AgdaPkt 2002-12-09 - Laserfiche WebLink

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(�.1 -12 . . � �� FUNDING AND VALUATION � 3.1 Fnnding In accordance with section 53216 of the Act, the assets of the Plan shall be held in a i�vst or invested in an insuraace contract which may or may not be held in a trus�. 3.2 Valuation The value of a ParticipanYs Account shall be determined each Valuation Date. 3.3 Type and Nature of Plan and Trust Neither the faith and credit nor the taxing power of the Employer, the State of California or any other political subdivision thereof other than the Employer is pledged to the distribution of benefits hereunder. Except for contributions and other amounts hereunder, no other amounts are pledged to the distribution of benefits hereunder. Distributions of � benefits are neither general nor special obligations of the Employer, but are payable solely from contributions, as more fully described herein. No Employee or Beneficiary may compel the exercise of the taxing power by the Employer. Distributions of benefits are not a debt of the Employer, the State of Califomia or any of its political subdivisions within the meaning of any constitutional or statutory limitation or restriction. Distributions are not a legal or equitable pledge, charge, lien or encumbrance, upon any of the Employer's property, or upon any of its income, receipts or revenues, except amounts in the accounts which are, under the terms of this Plan and the Act, set aside for distributions of benefits. Neither the Participants of the legislative body of the Employer nor its officers, Employees, agents or volunteers are liable hereunder. Benefits under the Plan may not be assigned or alienated except to the extent allowable under IRC sections 4U1 (a) (13) and 414 (p). 3.4 Self-Direction of Investments Participants shall, subject to a procedwe and options approved by the Plan Administrator, direct the Trustee to invest all of their Accounts in spe�ific assets, specific funds or other in��estments permitted under the Plan. 5 NB1:538180.2