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<br /> <br /> <br /> <br /> <br /> PARS Benefit Trust FRO City of Santa Ana <br /> PARS 3121 Part-Time Seasonal Temporary Deferred Compensation Plan Effective <br /> <br /> This Trust Agreement (the "Trust Agreement" or "Trust") is made by and among the City of Santa Ana <br /> (the "Agency") as the sponsor of the PARS Benefit Trust FRO City of Santa Ana PARS 3121 Part- <br /> Time Seasonal Temporary Deferred Compensation Plan Effective (the "Plan"), <br /> the Plan Administrator or the Plan's administrative committee (the "Plan Administrator"), Union Bank, <br /> N.A., a national banking association as Trustee ("Union Bank, N.A." or the "Trustee") and Public <br /> Agency Retirement Services as Trust Administrator (the "Trust Administrator"). <br /> <br /> PURPOSE <br /> The Agency has established the PARS Benefit Trust FBO City of Santa Ana PARS 3121 Part-Time <br /> Seasonal Temporary Deferred Compensation Plan Effective for the benefit of <br /> eligible employees. <br /> <br /> The Agency has established this Trust for the exclusive purpose of providing Plan benefits to its <br /> employees ("Participants") and their beneficiaries ("Beneficiaries") and defraying reasonable expenses <br /> of the Plan and Trust. The Agency has reserved the right to amend this Trust from time to time. The <br /> Plan Administrator for this Plan and Trust shall mean the person who holds a particular position or title <br /> designated by the Agency's governing body. <br /> <br /> The Plan provides that, from time to time, cash and other assets may be provided or forwarded to the <br /> Trustee by the Agency to be held and administered in trust for the uses and purposes of the Plan, solely <br /> for the purpose of providing such benefits. Subject to specific conditions set forth in this Trust <br /> Agreement, the Trustee agrees that it will receive cash and other property of the Plan acceptable to the <br /> Trustee, constituting Plan contributions from the Agency or transfers for the benefit of the Plan, and <br /> shall hold and invest such cash and other property (the "Assets") for the uses and purposes and upon the <br /> terms and conditions stated in this Trust Agreement (the "Trust"). The Agency intends that the Plan <br /> shall qualify under Section 457(b) of the Internal Revenue Code of 1986, as amended (the "Code"), and <br /> that the Trust hereby created shall be treated as a trust exempt from tax under Section 501 of the Code, <br /> and shall not be subject to any claims of the Agency's creditors. <br /> <br /> ARTICLE I <br /> <br /> TRUST FUND <br /> <br /> 1.1 Signing Authority. The Agency's Board of Trustees, Board of Directors or other duly <br /> authorized governing body shall certify in writing to the Trustee the names and specimen signatures of <br /> all those who are authorized to act as, and on behalf of, the Plan Administrator, and those names and <br /> specimen signatures shall be updated as necessary by such governing board or other duly authorized <br /> officer of the Agency. <br /> 1.2 Acceptance of Assets. All contributions or transfers shall be received by the Trustee in cash <br /> or in any other property acceptable to the Trustee. The Trust shall consist of the contributions and <br /> transfers of Assets received by the Trustee, together with the income and earnings from such Assets, and <br /> any increments accruing to them. The Trustee shall manage and administer the Trust without distinction <br /> <br /> <br /> 3 <br /> <br /> 55A-21 <br />