2019 US Bank - Public Agency Post-Employment AccountADOPTION AGREEMENT
for the
POST -EMPLOYMENT SECTION 115 TRUST
A.I.I. Trust agreement with U.S. Bank National Association (the "Bank") (the "Trust Agreement'):
Post -Employment Section 115 Trust. Public Agencies Post -Employment Benefits —Trust
Agreement, effective November 5, 2014
A.1.2. OPEB Plan: Public Agencies Post -Employment Health Care Plan
The plan document for the OPEB Plan is the Public Agencies Post -
Employment Health Care Plan —Master Plan Document, effective as of
November 5, 2014 (the "Plan Document").
A.1.3. Pension Plan: California Public Employers Retirement System (CaIPERS)
A.1.4. Pension Plan's
effective date: December 16, 1983
❑ (Check if applicable) Additional Pension Plans (and their respective
effective dates) are listed on an exhibit attached hereto.
A.2.1. Employer:
Name: Citty of La Quinta
U.S. mail address: 78495 Calle Tampico. La Quinta, CA 92253
Phone number: (760) 777-1000
EIN: 95-3740431
Fiscal year end: June 30
A.2.2. Plan Administrator:
Position at Employer: Finance Director
Incumbent: Karla Romero
U.S. mail address: 78-495 Calle Tampico
La Quinta. CA 92253
Phone number: (730) 777-7073
Citv Manaaer
Jon McMillen
78-495 Calle Tampico
La Quinta, CA 92253
(730)777-7100
Email address: kromero@laquintaca.gov imcmi(ien a laguintaca.pov _—
Page 1 of 4
EXHIBIT "A" TO PUBLIC AGENCIES POST -EMPLOYMENT BENEFITS TRUST AGREEMENT
A.3.1 Adoption. The Employer hereby:
A.3.1.1.Adopts the Trust Agreement as part of the (Check one or both of the following boxes.):
OPEB Plan
d Pension Plan
(each such plan separately, the "Plan") and agrees to be bound by the Trust Agreement's terms, effective
as of the Employer's signature date below and subject to the investment approach selected below.
A.3.1.2.The following provisions apply if and only if the OPEB Plan box above is checked: (i)
Adopts the Plan Document and agrees to be bound by the Plan Document's terms, effective as of the
Employer's signature date below and (ii) acknowledges that the determination of Eligible Employees and
Eligible Beneficiaries is finally and conclusively made by the Employer according to the Employer's
applicable policies and collective bargaining agreements and without reference to the Trust Agreement.
A.3.1.3.Ratifies, affirms, and approves Employer's appointment of Phase II Systems as Trust
Administrator and represents and warrants that attached hereto is a fully -executed original of Employer's
Agreement for Administrative Services with Phase II Systems, d/b/a Public Agency Retirement Services
(PARS).
A.3.1.4.Agrees that capitalized terms used herein but not defined herein shall have the same
meaning attributed to them as in the Trust Agreement or Plan Document, as the case may be.
A.4.1. The Employer hereby represents and warrants that:
A.4.1.1. Authorizing Law. Employer has reviewed with its legal counsel and has
determined that Employer is authorized to establish and maintain the Plan and to establish a financial -
institution trust (separate and apart from the state) for the Plan, including the authority to adopt the Trust
Agreement.
A.4.1.2. Authorizing Resolution. Attached hereto is a certified copy of a resolution of
the Employer's governing body authorizing the adoption of the Trust Agreement as part of the Plan and
authorizing the appointment of the Plan Administrator designated by position of employment at the
Employer to act on the Employer's behalf in all matters relating to the trust.
A.4.1.3. Tax Status. The Plan is a "governmental plan" as defined in Section 414(d) of
the Internal Revenue Code of 1986, as amended; is a "Section 401(a)(24) governmental plan" as defined
in Revenue Ruling 2011-1; and is not subject to Federal income taxation. The Plan's governing
document expressly provides that it is irrevocably impossible for any part of the corpus or income of the
Plan to be used for, or diverted to, purposes other than for the exclusive benefit of the Plan participants
and their beneficiaries. The Pension Plan is a qualified plan under Code Section 401(a). (In addition, the
Employer hereby acknowledges that the Plan is prohibited from assigning any part of its equity or interest
in the trust.)
Page 2 of 4
EXHIBIT "A" TO PUBLIC AGENCIES POST -EMPLOYMENT BENEFITS TRUST AGREEMENT
A.4.2. Investment Approach.
A.4.2.1.The following provisions apply if and only if the OPEB Plan box above is checked:
OPEB Account. OPEB Account assets are invested in the discretion of (check one and only one of the
following boxes):
Discretionary investment approach:
The Bank, subject to Exhibit A (Investment Strategy Selection and Disclosure Form)
hereto.
Directed investment approach:
❑ The Plan Administrator.
❑ The following registered investment adviser, bank (other than the Bank), or insurance
company (a "Third -Party Manager"):
The Employer
hereby represents and warrants that attached hereto is an executed copy of the agreement
with the above appointed Third Party Manager.
A.4.2.2.The following provisions apply if and only if the Pension Plan box above is checked:
Pension Account. Pension Account assets are invested in the discretion of (check one and only one of
the following boxes):
Discretionary investment approach:
The Bank, subject to Exhibit A (Investment Strategy Selection and Disclosure Form)
hereto.
Directed investment approach:
❑ The Plan Administrator.
❑ The following registered investment adviser, bank (other than the Bank), or insurance
company (a "Third-P Manager"):
The Employer
hereby represents and warrants that attached hereto is an executed copy of the agreement
with the above appointed Third Party Manager.
A.4.3. It is intended that any references to GASB pronouncements and/or statements in the Public
Agencies Post -Employment Health Care Plan and Trust Agreement shall incorporate any applicable
successor pronouncements and/or statements.
[signature page follows]
Page 3 of 4
EXHIBIT "A" TO PUBLIC AGENCIES POST -EMPLOYMENT BENEFITS TRUST AGREEMENT
CITY OF LA QUINTA
By:
Karla Romero
Its: Finance Director
Date:
LIM
Jon
Its: Citv Manager
Date: I; I I `
Accepted by: PHASE II SYSTEMS, DBA PUBLIC AGENCY
RETIREMENT SERVICES (PARS)
By:
Daniel John on
Its: President
Date:
U.S. BANK NATIONAL ASSOCIATION
By:
Susan M. Hfdhes
Its: Vice President and Relationship Manager
Date: n
Page 4 of 4
EXHIBIT "A" TO PUBLIC AGENCIES POST -EMPLOYMENT BENEFITS TRUST AGREEMENT
AGREEMENT FOR ADMINISTRATIVE SERVICES
This agreement ("Agreement") is made this 6"' day of March, 2019, between Phase II
Systems, a corporation organized and existing under the laws of the State of California, doing
business as Public Agency Retirement Services and PARS (hereinafter `PARS") and the City
of La Quinta ("Agency").
WHEREAS, the Agency has adopted the PARS Public Agencies Post -Employment Benefits
Trust for the purpose of pre -funding pension obligations and/or OPEB obligations ("Plan"),
and is desirous of retaining PARS as Trust Administrator to the Trust, to provide
administrative services.
NOW THEREFORE, the parties agree:
1. Services. PARS will provide the services pertaining to the Plan as described in the
exhibit attached hereto as "Exhibit IA" ("Services") in a timely manner, subject to the
further provisions of this Agreement.
2. Fees for Services. PARS will be compensated for performance of the Services as
described in the exhibit attached hereto as "Exhibit 1 B".
3. Payment Terms. Payment for the Services will be remitted directly from Plan assets
unless the Agency chooses to make payment directly to PARS. In the event that the
Agency chooses to make payment directly to PARS, it shall be the responsibility of the
Agency to remit payment directly to PARS based upon an invoice prepared by PARS and
delivered to the Agency. If payment is not received by PARS within thirty (30) days of
the invoice delivery date, the balance due shall bear interest at the rate of 1.5% per
month. If payment is not received from the Agency within sixty (60) days of the invoice
delivery date, payment plus accrued interest will be remitted directly from Plan assets,
unless PARS has previously received written communication disputing the subject
invoice that is signed by a duly authorized representative of the Agency.
4. Fees for Services Beyond Scope. Fees for services beyond those specified in this
Agreement will be billed to the Agency at the rates indicated in the PARS' standard fee
schedule in effect at the time the services are provided and shall be payable as described
in Section 3 of this Agreement. Before any such services are performed, PARS will
provide the Agency with a detailed description of the services, terms, and applicable rates
for such services. Such services, terms, and applicable rates shall be agreed upon in
writing and executed by both parties.
5. Information Furnished to PARS. PARS will provide the Services contingent upon the
Agency's providing PARS the information specified in the exhibit attached hereto as
"Exhibit 1 C" ("Data"). It shall be the responsibility of the Agency to certify the
accuracy, content and completeness of the Data so that PARS may rely on such
information without further audit. It shall further be the responsibility of the Agency to
deliver the Data to PARS in such a manner that allows for a reasonable amount of time
for the Services to be performed. Unless specified in Exhibit IA, PARS shall be under
no duty to question Data received from the Agency, to compute contributions made to the
Page 1
Plan, to determine or inquire whether contributions are adequate to meet and discharge
liabilities under the Plan, or to determine or inquire whether contributions made to the
Plan are in compliance with the Plan or applicable law. In addition, PARS shall not be
liable for non performance of Services to the extent such non performance is caused by or
results from erroneous and/or late delivery of Data from the Agency. In the event that the
Agency fails to provide Data in a complete, accurate and timely manner and pursuant to
the specifications in Exhibit IC, PARS reserves the right, notwithstanding the further
provisions of this Agreement, to terminate this Agreement upon no less than ninety (90)
days written notice to the Agency.
6. Records. Throughout the duration of this Agreement, and for a period of five (5) years
after termination of this Agreement, PARS shall provide duly authorized representatives
of Agency access to all records and material relating to calculation of PARS' fees under
this Agreement. Such access shall include the right to inspect, audit and reproduce such
records and material and to verify reports furnished in compliance with the provisions of
this Agreement. All information so obtained shall be accorded confidential treatment as
provided under applicable law.
7. Confidentiality. Without the Agency's consent, PARS shall not disclose any
information relating to the Plan except to duly authorized officials of the Agency, subject
to applicable law, and to parties retained by PARS to perform specific services within
this Agreement. The Agency shall not disclose any information relating to the Plan to
individuals not employed by the Agency without the prior written consent of PARS,
except as such disclosures may be required by applicable law.
8. Independent Contractor. PARS is and at all times hereunder shall be an independent
contractor. As such, neither the Agency nor any of its officers, employees or agents shall
have the power to control the conduct of PARS, its officers, employees or agents, except
as specifically set forth and provided for herein. PARS shall pay all wages, salaries and
other amounts due its employees in connection with this Agreement and shall be
responsible for all reports and obligations respecting them, such as social security,
income tax withholding, unemployment compensation, workers' compensation and
similar matters.
9. Indemnification. PARS and Agency hereby indemnify each other and hold the other
harmless, including their respective officers, directors, employees, agents and attorneys,
from any claim, loss, demand, liability, or expense; including reasonable attorneys' fees
and costs, incurred by the other as a consequence of, to the extent, PARS' or Agency's,
as the case may be, negligent acts, errors or omissions with respect to the performance of
their respective duties hereunder.
10. Compliance with Applicable Law. The Agency shall observe and comply with federal,
state and local laws in effect when this Agreement is executed, or which may come into
effect during the term of this Agreement, regarding the administration of the Plan.
PARS shall observe and comply with federal, state and local laws in effect when this
Agreement is executed, or which may come into effect during the term of this
Agreement, regarding Plan administrative services provided under this Agreement.
Page 2
11. Applicable Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of California. In the event any party institutes legal
proceedings to enforce or interpret this Agreement, venue and jurisdiction shall be in any
state court of competent jurisdiction.
12. Force Majeure. When a party's nonperformance hereunder was beyond the control and
not due to the fault of the party not performing, a party shall be excused from performing
its obligations under this Agreement during the time and to the extent that it is prevented
from performing by such cause, including but not limited to: any incidence of fire, flood;
acts of God, acts of terrorism or war, commandeering of material, products, plants or
facilities by the federal, state or local Grovernment, or a material act or omission by the
other party.
13. Ownership of Reports and Documents. The originals of all letters, documents, reports,
and data produced for the purposes of this Agreement shall be delivered to, and become
the property of the Agency. Copies may be made for PARS but shall not be furnished to
others without written authorization from Agency.
14. Designees. The Plan Administrator of the Agency, or their designee, shall have the
authority to act for and exercise any of the rights of the Agency as set forth in this
Agreement, subsequent to and in accordance with the written authority granted by the
Governing Body of the Agency, a copy of which writing shall be delivered to PARS.
Any officer of PARS, or his or her designees, shall have the authority to act for and
exercise any of the rights of PARS as set forth in this Agreement.
15. Notices. All notices hereunder and communications regarding the interpretation of the
terms of this Agreement, or changes thereto, shall be effected by delivery of the notices
in person or by depositing the notices in the U.S. mail, registered or certified mail, return
receipt requested, postage prepaid and addressed as follows:
(A) To PARS: PARS; 4350 Von Karman Avenue, Suite 100, Newport Beach, CA
92660; Attention: President
(B) To Agency: City of La Quinta; 78-495 Calle Tampico; La Quinta, CA 92253;
Attention: Finance Director and/or City Manager
Notices shall be deemed given on the date received by the addressee.
16. Term of Agreement. This Agreement shall remain in effect for the period beginning
March 6, 2019 and ending March 5, 2022 ("Term"). This Agreement may be terminated
at any time by giving thirty (30) days written notice to the other party of the intent to
terminate. Absent a thirty (30) day written notice to the other party of the intent to
terminate, this Agreement will continue unchanged for successive twelve month periods
following the Term.
17. Amendment. This Agreement may not be amended orally, but only by a written
instrument executed by the parties hereto.
18. Entire Agreement. This Agreement, including exhibits, contains the entire
understanding of the parties with respect to the subject matter set forth in this Agreement.
Page 3
In the event a conflict arises between the parties with respect to any term, condition or
provision of this Agreement, the remaining terms, conditions and provisions shall remain
in full force and legal effect. No waiver of any term or condition of this Agreement by
any party shall be construed by the other as a continuing waiver of such term or
condition.
19. Attorneys Fees. In the event any action is taken by a party hereto to enforce the terms of
this Agreement the prevailing party herein shall be entitled to receive its reasonable
attorney's fees.
20. Counterparts. This Agreement may be executed in any number of counterparts, and in
that event, each counterpart shall be deemed a complete original and be enforceable
without reference to any other counterpart.
21. Headings. Headings in this Agreement are for convenience only and shall not be used to
interpret or construe its provisions.
22. Effective Date. This Agreement shall be effective on the date first above written, and
also shall be the date the Agreement is executed.
AGENCY:
BY: --xPNe�'i� N Y
Karla L Romero
TITLE: Finance Director
DATE: !O�L,
BY:
1 . McMillen
TITLE: City Manager
DATE: p f [4,
r
PARS:
BY:
Tod Hammeras
TITLE:
Chief Financial Officer
DATE:
g /i ?, &, l
Page 4
EXHIBIT 1 A
SERVICES
PARS will provide the following services for the City of La Quinta Public Agencies Post -
Employment Benefits Trust:
1. Plan Installation Services:
(A) Meeting with appropriate Agency personnel to discuss plan provisions,
implementation timelines, actuarial valuation process, funding strategies, benefit
conununication strategies, data reporting, and submission requirements for
contributions/reimbursements/distributions;
(B) Providing the necessary analysis and advisory service's to finalize these elements of
the Plan;
(C) Providing the documentation needed to establish the Plan to be reviewed and
approved by Agency legal counsel. Resulting final Plan documentation must be
approved by the Agency prior to the commencement of PARS Plan Administration
Services outlined in Exhibit 1 A, paragraph 2 below.
2. Plan Administration Services:
(A) Monitoring the receipt of Plan contributions made by the Agency to the trustee of the
PARS Public Agencies Post -Employment Benefits Trust ("Trustee"), based upon
information received from the Agency and the Trustee;
(B) Performing periodic accounting of Plan assets, reimbursements/distributions, and
investment activity, based upon information received from the Agency and/or
Trustee;
(C) Coordinating the processing of distribution payments pursuant to authorized direction
by the Agency, and the provisions of the Plan, and, to the extent possible, based upon
Agency -provided Data;
(D) Coordinating actions with the Trustee as directed by the Plan Administrator within
the scope of this Agreement;
(E) Preparing and submitting a monthly report of Plan activity to the Agency; unless
directed by the Agency otherwise;
(F) Preparing and submitting an annual report of Plan activity to the Agency;
(G) Facilitating actuarial valuation updates and funding modifications for compliance
with GASB 45/75, if prefunding OPEB obligations;
(H) Coordinating periodic audits of the Trust;
(I) Monitoring Plan and Trust compliance with federal and state laws.
3. PARS is not licensed to provide and does not offer tax, accounting, legal, investment or
actuarial advice.
Page 5
T-,XPTRTT 1R
FEES FOR SERVICES
PARS will be compensated for performance of Services, as described in Exhibit 1 A based
upon the following schedule:
An annual asset fee shall be paid from Plan assets based on the following schedule:
For Plan Assets from: Annual Rate:
$0 to
$10,000,000
0.25%
$10,000,001 to
$15,000,000
0.20%
$15,000,001 to
$50,000,000
0.15%
$50,000,001 and
above
0.10%
Annual rates are prorated and paid monthly. The annual asset fee shall be calculated by
the following formula [Annual rate divided by 12 (months of the year) multiplied by the
Plan asset balance at the end of the month]. Trustee and Investment Management Fees
are not included.
Page 6
EXHIBIT I C
DATA REOUIREMENTS
PARS will provide the Services under this Agreement contingent upon receiving the
following information:
1. Executed Legal Documents:
(A) Certified Resolution
(B) Adoption Agreement to the Public Agencies Post -Employment Benefits Trust
(C) Trustee Investment Forms
2_ Contribution — completed Contribution "Transmittal Form signed by the Plan
Administrator (or authorized Designee) which contains the following information:
(A) Agency name
(B) Contribution amount
(C) Contribution date
(D) Contribution method (Check, ACH, Wire)
3. Distribution — completed Payment Reimbursement/Distribution Form signed by the
Plan Administrator (or authorized Designee) which contains the following
information:
(A) Agency name
(B) Payment reimbursement/distribution amount
(C) Applicable statement date
(D) Copy of applicable premium, claim, statement, warrant, and/or administrative
expense evidencing payment
(E) Signed certification of reimbursement/distribution from the Plan Administrator
(or authorized Designee)
4,. Other information pertinent to the Services as reasonably requested by PARS and
Actuarial Provider.
Page 7
Authorized Signature Form
U.S. Bank
Employer: City of La Quinta
Plan/Trust Name: Public Agencies Post -Employment Benefits Trust
Authorized Signers
In accordance with the provisions of the above referenced account, the following people are authorized on behalf of the Employer to
direct U.S. Bank, N-A. to take action with regard to this account and hereby authorize and direct U.S. Bank, N.A. to act on directives
signed by:
Print Full Legal Name: Karla Lizzet Romero
First Name Middle Name Last Name
Print Title: Finance Director
yam.
Signature:
2. Print Full Legal Name: Jon Sabin McMillen
First Name Middle Name i Last Name
Print Title: City Manager
Signature: ��- ■
3. Print Full
Legal Name:
First Name Middle Name Last Name
Print Title:
Signature:
4. Print Full
Legal Name:
First Name Middle Name Last Name
Print Title:
Signature:
Authorized by:
I hereby acknowledge and represent that I am authorized on behalf of the Employer to provide this authorized signature form to
U.S. Bank, N.A. This form shall remain in effect until it is changed or revoked in writing by the Employer. Any change or revocation
of this form shall be effective upon U.S. Bank's receipt of such written notice.
Karla Romero, Finance Director Jon McMillen, City Manager
?Aril Name and Title of Authorized Sfgnar for Errtphppdr Prrd Name and Ti Ile of Av iodized Signer for Employer
■
Slgnalure of u ed Signer Emploiv Aar 56gnatJre ixad Signer for Emooyer p¢ly
�r
AUTHORIZED SIGNERS bank,
FRA15002 05.11.2016
Investment Strategy Selection and Disclosure Form
PARS Pension / OPEB Trust Program
■ This document is entered into by client and U.S. Bank National Association ("U.S. Bank'), as trustee. `
s Employer: City of La Quinta
Plan/Trust Name: Public Agencies Post -Employment Benefits Trust
a To: HighMark Capital Management, Inc. and U.S. Bank:
U.S. Bank has been or is hereby appointed Investment Manager of the above -referenced Plan/Trust. Please invest the
assets of the above -referenced Plan/Trust for which you have been appointed Investment Manager in the (select one of the
strategies listed below for each Plan funded by the Trust):
60
0
J
0
LL
0
a
❑
LL
W
W
•'Primary
Goal
Strateg
Provide current income with
❑
Liquidity Management (US Treasury)
❑
Liquidity Management (US Treasury)
liquidity and stability of principal
Money Market Fund
through investments in short -tens
U.S. Tnea:sury obligations
❑
Liquidity Management (Prime Obligation)
❑
Liquidity Management (Prime Obligation)
Generate current income with
Market Fund
liquidity.
12"
Provide a consistent level of
Equity. 5-20%
Conservative HighMark PLUS
Conservative HlghMerk PLUS
❑
Conservative Index PLUS
❑
I Conservative Index PLUS
btf ation-protected income over the
ION -Arum.
Foxed Income: 60-95%
Cash: 0-20%
❑
Moderately Conservative HighMark PLUS
❑
Moderately Conservative HighMark PLUS
Provide current income with capital
Equity: 20-40°%
❑
Moderately conservative Index PLUS
❑
Moderately Conservative Index PLUS
appreciation as a secondary
objective.
Fused Income: 50-001%
Cash: 0-20%
I
Moderate HighMark PLUS
❑
Moderate HighMark PLUS
Provide current income and
0
Equity: 40.60 %
❑
Moderate Index PLUS
❑
Moderate Index PLUS
moderate capital appreciation.
Income. 0%%
F�.0
❑
Balanced H' hMark PLUS
9
❑
Balanced HighMark PLUS
P growth of p"al and
Equity: 50-70%
❑
Balanced Index PLUS
❑
Balanced Index PLUS
Inver
Fixed Insane: 3030°%
Cash: 0-20%
❑
Capital Appreciation HighMark PLUS
❑
Capital Appreciation HighMark PLUS
Primary goal Is growth of principal.
Equity: 65-85%
FCash: Income: 1
❑
Capital Appreciation Index PLUS
❑
Capital Appreciation Index PLUS
0 200°%
❑
custom
custom
Refer to Investment Guidelines Document
Nato: HghMark PLUS podfolios are diversified portfolios of actively managed mutual funds. Index PLUS portfolios are diversified portfolias of Index -based mutual funds
or exchange -traded funds.
Karla Romero, Finance Director Jon McMillen, City Manager
-- - ...._........
Print Name and Tiae of Authorized Signer Print Name and Title of Authorized Signer
-Va,�_,ayy 311q s t14I _
Signature of Auftrimp Signer Dale 51 of Authorized Signer pate
PISENSF Z 3O 9Z H1M7MtAAbank
Exhibit A to the Adoption Agreement
Discretionary Trustee Fee Schedule
PARS Pension / OPEB Trust Program
This document is entered into by client and U.S. Bank National Association ("U.S. Bank"), as trustee.
Discretionary -- FeesI
Discretionary Trustee Fees are based on the Investment Strategy you select. Following is a list of the Discretionary
Trustee Fees applicable to each Investment Strategy:
r Liquidity —First American U.S. Treasury Money Market —Fund level fees only (see prospectus)
■ Liquidity —First American Prime Obligation Fund Class Z —Fund level fees only (see prospectus)
• Diversified Portfolios (Conservative, Moderately Conservative, Moderate, Balanced, Capital Appreciation, Custom)
Per Annum Charges`
.35% on the first $5,000,000
25% on the next $5,000,000
20% on the next $5,000,000
15°/a on the next $35,000,000
.10% on all over $50,000,000
"Waived for plan assets invested in First American Funds,
Other Fees
First American Funds (see prospectus)
■ Market values used for fee calculations on fee invoices may differ slightly from market values on client statements
due to posting of accruals, late pricing of securities and/or other timing issues.
of Fees are calculated and charged to the account monthly. If account cannot be charged after 30 days, fees not paid
will be subject to a late charge of 1 % per month on the unpaid balance.
in Changes to this Fee Schedule may be made at any time by U.S. Bank upon a sixty (60) days notice.
Public Agencies Post -Employment Benefits Trust City of La Quinta
Name of RaWTrusl Name of Employer
Kada Romero, Finance Director Jon McMllen, City Manager
Pnnl Name and Title of Aulhorixed Signer for Employer RHns Name and Tide of Authonzed Signer for Employer
• y� j
2i iJ 1A
Signature of ut gn for E ployer ale of Autharized Signer for Employer c
U S. Bank and its representatives do not provide tax or legal advice. Each client's tax and financial situation is unique. Clients should consult t*r tax and/or legal advisor for advice and
infamabon concerning their particular situabon.
SH 7 ii EFscW 11,x2,01r bank
Notices *Disclosures a Acknowledgment
_ U.S. Bank
mportant Information
• To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial Institutions to obtain, verify and record
information that identifies each person who opens an account
Whal this means for you When you open an account, we will ask for your name, address, tax identification number, and other information that will allow us to identify
ycu. We may also ask for identifying documents.
■ Trustee may from time to time hold uninvested cash awaiting disbursement without paying interest thereon, and as a result may receive indirect compensation on
such funds
LFirst American Funds•. Disclosures
• For a prospectus containing more complete information on First American Funds, including investment policies, risks, fees, and expenses, please contact your
investment professional, call First American Funds Investor Services at (800) 6TT-FUND (3863), or visit firstamedcanfunds.com. Please read the prospectus
carefully before you invest or send money.
■ U.S. Bank and other U.S. Bancorp affiliates receive compensation for services rendered to the First American Funds as disclosed In the funds' prospectuses. U.S. `
Bancorp Asset Management, Inc„ a registered investment advisor and subsidiary of U.S. Bank, services as the investment advise to the First American Funds.
The First American Funds are distributed by Quasar Distributors. LLC, a U.S. Banco rp affiliate.
First American Funds Acknowiedgment
• Employer: City of La Quinta
• PlanlTrust Name: Public Agency Post -Employment Benefits Trust
The undersigned (the "Customee') hereby acknowledges that:
1. The Customer is independent of U.S. Bank National Association ('USBNA'j, U.S. Bancorp Asset Management, Inc. (USBAMI, U.S. Bancorp Fund Services,
LLC (USBFS', Quasar Distributors, LLC ('Quasar', and all other affiliates of U.S. Bancorp (collectively, "U.S. Bank' and has authority to approve the fee
schedule provided for the account named above (the 'Acccunt'j.
2 The Customer has read and understands the adoption agreement and trust agreement with USBNA with respect to the Account, including the Discretionary
Trustee Fee Schedule (the'Awcunt4evel Fees'. Within the adoption agreement, the Customer elected a discretionary Investment approach for Account
assets. The customer approves the Account-4evel Fees.
3. USBAM is the investment advisor to the open-end investment companies registered under the Investment Company Act of 1940 (the "40 AM in the First
American Funds, Inc. family (each, a "Fundl. U.S. Bank may enter into agreements with Funds or with Funds'service providers (Including investment advisers,
administrators, transfer agents, or distributors) whereby U.S. Bank provides services to the Funds, including, as applicable, services provided by USBAM
(investment advisory, shareholder services), by USBNA (custody, securities -lending), by USBFS (accounting, administrator, transfer agency), and by Quasar
(distribution, principal underwriting) and receives fees for these services. The fees are received from the Fund, are based on investment in a Fund, may vary by Fund and by class of shares issued by the Fund, are charged against the Fund's assets, and reduce the Fund's average daily balance and investment
yields (collectively, the "Fund•levelFeesj.
4, The customer has received, read, and understands the prospectus for each Fund, including the sections thereof regarding fees, expenses, and compensation
The customer approves the Fund4evel Fees.
5. From time to time, a Fund's service provider may voluntarily waive a portion of the flee it is entitled to receive for serving the Fund. If a waiver is In effect, then
the Customer's approval of Fund -level Fees includes approval up to the Fund's total annual operating expenses before waivers; if the service provider
terminates the waiver as provided in the Fund's prospectus, then the approval persists.
6. USBNA will not vote proxies with respect to Fund shares held in the Account but will instead forward such proxies to the Plan Administrator (as defined in the
aforementioned trust agreement).
L Shares of registered investment companies are not deposits or obligations of, or guaranteed by, any bank, including any bank afBllated with U.S. Bancorp.
Nor does the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other governmental agency insure such products. An investment in
such products involves investment risks, including the possible loss of principal, due to fluctuations in each product's net asset value.
Customer Acknowledgment
Karla Romero, Finance Director Jon McMillen, City Manager
Print Name and inns of Authorized Slgm fcr Emphuyer Print Name and T% of Aui h=-d Signer for Eaghloyer
�►' A ds
Signature of Aulhorfzad S gn for Employer Data of Authorized Signer for Eniptoyer Dale
KTICES .&M116 bank
FRM 5a1] W.72�11A