4.8 SR 07-18-2022 - Laserfiche WebLink

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7.1 Powers, Duties, and Responsibilities. The Board of Trustees shall engage a Financial Administrator to invest the provide other necessary financial or accounting services. Certain duties relating to financial administration of the Pool may also be delegated to Sourcewell or another Participating Member. Investment of the Pool assets shall be subject to Minnesota Statutes, § 118A.04, with regard to the permitted types of investments, maturities, and depositories. Pool assets shall not be invested in securities or debts of a Participating Member or any entity under contract with the Pool. 7.2 Selection. The Board shall engage a Financial Administrator that employs persons trained and experienced in money management and investments and possess no less than five (5) years' experience as an organization in these specialties with demonstrated competence. The Board may not engage a Financial Administrator that employs an owner, officer, employee, or agent of the Service Company or any subcontractor of the Service Company. 7.3 Compensation. The Board shall negotiate with the Financial Administrator with respect to compensation and other necessary terms, which shall be documented in a contract approved by the Board and executed by the Chairperson and the Financial Administrator. 7.4 Annual Review. performance and take necessary action if the entity is not performing as expected or required pursuant to the Boards contract with the Financial Administrator. ARTICLE VIII. COVERAGE, PLAN PARTICIPATION, AND PREMIUMS 8.1 Coverage. As an Employee Health Benefits Pool, the Pool shall provide only employee health benefits, disability benefits, or both, as those terms are defined herein. 8.1.1 Changes in Coverage. The Board of Trustees may, from time to time, amend or terminate an existing Plan, or adopt a new Plan. 8.1.2 Notice of Changes in Coverage. Participating Members shall be solely responsible for notifying their Employees, Former Employees, and Dependents of changes to any Plan(s) offered by the Pool. In addition, each Participating Member shall be solely responsible for meeting obligations related to collective bargaining of benefits pursuant to Section 4.3. 8.1.3 Coverage Administration and Related Requirements. The Pool is subject to the state statutes and rules applicable to insurance companies that provide insurance similar to the coverage offered by the Pool. Such requirements include, but are not limited to, Minnesota Statutes, Chapters 60A, 62A, 62E, 65A, 65B, 70A, 72A, and 72C, 79, and 176, and rules adopted under these chapters concerning: (a) Filing and requesting approval for coverage documents; (b) Coverage document content and language; (c) Mandated benefits, including coverage conversion and continuation; (d) Coverage administration, including notices to Covered Persons; Page 12 of 24