§ 5.18.140. Trust Fund Allocation and Valuation.

A.

Allocation.

1.

If the Trustee is not a Discretionary Trustee, the assets credited to each Participant's Account shall be allocated among the Investment Funds in accordance with the investment option or options chosen by the Administrative Committee effective no later than the first business day following the date on which the Trustee or its Agent has received appropriate instructions, or such later date as is commercially reasonable under the circumstances, unless otherwise provided by the Administrative Committee.

2.

As of each Valuation Date, the net gain or loss of each Investment Fund, determined in accordance with subsection 5.18.140.B of this Part, shall be allocated by the Trustee or its Agent in accordance with the instructions received by the Trustee from the TPA to the Account of Participants in such Investment Funds in proportion to the amounts of such Account invested in such Investment Fund on such Valuation Date, exclusive of amounts to be credited but including amounts (other than the net loss, if any, determined pursuant to subsection 5.18.100.B) to be debited to such Account as of such Valuation Date.

B.

Valuation.

1.

As of the close of business each Valuation Date, the Administrative Committee, its Agent or the Trustee, if it is a Discretionary Trustee, shall determine or cause to be determined the value of each Investment Fund. The Administrative Committee, its Agent or such Discretionary Trustee may rely on net asset value calculations, book values and other data with respect to the value of Plan assets held in the Investment Funds furnished to it by the Investment Managers, the County Treasurer, custodians or other entities authorized to provide valuation data. If the Trustee is not a Discretionary Trustee responsible for valuation, the Administrative Committee or its Agent shall communicate such valuation to the Trustee.

2.

Each such valuation shall be made on the basis of the net gain or loss to each such Investment Fund between the current Valuation Date and the last preceding Valuation Date. The net gain or loss of an Investment Fund shall include realized and unrealized earnings, interest income, dividends actually paid and other income of such Fund during such period, and shall be reduced by expenses paid, if any, that are to be charged to such Investment Fund in accordance with the terms of the Plan and the Trust Agreement. The transfer of funds to or from an Investment Fund, the allocation of Termination Pay Contributions, and payments, distributions and withdrawals from an Investment Fund to provide benefits under the Plan for Participants or Beneficiaries shall not be deemed to be income, expenses or losses of the Investment Fund. A similar valuation shall be made at any other time the Administrative Committee or its Agent deems it appropriate to make such a valuation.

3.

Notwithstanding the foregoing, the Administrative Committee or its Agent may, in accordance with applicable requirements of the Code and California law, (a) adopt, or instruct a Discretionary Trustee to adopt, such accounting procedures as the Administrative Committee or its Agent considers appropriate, reasonable and equitable to establish a proportionate crediting of net gain or loss of an Investment Fund and of Contributions made to an Investment Fund as of each Valuation Date, and (b) adopt, or instruct a Discretionary Trustee to adopt, such other valuation procedures as the Administrative Committee or its Agent considers appropriate, reasonable and equitable to determine the value of the Investment Funds. The reasonable and equitable decision of the Administrative Committee or a Discretionary Trustee, as applicable, as to the value of each Investment Fund as of each Valuation Date shall be conclusive and binding upon all Participants and Beneficiaries having any interest, direct or indirect, in such Investment Fund.

C.

No Guarantee Against Loss. The County, the Board, the Administrative Committee, the TPA and the Trustee do not guarantee in any manner the Investment Funds or any part thereof against loss or depreciation. All persons having an interest in the Investment Funds shall look solely to such Funds for payment with respect to such interest.

(Ord. 2004-0063 § 1 (part), 2004.)