Common use of Duties and Responsibilities of the Parties Clause in Contracts

Duties and Responsibilities of the Parties. 2.1 The [City of AnyTown] may deposit money in the account and withdraw money from the account as needed for postemployment benefits owed on behalf of former employees or officers of the [City]. Determinations regarding the appropriate amounts to be deposited and withdrawn shall be the sole responsibility of the city, provided that the city may not deposit an amount in excess of the city’s actuarially determined liabilities for postemployment benefits. The [City] will notify PERA and the State Board of Investment in which accounts assets will be invested each time they make a deposit. They will notify PERA at least 5 working days before they would like to make a deposit, withdrawal or transfer of assets between fund types. The [City] will be responsible for any OPEB reporting requirements, and is responsible for determining if the trust is revocable or irrevocable. 2.2 PERA shall administer the city’s trust account as a separate account in accordance with the terms set forth in chapter 471.6175, subd. 4(a) and certify all amounts in the trust account to the state board of investment pursuant to the terms of chapter 471.6175, subd. 5(b). 2.3 PERA will provide instructions on how to submit and withdraw assets to and from the investment trust account. PERA will keep a separate accounting of assets received, monthly investment returns, withdrawals, and administrative fees. PERA will reconcile with State Board of Investment reports on a monthly basis. A report showing trust activity and monthly balances will be provided on demand. PERA will not account for these as an OPEB Plan in PERA’s stand-alone CAFR

Duties and Responsibilities of the Parties. 2.1 The [City of AnyTownEntity] may deposit money in the account and withdraw money from the account as needed for postemployment benefits owed on behalf of former employees or officers of the [City]. Determinations regarding the appropriate amounts to be deposited and withdrawn shall be the sole responsibility of the city, provided that the city may not deposit an amount in excess of the city’s actuarially determined liabilities for postemployment benefits. The [City] will notify PERA and the State Board of Investment in which accounts assets will be invested each time they make a deposit. They will notify PERA at least 5 working days before they would like to make a deposit, withdrawal or transfer of assets between fund types. The [City] will be responsible for any OPEB reporting requirements, and is responsible for determining if the trust is revocable or irrevocable. 2.2 PERA ▇▇▇▇ shall administer the city’s trust account as a separate account in accordance with the terms set forth in chapter § 471.6175, subd. 4(a) and certify all amounts in the trust account to the state board of investment pursuant to the terms of chapter § 471.6175, subd. 5(b). 2.3 PERA ▇▇▇▇ will provide instructions on how to submit and withdraw assets to and from the investment trust account. PERA will keep a separate accounting of assets received, monthly investment returns, withdrawals, and administrative fees. PERA ▇▇▇▇ will reconcile with State Board of Investment reports on a monthly basis. A report showing trust activity and monthly balances will be provided on demand. PERA ▇▇▇▇ will not account for these as an OPEB Plan in PERA▇▇▇▇’s stand-alone CAFR