ADOPTION AGREEMENT
FOR THE
MULTIPLE EMPLOYER OPEB/ PENSION 116 TRUST
4828- 2402- 5842. v3
TABLE OF CONTENTS
Page
INTRODUCTION.................................................................................................•---..................... 1 ARTICLE 1 EMPLOYER INFORMATION..................................................................................... 1 ARTICLE 2 PLAN INFORMATION............................................................................................... 1 ARTICLE 3 TRUST ADMINISTRATIVE SERVICES.................................................................... 2 ARTICLE 4 INVESTMENTS......................................................................................................... 2 ARTICLE 5 TRUST FEES AND EXPENSES............................................................................... 2 ARTICLE 6 REPRESENTATIONS AND WARRANTIES.............................................................. 2 ARTICLE 7 STANDARD OF CARE AND INDEMNIFICATION..................................................... 3 ARTICLE 8 AMENDMENT............................................................................................................ 4 ARTICLE 9 NO GUARANTEE OF INVESTMENT RESULTS...................................................... 4 ARTICLE 10 ADOPTION OF TRUST........................................................................................... 4 EXHIBITA........................................................................•----............----.................................... A- 1 EXHIBITB................................................................................................................................. B- 1 EXHIBIT C------------------------------------••.. C- 1
4828- 2402- 5842. v3
INTRODUCTION
By executingthis AdoptionAgreement, the EmployernamedinArticle 1 of this Adoption Agreement hereby adopts and agrees to be bound by the terms of the Multiple Employer OPEB/ Pension 115 Trust ( the " Trust"), a copy of which is attached as Exhibit A. To the extent there is a conflict between this Adoption Agreement and the Trust, the Trust will control. Unless otherwise specified below, initially capitalized terms used in this Adoption Agreement are defined in the Trust.
ARTICLE 1
EMPLOYER INFORMATION
1. 1 Employer' s Name, Address, and Telephone Number
a) Name: City of San Pablo
b) Address: 1000 Gateway Avenue, San Pablo, CA 94806
c) Telephone: 510- 215- 3000
1. 2 Employer' s Taxpayer Identification Number:
ARTICLE 2
PLAN INFORMATION
2. 1 Plan Names:
OPEB Plan( s): City of San Pablo OPEB Trust Account
Pension Plan( s): City of San Pablo Pension Stabilization Trust Account Each a "Plan" and collectively, the "Plans")
2. 2 Employer - designated: Plan Administrator' s Name, Title, Address, and Telephone Number:
a) Title: City Manager
b) Address: 1000 Gateway Avenue, San Pablo, CA 94806
c) Telephone: 510- 215- 3016
1 4828- 2402- 5842. v3
ARTICLE 3
TRUST ADMINISTRATIVE SERVICES
As a condition of the Employer' s participation in the Trust, the Employer and the Trust Administrator have executed the Trust Administrative Services Agreement attached as Exhibit B.
ARTICLE 4
INVESTMENTS
The Employerherebydirectsthe TrustAdministratorto directthe Trusteeto investthe assets in the Employer' s Account in accordance with the investment strategy and any investment policy mutuallyagreedto by the Employerand the Trust Administrator.
ARTICLE 5
TRUST FEES AND EXPENSES
5. 1 Trustees Fee will beequal to 0. 02% annual maximum fee per plan is 5 000 . Other fees, includingTrustAdministrationFeesarespecifiedin Section2.1 oftheTrust Administrative Services Agreement. Please refer to Section 2.1 of the Trust AdministrativeServicesAgreementfor further informationaboutpaymentof fees and expenses.
5. 2 Method of Payment. Unless the Employer otherwise elects below, the Trust AdministrationFees (as definedin Section 10.01(b) of the Trust), Trustee Fees (as definedinSection10.01(c) oftheTrust), andanyotherreasonablefeesandexpensesof administeringtheEmployer's Accountwillbepaidfromthe Employer's Account. Inlieu ofpaymentsfromitsAccount, theEmployerherebyelectstopaythefollowingamounts:
Trust Administration Fees
Trustee Fees
All expenses of the Employer' s Account other than fees Other ( please insert description):
ARTICLE 6
REPRESENTATIONS AND WARRANTIES
6. 1 TheEmployerherebyrepresentsandwarrantsthateachofthefollowingstatementsis true and correct to the best of its knowledge:
2 4828- 2402- 5842. v3
a) The Employer is a state, a political subdivision of a state or another public agency whose income is excludable from gross income under section 115 of the Internal Revenue Code that is established and maintained under the laws of the State/ Commonwealth] of California
b) The Employer has established and maintains one or more Plans the exclusive purposeof each is to provideOPEB and/or retirementbenefitsto its former employees.
c) The exclusive purpose of the Employer' s participation in the Trust is to fund the Pension Obligation or OPEB Obligation, or both, under the Employer' s Plans. d) The Employer' s participation in the Trust for the purpose of funding, as applicable, the Pension Obligation or OPEB Obligation, or both, under the Employer' s Plans is authorized under the laws of the [ State/ Commonwealth] of California
e) The Employer's Plansdo not permit participantsto direct or otherwiseexercisein any manner, whetherdirect or indirect, control overthe investmentof their accounts or benefits accrued under the Plans.
f) The Employer has received copies, and has read and understands the terms, of the Trust.
ARTICLE 7
STANDARD OF CARE AND INDEMNIFICATION
7. 1 Standard of Care. The Trustee and the Trust Administrator must discharge their duties in accordance with the standard of care set forth in Section 6.01 of the Trust.
7. 2 Employer Indemnification of Trustee. The Employer, from its own funds and not from anyassetsoftheTrust, agreesto indemnifytheTrusteeandeachof itsaffiliatesagainst, and will hold them harmless from, any and all loss, claims, liability, and expense, includingcostofdefenseandreasonableattorneys' fees, imposeduponorincurredat anytimebyanyofthemby reasonoforin connectionwiththeperformanceofthe Trustee's servicesunderthis Agreement, exceptto the extentsuch damagesresulted from the Trustee' s or affiliate' s performance ( or non-performance) of its duties under the Trust in a mannerthat constitutesgross negligence, willful misconductor breachof the standard of care articulated in Section 6.01 of the Trust.
7. 3 Employer Indemnification of Trust Administrator. Employer, from its own funds and not fromanyassetsoftheTrust, agreestoindemnifytheTrustAdministratorandeachofits affiliatesagainst, and will holdthem harmlessfrom, any and all damages imposedupon or incurredbyanyofthembyreasonof, orinconnectionwithitsservicesunderthe Trust or the Trust Administrative Services Agreement, except to the extent that such damages resulted from the Trust Administrator' s or affiliate' s performance ( or non- performance) ofitsdutiesundertheTrustortheTrustAdministrativeServices Agreementin a mannerthat constitutesgross negligence, willful misconductor breach of the standard of care articulated in Section 6. 01 of the Trust. 4828- 2402- 5842. v3
7. 4 Trustee Indemnification of Employer. The Trustee, from its own funds and not from any assets of the Trust, agrees to indemnify the Employer and each of its officials, officers, employees, and agents against, and will hold them harmless from, any and all loss, claims, liability, andexpense, includingcostof defenseandreasonableattorneys' fees, imposedupon or incurredat any time by any of them by reasonof or in connectionwith the performanceof the Trustee's servicesunderthis Agreementor the Trust in a manner that constitutesgross negligence, willful misconductor breachof the standardof care articulated in Section 6. 01 of the Trust.
Trust Administrator Indemnification of Employer. The Trust Administrator, from its own funds and notfrom any assetsof the Trust, agreesto indemnifythe Employerand each of its officials, officers, employees, and agents against, and will hold them harmless from, anyandall loss, claims, liability, andexpense, includingcostof defenseand reasonable attorneys' fees, imposed upon or incurred at any time by any of them by reason of or in connection with the performance of the Trust Administrator' s services underthis Agreementor the Trust in a mannerthat constitutesgross negligence, willful misconductor breach of the standardof care articulatedin Section6.01 of the Trust.
ARTICLE 8
AMENDMENT
TheEmployerunderstandsandagreesthattheTrustmaybeamendedfromtimeto timebythe TrustAdministratorwith the approvalof two-thirds of the Employersthen participatingin the Trust.
ARTICLE 9
NO GUARANTEE OF INVESTMENT RESULTS
TheEmployerunderstandsandacknowledgesthatinvestmentsintheTrustinvolveriskandthat thereisnoguaranteeofinvestmentperformanceorotherperformanceoftheTrust, including butnotlimitedto, custodians, depositories, orcounterpartiesto investmentstrategiesofthe Trust.
ARTICLE 10
ADOPTION OF TRUST
ByexecutingthisAdoptionAgreement, theEmployerherebyadoptsandagreestobeboundby thetermsoftheTrustandherebyapproves, ratifiesandconfirmstheappointmentofAltaTrust CompanyastheTrusteeandShusterAdvisoryGroup, LLCastheTrustAdministratorasofthe effectivedateofthisAdoptionAgreement. ThisAdoptionAgreementandtheTrustAgreement are effective on the 1st day of March, 2025.
EMPLOYER
CllTi OF SAN N191-0
Agency Name
ACCEPTED:
TRUST ADMINISTRATOR
SHUSTER ADVISORY GROUP, LLC
4 4828- 2402- 5842. v3
y
its:
Date:--
J
By:
Its: Managing Partner
Date: 6 / d0 / 2
ACCEPTED:
TRUSTEE
ALTA TRUST COMPAN
By:
Its: 5+ l'c.t
Date: '
r'
S
By:
Its: Brenda K Eich
Date:
Chief Compliance Officer
3t,,- JL91Zoz-5
4828- 2402- 5842. v3
EXHIBIT A
TRUST
A- 1
4828- 2402- 5842. v3
EXHIBIT B
TRUST ADMINISTRATIVE SERVICES AGREEMENT
B- 1
4828- 2402- 5842. v3
EXHIBIT C
PLAN ADMINISTRATOR: SPECIMEN SIGNATURE
C- 1
4828- 2402- 5842. v3