2003-01-08 CC Packet - Laserfiche WebLink

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Section 7.2 Delegation. The Plan Sponsor shall have the power, by resolution of its City Councilor written act of the City Council, to delegate specific duties and responsibilities. Such delegations may be to officers or other employees of the Employer or to other individuals or entities. Any delegation by the Employer, if specifically stated, may allow further delegations by the individual or entity to whom the delegation has been made. Any delegation may be rescinded by the Employer at any time. Each person or entity to whom a duty or responsibility has been delegated shall be responsible for the exercise of those duties or responsibilities and shall not be responsible for the acts or failure to act of any other individual or entity. Section 7.3 Reports and Records. The Employer and those to whom the Employer has delegated duties and authority under the Plan shall keep records of all their proceedings and actions, and shall maintain all books of account, records, and other data necessary for the proper administration ofthe Plan and to comply with applicable laws. Section 7.4 Actions of the Employer. Subject to the claims procedures of Article 6, all determinations, interpretations, rules, and decisions of the Employer shall be conclusive and binding upon all persons having or claiming to have any interest or right under the Plan. Section 7.5 Funding. The costs of the Plan shall be borne as provided herein. For purposes of the Plan, Pretax Contributions shall be deemed contributions by the Employer. All amounts payable under this Plan shall be paid from the general assets ofthe Employer. Nothing herein shall be construed to require the Employer or Plan Administrator to maintain any fund or segregate any amount for the benefit of any Participant, and no Participant or other person shall have any claim against, right to, or security or other interest in any fund, account or asset of the Employer from which any payment under this Plan may be made. Section 7.6 Forfeitures. All forfeitures under this Plan shall be used first to offset any losses experienced by the Employer during the Plan Year as a result of making reimbursements with respect to any Participant in excess of the premiums paid by such Participant via Pretax Contributions, second to reduce the Employer's cost of administering the Plan during the Plan Year, and third in any other fashion the Plan Administrator deems appropriate, in accordance with applicable law. 22