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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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i <br /> ARTICLE X <br /> REMOVAL AND RESIGNATION OF THE TRUSTEE <br /> 10.1 Removal or Resianation. The Trustee may resign as trustee under this <br /> Agreement with a 90 day advance notice by a written instrument delivered to the <br /> Administrator giving notice of such resignation. Subject to a veto right described <br /> below, the Trustee may be removed at any time by the Administrator provided the <br /> Administrator gives a 30 day advance written notice to the Employers and Unions. <br /> If Unions representing a majority of Participants and if Employers employing a <br /> majority of Participants object to such removal in writing to the Administrator within <br /> 30 days after the date of the Administrator's notification mailing, then the removal <br /> shall not become effective. If there is no sufficient veto, any notice of removal or <br /> resignation of the Trustees shall be effective 90 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 <br /> Administrator and the Trustee. �f within 90 days after notice of resignation or <br /> removal of the Trustee, the Administrator has not designated a successor Trustee, <br /> the Trustee may apply to any court of competent jurisdiction for the appointment <br /> of a successor Trustee. <br /> 10.2 Successor Trustee. If a vacancy in the office of trustee of the Trust <br /> occurs, the Administrator, subject to the �eto right described below, shall appoint <br /> a successor Trustee which shall be a bank as defined in section 3(a)(2) of the <br /> Securities Act of 1933. The Administrator shall provide 30 days' advance notice to <br /> 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 <br /> Participants object to the designated successor in writing to the Administrator <br /> within 30 days after the date of the Administrator's notification mailing, then the <br /> designation shall not become effective. The Administrator shall then seek a <br /> different successor. If there is no sufficient objection, the Administrator shall deliver <br /> to the Trustee copies of (a) a written instrument executed by the Administrator <br /> appointing such successor, and (b) written instrument executed by the successor <br /> in which it accepts such appointment. Such instruments shall indicate their <br /> effective date. Any such successor trustee shall have all the powers and duties of <br /> the original trustee. <br /> 10.3 Delivery of Fund. If the Trustee resigns or is removed, it shall deliver any <br /> assets of the Fund in its possession to a successor trustee as soon as is reasonably <br /> 20 <br />
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