.
authorizing the appointment of the Plan Administrator designated by position of employment at the
Employer to act on the Employer's behalf in all matters relating to the trust.
A.4.1.3. Tax Status. The Plan is a "governmental plan" as defined in Section 414(d.) of
the Internal Revenue Code of 1986, as amended; is a "Section 401(a)(24) governmental plan" as defined.
in Revenue Ruling 2011-1; and is not subject to Federal income taxation. The Plan's governing
document expressly provides that it is irrevocably impossible for any part of the corpus or income of the
Plan to be used for, or diverted. to, purposes other than for the exclusive benefit of the Plan participants
and their beneficiaries. The Pension Plan is a qualified plan under Code Section 401(a). (In addition, the
Employer hereby acknowledges that the Plan is prohibited from assigning any part of its equity or interest
in the trust.)
Page 2 of
EXHIBIT "A" TO PUBLIC AGENCIES POST -EMPLOYMENT BENEFITS TRUST AGREEMENT
A.4-2. Investment Approach.
4.2.1. The ,following provisions oppb) ifwu.l only tf Me OPEB Plan hox fibove is checked.-
OPEB Account. OPEB ACCOUnt assets are invested in the discretion of (check one aml only one of the
fiolloi-ving- boxes):
Discretionary investment approach:
® The Bank, subject to Exhibit A (Investment Strategy Selection and Disclosure Form)
hereto.
Directed investment approach-,
o - The Plat Administrator.
Ei The following registered investment adviser, bank (other than the Bank), or insurance
company (a "Third -Party Manager"):
The En-tolover
hereby represents and warrants that attached hereto is, an executed copy of tile agme ment
with the above appointed Third Party Manager.
4.2.2. The, folloiving provisions apply i/' -and only f' the Pension Phin box � &ove is ch ceeked:
Pension Account. Pensian Account assets are invested in the discretion of (check one and only one of
the following- boxes):
DiscretionM investment approach:
ix The Bank, subject to Exhibit A (bivestment Strategy Selection and Disclosure Form)
hereto.
Directed investment qpp- roach:
Ei The Plan Administrator.
Ej The following registered i'llvestment adviser, bank (other than the Bank), or insurance
company (a "Thij-d-Party Manager"):
The Employer
hereby represents and walTants that attached hereto is an executed copy of the agreement
with the above appointed Third Party Manager,
[Signature PC1'O"efiO11O1'1;'S]
Page 3 of 4
EXHIBIT "A." TO PUBLIC AGENCIES POST -EMPLOYMENT BENEFITS TRUST AGREEMENT
TOWN OF LOS ALTOS HILLS
By:
Carl Cahill
Its: City Manager
Date: —, 7 I
Accepted by: PHASE II SYSTEMS, DBA PUBLIC AGENCY
RETIREMENT SERVICES (PARS)
By:
Daniel Joluis n
Its: President
Date: 711-etli 2P
U.S. BANK NATIONAL ASSOCIATION
By:
Susan M. Hugl es
Its: Vice President and Relationship Manager
Date:
2__ l�
Page 4 of 4
EXHIBIT "A." TO PUBLIC AGENCIES POST -EMPLOYMENT BENEFITS TRUST AGREEMENT