Agenda - Council - 03/25/1986 - Laserfiche WebLink

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I I I I I I I I I i I I I I I I I I 12.02 12.03 Xlll. 12.04 12.05 12.C6 p,~,',~'~., H~,,',e'. Pamctpnni Bccoun{ baiRnS5 $h~ll not the [.m[~oyerc¢,hhestoth~ PlanAdmm,sl,a~or Ihclthe emended end r~s'.atod Plan ~nd Trust Conhnucs lO meal Ihe reQu~rem~nl:, Of 8 quahfie~ plan unOer the Amendment to Ve¢;ng Schedule. Il the Empioye. amends thevesJ'ng~c~edu~., : yPamc.panlmaywJthm~cays fro am(-n~m~']t e'.t(:c: ,e date or the date of written nct,f,ca- t;cn ol lbo Plan 3m[ndmenl. wh,chever ~S la,er, e~ec[ to have h,~%er F4onfcdg,taDie Inl~resl comDu1~ w~thc~ r~3~ to such ame~dmer,1 it SuCff e~ec~on J5 made. the v~s:ng schedule to such amen~menl Ir any case. suchameqdmentsh~H not reouce the [4onfoHeJ~3{e Interest of any Pan,ctpan[ accrued as of the date ct the. mendmenJ or the effechve aa~e cf the amendment, whichever IS later. Te~ination by Employer. The Employer resales the right tc lermmale lh~s Plan. However, in the event c~ such terra,na- t,on no ps~ of the Trust shall be used or diveqed to any pur- r~se other 1hah for 1he exclusive benefit of the Pa~mpants or their Ben~fciari~, exce~ as ~ovid~ m th,s ~on 12.03 Li)3n P~an terminal,on, all account balances shail be valued a', :~,e~r fair ~arke[ v~lde and the Pa~icipanl'5 r~ghJ ~o h~s/her E'-D;cyer Cgmr~bu:,~n A. :ount shall be 1~ pe'c~nt yes,ac ago nonfode4abie. Such amount aha any other amounts he,d in '.he Pa~c,oar, l's other accounts shall be mainta~n~ for the Pa~cipant until paid pursuant to the terms of the Plan. Ary amour4s held in the Suspense Accoum, aha' ary all.ca- tons required for the Plan Year prior to the e~ec:~e date of the Plan termination, shall be paid to the Emp;oyer. Discontinuance of Contributions. A permanent disconti- nuance of contributions to the Plan by the Emplo'yer, unless a-: 3mended and restated PJan is este..bdshed, shah cons:itute a P~an term.nation. Amendment by ICMA Retirement Corporation. The ICMA F.e' remer, t Corpc;afion, aS spOnSOr of the Prob~type P',an. me.y ¢..mer, 3 this P',an upc. r, 30 days written notification to the Err,,p~oyer: provMed, ho~,ever, that any such amenament must be for the ex.'-'ess purpose of maintaining compliance with p; :ab,e lec.: Jaws and regula!ions of the Internai Revenue Ser'.'~ce. Optional Provisions. Any provision wh;ch is optional unde; t'-. s Plan shat: become effective if and on;y if joLm'Jy agreed to by the Employer: '~d the ICMA Retirement Corporation. ADMJNISTRATION 13.01 Pcwers of the Employer. The employer shah have the fol!ow- in~ powers and out;es: 1) To acpomt and remove, with or without cause, the Plan Adm,nis:rator; 2) TO amend or terminate the Plan pursuant to the provisions of Article XI~; 3) TO appoint a committee to facilitale administration of the Pian and communications to Padicipants; 4) To'decide a!l questions of eligibility 1) for Plan padicipa- t;on and 2) upon appeal by any Padicipant, Employee, or Beneflcie'y, for the payment of benefits; I~} 'J'o e','~a:~t. r~n ir~d~.,~ i'ndf'rll qUb: fif'J puhhc ~Stg.' : '' m;ni:/'g'-;' I~ Wtll.r~g ~ll ~OC('t,~'/,nfc,rmahon to c~,- the le"r,S of the Plan and Trust. To nol;fy the Plan Admm~slralor in waling of the ler~ ~¢- lion 0~ the Plan. ~.02 Du~ie~of the Plnn Adminlsltntor.~he PJen ~halJ have lhe lOIIowmg ~wers and duhes: To construe 8n¢ inJerprel the prcv~s~ons of lhe To m~ .i¢'n and prov,de such returns, re~ds. ~h~. ¢e%-:p' cas, and md,wdua! 8cc0unl statements as qu~re~ 5t law w;m,n ihe t~mes prescribed by law: a-.¢ to furn~5~ to ~he Employer. u~n request, Copies of 8- ~ Or afl Suer. mc:¢r,~!S, and luff, hat. to make cop,es o! instruments, re.ns, oescnphons, and slatemenls feqult¢d by law available for exempt .t~on by Da~lc:pan~2 end such of their Beneficiaries who 8re or may ~ en~:ied lo ~nef~s under me Plan in such pia~s ~nd in s~h nar ~ r~uired by law; To obt~:n from the Employer such information as sba" necessa~ for the proper admm~stra[~on of the Pia~. 4) To determine the amount, manner, and time of payment of benefits hereunder; 5) To ap~mi and retain su' ~ agents, counsel, and ants fo' the put.se of prope;¥ administering the To d~s:-]bute assets of the Trus: to eash Pamcipam and ~ne~c;a~ ~s pro¢C~ in S~tion 5 ~ of the Plan in accordance with A~iole X of the P~an; ~ To pay expenses from the Trum pursuant to ~em~on 503 of the Plan: and 8) To ac such other acts reasonably required to criminator the P~an in accordance ~4th its provisions or ~ m~' be provided for or r~uir~ by law. ~3.03 Proration of t~ ~ployer. The Employer shaft not be ~¢le for the act-: or omiss:ons of the Plan Administrator. but the e~ent that such acts or omissions do not result from the Empioyer's failure to provide accurme or ~mety inform~::,on ~ r~uir~ or n~e~ for proof admimmra~on of me Pan. ~3.04 Protection of the PUn Adminimmtor. ~e Plan Admini~t~r may rety u~n any cenificme, notice or dir~ian pu~%mg to h~ve been s]gn~ on ~h; ¢ of the Empioyer which the AdmJnis~rmor beF, eves to have been sJgn~ by a Cufy designated o~c~a: of the Empioyer. 1~.05 Resignation or Rc,~ov;~ of Pi~n Administrntot. The P:,an A=ministra:ar may :esign ~t any ~ime effect;ye u~n s;~¢ (60} days prior wfi~en notice to the Employer. The Plan Ad- minimrator m~y ~ remov~ by the Employer at say t:me s~y (60) days prior wrmen noJ~ce ta the P~an Admm~s:r~:or. U~n the res~gn¢~Jan or remov~ of ~' ~ P:~n Admimstr&tor. the Employer m~y, if it ~ elems, appo;m a successor P~nn Ad- ministrator hay:ag such powers and duties as may be ag-earl u~n by the Employer and any such Pi~n Administrator; o~her- w~se, the EmD:oyer shall ~ssume the ~we~ nnd auras former Plan Administrator and any Trust assets formerly in- vested by or he~d in the name of the Plan Administrator ~hall be return~ to the Employer in ~h or pro~, at fa:r m~et value, except that the return of Trum assms invemed in tract issued by an insurance co,'npany shall ~ governed by the terms of tha~ comract. ~3.06 No T~rmination Penalty. ~e Plan Administrator shall b~ve no authority or discretion to impose any termination pe~fty u~n its removal.