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<br />© 2012 Hitesman & Wold, P.A. City of Elk River <br />Flexible Benefits Plan <br />20 <br />ARTICLE VII. <br />PLAN AMENDMENT AND TERMINATION <br />7.1 Employer Amendments. The Employer reserves the right to amend the Plan, or any portion of <br />the Plan, at any time. The Employer expressly may make any amendment it determines <br />necessary or desirable, with or without retroactive effect, to comply with the law. Such <br />amendment shall not affect any right to benefits that accrued prior to such amendment. Such <br />amendment shall be made in writing and in accordance with Section 8.4. <br />7.2 Employer’s Right to Terminate. Although the Employer expects the Plan to be maintained for <br />an indefinite time, the Employer reserves the right to terminate the Plan, or any portion of the <br />Plan, at any time. In the event of the dissolution, merger, consolidation, or reorganization of the <br />Employer, the Plan shall terminate unless the Plan is continued by a successor to the Employer in <br />accordance with the resolution of such successor’s managing body. Such termination shall not <br />affect any right to benefits that accrued prior to any termination. Such action shall be taken in <br />writing and in accordance with Section 8.4. <br />Page 113 of 254