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R2013-23 APPROVING AMENDMENT TO EMPLOYER PARTICIPATION AGREEMENT
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R2013-23 APPROVING AMENDMENT TO EMPLOYER PARTICIPATION AGREEMENT
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8/18/2015 4:09:10 PM
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Resolution/Ordinance
Res Ord Num
R2013-23
Res Ord Title
APPROVING AMENDMENT TO EMPLOYER PARTICIPATION AGREEMENT NATIONWIDE RETIREMENT SOLUTIONS, INCORPORATED
Department
City Manager
Approved Date
3/4/2013
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ARTICLE X <br /> REMOVAL AND RESIGNATION OF THE TRUSTEE <br /> 10.1 Removal or Resignation. The Trustee may resign as trustee under this Agreement at any time by <br /> a written instrument delivered to the Administrator giving a ninety day advance notice of such resignation, <br /> and may be removed at any time by the Administrator provided the Administrator gives a thirty day <br /> advance written notice to the Employers and Unions. Nationwide Trust Company, FSB a division of <br /> Nationwide Bank shall automatically resign as Trustee immediately upon termination of Nationwide <br /> Retirement Solutions as Administrator. In the case of removal of the Trustee by the Administrator, if <br /> Unions representing a majority of Participants and if Employers employing a majority of Participants <br /> object to such removal in writing to the Administrator within thirty days after the date of the Administrator's <br /> notification mailing, then the removal shall not become effective. If there is no sufficient veto, any notice of <br /> removal or resignation of the Trustees shall be effective ninety days after receipt by the Trustee or <br /> Administrator, as the case may be, or at such other time as is agreed to by the Administrator and the <br /> Trustee. If within ninety days after notice of resignation or removal of the Trustee, the Administrator has <br /> not designated a successor Trustee, the Trustee may apply to any court of competent jurisdiction for the <br /> appointment of a successor Trustee. <br /> 10.2 Successor Trustee. If a vacancy in the office of trustee of the Trust occurs, the Administrator, <br /> subject to the veto right described below, shall appoint a successor Trustee which shall be a bank as <br /> defined in section 3(a)(2) of the Securities Act of 1933. The Administrator shall provide thirty days' <br /> advance notice to the Employers and Unions that it has designated a successor Trustee. If Unions <br /> representing a majority of Participants and if Employers employing a majority of Participants object to the <br /> designated successor in writing to the Administrator within thirty days after the date of the Administrator's <br /> notification mailing, then the designation shall not become effective. The Administrator shall then seek a <br /> different successor. If there is no sufficient objection, the Administrator shall deliver to the Trustee copies <br /> of (a) a written instrument executed by the Administrator appointing such successor, and (b) written <br /> instrument executed by the successor in which it accepts such appointment. Such instruments shall <br /> indicate their effective date. Any such successor trustee shall have all the powers and duties of the <br /> original trustee. <br /> 10.3 Delivery of Fund. If the Trustee resigns or is removed, it shall deliver any assets of the Fund in its <br /> possession to a successor trustee as soon as is reasonably practicable after the settlement of its account <br /> at such earlier time as shall be agreed on by the Unions, the Trustee, and the successor trustee. The <br /> Trustee may, however, reserve such sum of money as it deems advisable for payment of its fees and <br /> expenses in connection with its administration of the Trust or the settlement of its account or for payment <br /> of all taxes that may be assessed on or in respect of the Fund or the income thereof for the period before <br /> its removal or resignation. The Administrator may require the Trustee to bill the Administrator, rather than <br /> withdraw funds from the Trust to satisfy the Trustee's obligations. The Trustee shall pay over to the <br /> successor trustee any balance of such reserve remaining after the payment of such fees, expenses, and <br /> taxes. The delivery of assets of the Fund to the successor trustee shall not be deemed a waiver by the <br /> Trustee of any lien or claim it may have on the Fund for its fees or expenses. When the Fund shall have <br /> been transferred and delivered to the successor trustee and the accounts of the Trustee shall have been <br /> settled as provided in Article IX hereof, the Trustee shall be released and discharged as to the <br /> Participant, Union and all Employers from all further accountability or liability for the Fund and shall not be <br /> responsible in any way for the further disposition of the Fund or any part thereof. <br /> 10 <br />
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