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R2009-37 ADOPTING POST EMPLOYEMENT HEALTH PLAN
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R2009-37 ADOPTING POST EMPLOYEMENT HEALTH PLAN
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10/14/2015 2:06:27 PM
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10/14/2015 2:06:20 PM
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Resolution/Ordinance
Res Ord Num
R2009-37
Res Ord Title
ADOPTING POST EMPLOYMENT HEALTH PLAN - NATIONWIDE RETIREMENT SOLUTIONS
Department
City Manager
Approved Date
4/6/2009
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ARTICLE V <br /> FUNDING POLICY AND METHOD <br /> With respect to the Fund maintained pursuant to this Agreement, the <br /> funding policy and method shall be by payment of monies by the Employers to the <br /> Trustee, as shall be determined by the collective bargaining agreements and the <br /> terms and conditions of the Plan and Parficipation Agreements, in order to provide <br /> for the payment of benefits under the Plan. The Administrator and Employers may <br /> from time to time, by amending the Participation Agreement, amend the funding <br /> policy and method, consistent with the objectives of the Plan and applicable law. <br /> With each contribution, the Employer will provide the Administrator with a <br /> contribution report indicating the amount to be allocated on behalf of each <br /> employee for whom a contribution is made for post employment health benefits <br /> under the Plan. The Administrator shall provide each Union a copy of the <br /> contribution reports for Participants represented by that Union and shall notify the <br /> Union of the amounts received on behalf of those Participants. The Administrator <br /> and Trustee may assume the contributions paid over to the Trustee by participating� <br /> Employers are correct. Any responsibility relating to enforcement of the <br /> contribution obligations shall rest solely with the Unions. <br /> Employer contributions to the Trust shall be paid directly to a lock box <br /> designated by the Administrator and maintained by the Trustee. The Administrator <br /> or its designee shall record the contributions and reconcile the Employer's <br /> contributions reports. The Administrator shall instruct the Trustee to transfer the <br /> contributions received in good order from the lock box to the Trust account upon <br /> completion of such recording and reconciliation. Contributions shall not accrue <br /> income or share in investment gains or losses while they are in the lock box prior to <br /> the transfer to the Trust's investment account. Good order is defined as the <br /> reconciliation of contribution data and funds remitted by Employer. <br /> ii <br />
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