OPEB - TRUST FOR THE CITY OF PLEASANTON

DECLARATION OF OTHER POST- EMPLOYMENT BENEFITS (OPEB) TRUST FOR THE CITY OF PLEASANTON This TRUST is hereby established by the CITY OF PLEASANTON (the "Employer RECITALS: WHEREAS, the Employer is a municipal corporation exempt from federal income tax under the Internal Revenue Code; WHEREAS, the Employer provides post employment benefits other than pension benefits "OPEBs including but not limited to retiree health benefits, to eligible retirees, spouses, domestic partners, and dependents; WHEREAS, providing such benefits is an essential function and integral part of the exempt activities of the Employer; WHEREAS, the Employer wishes to fund OPEBs by contributing and accumulating assets on a tax exempt basis under a segregated trust for the exclusive benefit of eligible retirees, spouses, domestic partners, and dependents; and WHEREAS, the Employer wishes to establish this Trust under the terms and conditions set out below. NOW, THEREFORE, effective June 23, 2009, the Employer hereby establishes this Trust in accordance with the following provisions: ARTICLE I CONSTRUCTION 1.1 Definitions. Capitalized words used in this Trust are defined in Article VII. 1.2 Headings and Subheadings. The headings and subheadings in this Trust are inserted for the convenience of reference only and are to be ignored in any construction of the provisions thereof. ARTICLE II ADMINISTRATION 2.1 Employer. The Employer shall supply such full and timely information for all matters relating to the Trust as the Committee and the Trustee may reasonably require for the effective discharge of their respective duties. 2.2 Trustee. The Employer shall appoint the Trustee to hold and invest amounts contributed to the Trust and any income, gains, or profits thereon. If no trustee is so appointed, the Employer will be the Trustee. The Trustee shall hold Trust assets in accordance with the Trust's terms. However, the Committee will have exclusive authority and discretion to direct the 1