HomeMy WebLinkAbout1983-149-09/20/1983-ADOPTING THE TRUST AGREEMENT WITH THE ICMA RETIREMENT CORPORATION RESOLUTION 83 - 149
OF THE COUNCIL OF THE CITY OF FORT COLLINS
ADOPTING THE TRUST AGREEMENT WITH THE
ICMA RETIREMENT CORPORATION
WHEREAS, the City of Fort Collins maintains a deferred compensation
plan for its employees which is administered by the ICMA Retirement Cor-
poration (the "Administrator") , and
WHEREAS, the Administrator has recommended changes in the plan docu-
ment to comply with recent federal legislation and Internal Revenue
Service Regulations governing said plans, and
WHEREAS, the Internal Revenue Service has issued a private letter
ruling approving said plan document as complying with Section 457 of
the Internal Revenue Code, and
WHEREAS, other public employers have joined together to establish the
IC14A Retirement Trust for the purpose of representing the interests of
the participating employers with respect to the collective investment
of funds held under their deferred compensation plans, and
WHEREAS, said Trust is a salutary development which further advances
the quality of administration for plans administered by the ICMA Retirement
Corporation
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the City of Fort Collins hereby adopts the deferred compen-
sation plan, attached hereto as Appendix A, as an amendment and restatement
of its present deferred compensation plan administered by the ICMA Retire-
ment Corporation, which shall continue to act as Administrator of said
plan, and
BE IT FURTHER RESOLVED that the City of Fort Collins hereby executes
the ICMA Retirement Trust, attached hereto as Appendix B, and
BE IT FURTHER RESOLVED that the City of Fort Collins hereby adopts the
trust agreement with the ICMA Retirement Corporation, as appears at Appen-
dix C hereto, as an amendment and restatement of its existing trust agree-
ment with the ICMA Retirement Corporation, and directs the ICMA Retirement
Corporation, as Trustee, to invest all funds held under the deferred
compensation plan through the ICMA Retirement Trust as soon as is prac-
ticable, and
BE IT FURTHER RESOLVED that the City Manager shall be the coordinator
for this program and shall receive necessary reports, notices, etc from
the ICMA Retirement Corporation as Administrator, and shall cast, on behalf
of the Employer, any required votes under the program Administrative
duties to carry out the plan may be assigned to the appropriate departments
Passed and adopted at a regular meeting of the Council of the City of
Fort Collins held this 20th day of Se ber,:1983�5
MnATTEST
,fin _ i<;ty��
-2-
I , Wanda Krajicek, Clerk of the City of Fort Collins, do hereby certify
that the foregoing resolution was duly passed and adopted in the Council of
the City of Fort Collins at a regular meeting thereof assembled this 20th
day of September, 1983, by a majority vote of the members present, con-
stituting a quorum of the Council of the City of Fort Collins
(SEAL)
Clerk of the City
__--- _----- - APPENDIX A
("EMPLOYER")
DEFERRED COMPENSATION PLAN
1. INTRODUCTION include any amount excludable from gross income under this
The Employer here Ov es:ablisnes :ne Employers Deferred 'Plan or any other plan described in section -57(b) of the
Compensation Plan.nerematter referrer toas the"Plan."The Plan Internal Revenue Code, any amount excludable from gross
consisis of the prorsions set forth In :-is document. income under section 403(b) of the Internal Revenue Code.
The onmary purpcseof:his Plan is:c p rovide retirement income or any otner amount excludable from gross income for
and caner referred benefits to :Tie Emzp oyees of the Employer in federal income tax purposes. Includible Compensation shall
accorcance with the provisions c: secdon 457 Of the Internal be determiner without regard to any community.property
Revenue Code of 1954, as amenoeo. laws.
This Plan snail be an agreement sc:efv between the Employer 2.07 Joinder Agreement: An agreement entered into oetween an
and partic,caling Employees. Employee and the Employer. including any amendments or
mo0rficatlons thereof. Such agreement shall fix the amount
If. DEFINITIONS of Deferred.Compensation. specify a preference among the
2.01 Account: The boolekeeving amount maintained for each investment alternatives designated by the Employer,
Participant reflecting the cumulative amount Of the designate the Employee's Beneficiary or Beneficiaries. and
Participants Deferred Combensanan.including any income, incorporate the terms.conditions,and provisions of the Plan
gains. losses. or increases or pecreases in market value by reference.
attributable to:he Employer's investment of the Participant's 2.08 Normal Compensation:The amount of compensa::on which
Deferred Compensation.and fumner reflecting any aistribu- would be payable to a Participant by the Employer for a
tons to the Participant or the Participants Beneficiary and taxable year if no Joinder Agreement were in effect to defer
any fees or expenses charged against such Participants compensation under this Plan.
Deferred Compensation. 2.69 Normal Retirement Age: Age 70. unless the Participant has
2.02 Administrator: The person or persons named to carry out elected an alternate Normal Retirement Age oy written
certain nondiscretionary administrative functions under the instrument delivered to the Administrator prior to Separation
Plan..as hereinafter oescri bed. The Employer may remove from Service. A Participant's Normal Retirement Age
any person as Administrator upon 60 days advance notice in determines (a) the latest time when benefits may commence
writing to such person. in which case the Employer shall under this Plan-runless the Participant continues employ-
name another person or persons to act as Administrator,The merit alter Normal Retirement Age),and the period during
Administrator may resign upon 60 days advance notice in which a Participant may utilize the catch-up limitation of
writing to the Employer.in which:he case the Employer Shall. Section 5.02 hereunder.Once a Participant has to any extent
name another person or persons to act as Administrator. utilized the eatcn-Up limitation Of Section 5,02. his Normal
Retirement Age may not be changed.
2.03 Beneficiary: The person or persons designated by the A Participant's alternate Normal Retirement Age may not
Participant in his Joinder Agreement who shall receive any be earlier than the earliest dale that the Participant will
benefits payable hereunder in ire event of the Participant's become eligible to retire and receive unretlucee retirement
death, benefits under the Employer's basic retirement plan covering
2.04 Deterred Cornpensation:The amount of Normal Compensa- the Participant and may not be later than the date the
tion Otherwise payable t0 tie Participant which the Participant attains age 70. If a Participant continues
Participant and the Employer mutually agree to defer employment after attaining age 70. not having previously
hereunder,ary amount creaitec:o a Participant's Account by elected an alternate Normal Retirement Age.the Participants
reason of a transfer under Section 6.03,or any other amount alternate Normal Retirement Age.Shall not be later than the
which the Employer agrees to credit to a Participant's mandatory retirement age. if any, established by the
Account. - Employer, or the age at which the Participant actually
separates from service if the Employer has no mandatory
2.05'Employer. netrr. me sail a who provides services for the retirement age. If the Participant will not become eligible to
Employer.nt c ontra ct a, na D r.c of the Employer or as he receive benefits.under a basic retirement plan maintained by
:ntlepen dent con Vdclp r,an❑:wCC^.d5 been tle5lgnffietl by the
Employer as elgible ld participate in the Plan. the Employer, the Participant's alternate Normal Retirement
Age may not be earlier than attainment of age 55 and may not
2.06 Ineludible Compensation: The amount Of an Employee's be later than attainment.Of ape 70.
Compensation !rom the Emplo}et for a.taxable year that is
attributable to services oerformec Tor the Employer and that 2.10 Participant:Any Employee who has joined the Pan pursuant
is Includible in me Employees gross income for the.taxable to the requilemenl5 of Article IV.
year for federal income tax purco5es; such term does not 2.11 Plan Year: The calendar year.
1
• I
2.12 Retirement: Tie firs;Cate ucon . niches n of (me following plant For ou, ,;es of this Section 5.02. a Participants
snail have occurred wrtn espec:to a Participant Separation Includible Compensation for the current taxable year snail be
from Service and attainment of %-rmal Retirement Age. deemed to include any Deferred Compensation for the
2.13 Separation from Service: Seve'arce Of the Participants taxable year in excess of the amount permitted under the
enlprovment %tin :tie Emolove• A Participant shall be Normal Limitation.and the Participant's Includible Compen-
deemeo t0 nave set erect his emp Dyment with;me Employer sation for any prior taxable year shall be deemed to exclude
for purposes of tnis Plan wher in accordance with the any amount that could have been deferred under the Normal
establisned practices of the E^plover, the employment Limitation for such prior taxable year.
relationsnie is considered t0 ra%e actually terminated.In the 5.03 Section 403(b)Annuities: For purposes of Sections 5.01 and
case Or a Participant who is an inceoendent contractor of the 5.02. amounts contributed by the Employer an behalf Of a
Employer. Separaton from Sery:a small be tleemetl to have Participant for the purchase of an annuity contract described
occurred when the Participants contract under which in section 403(b) of the Internal Revenue Cope snail be
services are certofined has .'omoletely expired and treated as if such amounts constituted Deterred Compensa-
terminated :r%ere s ro for P<ee Sole possibility that the tion under this Plan for the taxable year in which the
Eltmwover dirt renev. ine contract c-enter lntoa new contract contributio❑ was made and shall thereoy reduce the
for!he PaniciDarit s services.anc t is not anticipated mat the maximum amount that may be deferred forsucn taxableyear.
Participant will become an Embicyee of the Employer.
V1. INVESTMENTS AND ACCOUNT VALUES
Ill. ADMINISTRATION 6.01 Investment of Deferred Compensation: All investments of
3.01 Duties of Employer: The Emolove•snail nave the autnontyto Pa micro an Is'Deferred Compensation made by the Employer.
make all ciscrenonary decisi0rs affecting the rights or including all property and rights Purchased with such
benefits of Participants wnich -.ay be required in the amounts and all income attributable thereto.shall belhesole
administration of this Flan. property of the Employer and shall not be held in trust for
Participants Or as collateral security for the fulfillment Of the
3.02 Duties of Administrator. The -ter^ nislrator.as agent for the Emolover s obligations under the Plan_ Such property snail
Employer. Slid. Perform nencucrenonary acmimstrative be subject to Ine claims of general creditors of the Employer.
functions in connection aitn :^e Plan, including the arc no Participant or Beneficiary snail have any vested
maintenance ei Particioan:s ..c_ounts. the provision of Interest or secured or preferred positron wlln resoect to such
penocic re Dof:s of the status each Account and the properly or have any claim aaalnst the Employer ex Ceet as a
disbursement of Denews On Ce"alf of the Employer in general creditor
accordance with the provisions cr :nrs Plan.
6.02 Crediting of Accounts:The Participant's Account snail reflect
the amount and value Of the investments Or other property
IV. PARTICIPATION IN THE PLAN obtained by Ine Employer through the investment of the
Participants Deferred Compensation. It is anticipated that
4.01 Initial Participation: An Emplovee^av become a Participant the Employer's Investments with respec:to a Participant will
by entering Into a Joinder Acree^enl prior to the beginning conform to the Investment preference specified in the
of the caiencar month in which:-a Joinder Agreement is to Participants Joinder Agreement.but nothing herein snail be
become ettecme to defer CCmoe'saiion not yet earned. construed l0 require the Employer 10 make any particular
4.02 Amendment of Joinder Agreement:A Participant may amend investment of a Participant s Deferred Compensation. Each
an executed Jc:ncer Agreement :o change the amount of Participant small receive periodic reports.not less frequently
compensation cot vet earned •:nlcn Is to be deterred than annually. showing the then-current value Of his
(Including ime reduction of sLCn t..:ure deferrals to zero)or to Account.
change his investment preference jsuolect to such restnc-
tionsas may result from the nature or terms of any investment 6.03 Acceptance of Transfers: Pursuant to an appropriatewntien
made by the Employer) Such - lenoment shall become agreement. the Employer may accept and credit to a
effective as of fine beginning of the calendar month Participants Account amounts transferred from another
commencing after the date the amendment is executed. A employer within the same State representing amounts held
Participant may at any time amens ms Jointler Agreement to by such other employer under an eligible State deferred
change the Cesignatec Beneficiary and such amendment compensation plan described In section 457 of the Internal
shall become effective Immeeraferv. Revenue Code. Any such transferred amount shall not be
treated as a deferral subject to the limitations of Article V.
V. LIMITATIONS ON DEFERRALS provided however, that the actual amount of any deferral
5.01 Normal Limitation: Eaceot as prc'.'ee0 in Section 5 02. the under the plan from which the transfer is mace small betaken
maximum amount of Deterred Compensation for any into account in computing the catcn-up limitation under
Participant for anv taxable Year s-ad not exceed:he lesser of Section 5 02.
$7.50000 or 33 13 percent of ire Participants Includible 6.04 Employer Liability:In no event shall the Employer's liability to
Compensation for the taxable %ear. This limitation will pay benefits to a Participant u rider Article VI exceed the value
ordinarily be equivalent to :me esser of S7.500.00 or 25 of the amounts credited to the Parlicipants Account. :he
percent of the Participants Normal Compensation. Employer snail not be ❑able for tosses arising from
5.02 Catch-up Limitation: For ease c• :ne last three (3) taxable depreciation or shrinkage in the value of any investments
years of a Participant ending oerc'e his attainment Of Normal acquired under this Plan
Retirement Ace. the maximum amount of Deferred
Compensation snail be the lesse• of: (1) 515.000 or (2) the VII. BENEFITS
sum of io the Normal Limitation :he laxacte vear,and(ii)
that portion of ;tie Normal _imi:e:ion for each of Ine prior 7.01 Retirement Benefits and Election on Separation from
taxable vears of ;tie Pdfticibart commenclnd after 1978 Service: Except as otherwise provided in this Article VIi. the
during «nick the Plan was in existence and the Participant distribution of a Participants Account snail commence
was eumole to participate in me P'an for in any olner plan during the second calendar month after the close of the Plan
esidolisile0 under section 45 Of:-e Internal Revenue Code year of the Participants Retirement. and the distribution of
by an employer within the same S:3fe as the Employer) less such Retirement benefits shall pre mace in accordance with
:he amount of Ceferred Compensauon for each such prior one of the payment Options described in Section 7 02,
taxable vear (including amounts deterred under such primer Notwithstanoing the foregoing. the Participant may ❑revo-
2
t�
tally elect within 60 days follow,_,.beparation.from Service Secboh..-01 or 7.06.a dealh benefit equal t0 me value at the
to have the aistributlon of benefits commence on a date Other Participants Account shall be payable to me Fenelieiary
than that dn_sQibea in the preceding sentence which is at commencing no later than 60 days after the close of the Plan
least 60 days after the date such election is delivered in Year in which the Participant would have attained.Normal
writing to the Employer and forwarded to the Administrator Retirement Age. Such death benefit Shall be paid in a lump
but not later than 60 days after the close of the Plan Year of sum unless the Beneficiary elects a different payment Option
the Participant's Retirement. within 90 days of the Participant's death. A Beneficiary who
7.02.Payment Options:As provided in Sections 7.01,7,05 and 7.06. may elect a payment option pursuant to the provisions Of the
a Participant may elect to have the value at his Account preceding Sentence shall be treated as if newere a Participant
for purposes Of determining'the payment options.available
options, pro accordance ortlat ce with one Of the IOIIOwint payment under Section 7.02: provided, however, that trio payment
options, s set for that Such Option is consistent with the option chosen by the Beneficiary must Provide far payments
limitations set form in Section 7.03:
to the Beneficiary Over a period no longer than Inc life
(a) Equal monthly, quarterly, semi-annual or annual expectancy Of the Beneficiary if the Beneficiary is the
payments in an amount chosen by the Participant Participant's spouse and must provide for payments over a
continuing until his Account is exhausted: period not in excess of fifteen 115) years if the Beneficiary is
(b) One lump sum payment: not the Participants spouse.
(c) Approximately equal monthly. quarterly, semi-annual 7.06 Disability:I n the event a Participant becomes disabled before
the commencement of Retirement benefits under'Section
Or annual payments. calculated to continue for a period
7.01.'the Participant may elect IO commence benefits under
Certain chosen by the Participant: one Of the payment options described in Section Z02.onthe
(d) Payments equal to payments made by the issuer Of a last day OI the month folJowina a determination Of disability
retirement ar-uity policy acquired by the Employer. by the Employer. The Participant's request for such
(e) Any other payment option elected by the Participant determination must be made within a reasonable time after
and agreed to by the Employer. the impairment which constitutes me disability occurs. A
Participant snail be considered disabled for purposes of this
A Participant's election of a payment option must be made at Plan if he is unable to engage in any substantial gainful
least 30.days before the payment of benefits is to commence. activity by reason of any medically determinable onysical or
It a Participant tads to make a timely election Of a payment mental impairment which can be expected to result in death
option.benefits shall be paid monthly under option(C)above or be of long-continued and indefinite Curation. The
for a cerioa of five years. disability of any Participant shall be determined in
7.03 Limitation.on Options: NO payment option may be selected accordance with uniform principles consistently applied and
by the Participant under Section 7.02 unless the present value upon the basis of such medical evidence as tie Employer
Of the payments to the Participant.determined as of the date deems necessary and desirable.
benefits Commence, exceeds 50 percent of the value of no 7.07 Unforeseeable.Emergencies: In the event an unforeseeable
Participants Account as of the date benefits commence. emergency occurs.a Participant may apply to;re Employer
Present value determinations untler this Section shall be to receive that part of the value Of his account Thal is
made by the Administrator in aceortlance with the expected reasonably needed t0 satisfy the emergency peep. If such an
return multiples set form in section 1.72-9 of the Federal application is approved by the Employer,the Pari'cioant shall
Income Tax Regulations for any successor provision to such be paid only such amount as me Employer teems necessary
regulations). to meet the emergency need.but payment snall net be made
t0 the extent that the financial hardship may de relieved
7.04 Post-retirement Death Benefits: Should the Participant die ihrougn cessation of deferral under the Plan, insurance or
after he has begun to receive benefits under a payment other reimbursement, or liquidation of other assets to the
option, the remaining payments. it any, under the payment extent such liquidation would'not itself cause severe financial
option shall be 'payable to the Participants Beneficiary hardship. An unforeseeable emergency Shall be deemed to
commencing within 60 days after the Administrator receives involve Only circumstances of severe financial hardship t0 the
proof of the Participant's death,unless the Beneficiary.elects Participant resulting from a sudden and unexpected illness or
payment under a different payment option at least 30 days accident of the Participant or of a dependent ias conned in
prior to the date that the first payment becomes payable to section 152(a) of the Internal Revenue Coeei of the
me Beneficiary. In no event shall the Employer or Participant.loss Of the Participant's property dueto Casualty.
Administrator be liable to the Beneficiary for the amount of or other similar and extraorainary unforeseeable circum-
any payment made in the name Of the Participant before the stances arising as a result of events beyond the control Of the -
Administrator receives proof Of death of the Participant, Participant. The need to solid a Participants Cm IC t0 College
Notwithstanding the foregoing, payments to a Beneficiary or to purchase a new home Shall not be considered
shall not extend'over apenOtl longer than lit the.Benehclary's unforeseeable emergencies. The determination
to
as to
life expectancy It the Beneficiary is the Participants spouse whether such an unforeseeanle emergency c-xisis snail be
of lit) fifteen (15) years if the Beneficiary is .not the -
based On Ine meals OI each lit❑Ivitl pal case.
Partcipants spouse. If no Beneficiary is designated in the
Joinder Agreement.or if the designated Beneficiary does not
survive the Participant for a period of fifteen f 15) tlays, men Vill. NON-ASSIGNABILITY
the Commuted value of any remaining payments under the No Participant or Beneficiary snail nave any right :0 commute,
payment Option shall be paid in a Jump suns to the estate Of sell.assign,pledge.transfer or otherwise convey Or en
cumber Cumber the
the Participant. It the designated Beneficiary survives the right IO receive any payments neieunaer. which payments and
Participant tar a period Of fifteen (75) days, but does not lights are expressly declared 10 be non-assionabte and non-
continue to tive tar the remaining period at payments untler
translCrable.
:no payment Option Ids moaned, it necessary,in conformity IX. RELATIONSHIP TO OTHER PLANS AND EMPLOYMENT
with the thirdcR Sentep Of this section). then ihC commuted
:clue of any remaining payments under the payment option AGREEMENTS
shall be Palo in a lump sum to the estate of the Beneficiary. .This Plan scives in addition to any other retirement..pension,Or
benefit plan or system presently in existence or hereinafter
7.05 Pre-retirement Death Benefits: Should the Participant die established for me benefit Of the Employer's emolovees. and
before lie has begun to receive the benefits provided by participation hereunder snail not affect benefits recer.aole under
3
3ry such blan or c:-:ai:Su in Iris Plan shall be � p yCf notifies
period. the Em l0 5 the Administrator in writing Inat rt
ceemea :a cr:•s::-1e an e,.!ci0`—en! con:ract or agreement disapproves such amendment. in which case such amenement
Celween am a:aC;'ant ar.0 ;- Emctover or to gr:e any shall not become effective. In the event of such disapproval. :he
Particloant the rlcnt :z ce retamec r :he emplov C':ne Employer Administrator snail be under no obligation to continue acting as
Nor shall anvmmc nere n be COrsh—r -0:0 moolfv;ne terms Of anv Administrator hereunder.
ent PtOyment Con:rac::•agreemen:.^efween a Par:cioant and the No amendment Or termination of the Plan Shall divest any
Employer Participant of anv rights with respect 10 compensation deferred
before the Cate of the amendment or termination.
X. AMENDMENT OR TERMINATION OF PLAN XI. APPLICABLE LAW
The Emolover may ;:! anv Line a^e-c fnis Plan piovicec that,t This Plan snail be construed under the laws Of the state wnere
ransmits sUcn amens—enr In the ACmnOstrator at least
30 days crior :0 the e"eCbve Cate c'1-e amonCmen!. T�e consent she Employer is ents tl and li established tshed with the intent that
meet[heredsecti n45Ofa0heligible Staledeferre0 compensationas pl ;ne Admin istra:or ;nail no: re •zgwrec m drCer for such plan"under section a57 of the Internal Revenue Code of 1954,as amentlment to become ef'eC:ne. C_: :he Administrator snail be amended.The provisions of this Plan snail be interpreted wherever
.nder n0 obligation to cV mirueac::'z as Administrator hereunder
d a disa Dprov'e5 of SLCn dmerlahtert The Employer may at any Possible In conformity with the requirements of that section
time terminate tnls Plan
The Acmimstra:Dr ^av a: anv nr'e propose an amendment to XII. GENDER AND NUMBER
:re Plan by an instrument intvnLng:—nsmitted to:-e Employer at The masculine pronoun,whenever used herein,shall include the
'East 30 pays before :re ehecb%e ca:e of the amenement. Such feminine pronoun.and the singular snail include the plural.except
amendment snail pec,The effective ..mess, within such 30-gay where the context requires otherwise.
a
APPENDIX B
DECLARATION OF TRUST
Of
ICMA RETIREMENT TRUST
ARTICLE I. Name and Definitions ARTICLE H. Creation and Purpose of the Trust;Ownership of Trust
Property
SECTION 1.1. Name. The Name of the Trust created hereby is the SECTION 2.1. Creation. The Retirement Trust is created and
ICMA Retirement Trust. established by the execution of this Declaration of Trust by the Trustees
SECTION 1.2. Definitions. Wherever they are used herein, the and the participating Public Employers,
following terms shall have the following respective meanings: SECTION 2.2. Purpose. The purpose of the Retirement Trust is to
(a) By-Laws. The By-Laws referred to in Section 4.1 hereof, as provide for the commingled investment of funds held by the Public
amended from time to time. Employers in connection with their Deferred Compensation Plans.The
(b) Deferred Compensation Plan.Adeterred compensation plan Trust Property shall be invested in tre Portfolios, in Guaranteed
established and maintained by a Public Employer for the purpose Investment Contracts and in other investments recommended by the
of providing retirement income and otherdeferred benefits to its Investment Adviser under the supervision of the Board of Trustees.
employees in accordance with the provisions of section 457 of SECTION 2.3 Ownership of Trust Prozer:v. The Trustees shall have
the Internal Revenue Code of 1954. as amended. legal title to the Trust Property. The Puohc Employers shall be the
(c) Guaranteed.Investment Contract.A contract entered.inlo by beneficial owners of tree Trust Property.
the Retirement Trust with insurance companies that provides for
a guaranteed rate of return on investments made pursuant to
such contract. ARTICLE 111. Trustees
(d) ICMA. The International City Management Association. SECTION 3.1. Number and Qualification of Trustees.
(e) ICMA/RC Trustees. Those Trustees elected by the Public (a) The Board o1 Trustees snail consist of nine Trustees. Five of
Employers who, in accordance with the provisions of Section the Trustees snail be full-time employees of a Public Employer
3.t(a)hereof,are also members of the Board of Directors of ICMA (the Public Emoioyee Trustees) :rno are authorized by such
or RC. - Public.Employer toserveas Trustee.Theremaining four Trustees
(f) Investment Adviser,The Investment Adviser that enters into a shall consist of ltvo persons who. at ;he time of election to the
contract with the Retirement Trust to provide advice with respect Board of Trustees. are mein tiers of the Board of Directors of
ICMA and.two persons who.a:the time of election,are members
to investment of the Trust Property, of the Boartl.of Directors of RC (the ICMArRC Trustees).One of
(g) Employer Trust. A trust created pursuant to an agreement the Trustees who is a director of ICMA.and one of the Trustees
between RC and a Public Employer for the purpose of investing who is a director of RC, shall.at the time of election,be full-time
and administering the funds set aside by such employer in employees of a Public.Employer.
connection with its deferred compensation agreements with its (b) No person may serve as a Trustee for more than one term in
employees.
any ten-year period.
(h) Portfolios. The Portfolios of investments established by the SECTION 3.2. Election and Term.
Investment Adviser to the Retirement Trust, under the
supervision of the Trustees. for the purpose of providing (a) Except for the Trustees acpointed to fill vacancies pursuant
investments for the Trust Property. to Section 3.5 hereof, the Trustees shall be elected by a vote of a
(i) Public Employee Trustees, Those Trustees elected by the majority of the Public Employers in accordance with the
Public Employers who. in accordance with the provisions of procedures set form in the By-La.:s.
Section 3.1(a) hereof, are full-time employees of Public (b) At the first election of Trustees. three Trustees shall be
Employers. elected for a term of three years.':nree Trustees shall be elected
(j) Public Employer. A unit of state or local government,or any for a term of two years and three Trustees shall be elected for a
agency or instrumentality thereof. that has adopted a.Deferred term of one year. At each subsecuent election, three Trustees
Compensation Plan and.has executed this Declaration of Trust. shall be elected for a term of inree years and until his or her
successor is elected,and qualified,
(k) RC. The International City Management Association SECTION 3.3. Nominations. The Trustees who are full-time
Retirement Corporation. employees of Public Employers sha:i serve as the Nominating
(1) Retirement Trust. The Trust created by this Declaration of Committee for the Public Employee Trustees. The Nominating
Trust. Committee shall Choose canoidates for Public.Employee Trustees in
(m) Trust Property. The amounts held in Me,Retirement Trusl on accordance with the procedures set loin in the By-Laws.
behalf of the Public Employers. The Trust Property shall include SECTION ,4. Resignation and Removal.
any mcome resulting from the investment of the amounts so held.
lal Any Trustua may resign as Trustee(without.need for prior or .
In) Trustees. The Public Employee Trustees and ICMA/RC subsequent accounting)by an instrument in writing signed by the
Trustees elected by the Public Employers to serve as members of Trustee ano cefiveteo to the other Trustees and such resignation
the Board of Trustees of the Retirement Trust. shall be effective upon such deiiv .irv,or at a later date according
1
to the terms of trio instrument. Any & iitf Trustees may be times snow that-tnl'such investments are a part of the'Trust
removed for cause. ev a vote of a majority of the Public Propery:
Employers.
(h) make. execute, acknowledge, and deliver any and all
(b) Eacn Public.Employee Trustee snap resign his or her oor.,;on documents of transfer and conveyance and any and all other
as Trustee within sixty Cays Of the calif on which he or she c:.yes instruments that may be necessary or appropriate to carry out the
to be a full-time employee of a Public Employer. powers nerem granted:
SECTION 3.5. Vacancies. The term ci office of a Trustee small (i) vote upon any stock. bonds.or other securities:give general
terminate and a vacancy snail occur in the event of ter death, or special proxies or powers Of attorney with or without power of
resignation. removal. aclucicated incompetence or other incapacity to substitution: exercise any conversion privileges, subscription
perform the duties of me once of a Trustee.in inecaseot a vacancy,the rionts, or other options, and make any payments incidental
remaining Trustees snail appoint sucm person as they in their discretion therel0: oppose. or consent is, or otherwise participate in,
snail see fit (subject to:me limitations set:or,h in this Section).to serve corporate reorganizations or other changes affecting corporate
for Inc unexpired portion of the term of the Trustee who has resignee or securities, and delegate discretionary powers, and pay any
otherwise ceased to be a Trustee. The appointment shall be made by a assessments or charges in connection therewith: and generally
written instrument signed by a majority of the Trustees. The person exercise any of the bowers of an owner with respect to stocks,
appointed must be the same type of Trustee (i.e.. Public Employee bonds. securities or other properly held as part of the Trust
Trustee or ICMA/RC Trustee) as the person who has ceased to be a Property:
Trustee.An appointment of a Trustee may se made in anticipation of a (j) enter into contracts or arrangements for goods or services
vacancy to occur at a later date by reason of retirement or resignation. .required in connection with the operation of the Retirement
provided that such appointment shall not becomeefteelive prior to such Trust.including.but not limited to.contractswith custodiansand
retirement or resignation. Whenever a vacancy in the number of contracts for the provision of administrative services:
Trustees snail occur. until such vacancy is ;filed as provided in inis (k) borrow or raise money for the purpose,of the Retirement
Section 3.5.the Trustees in office.regardiess of theirnumber.shall have Trustm such amount,and upon such terms and conditions.as the
all the powers granted to the Trustees and snail discharge all me duties Trustees small deem advisable• provided that the aggregate
imposed upon the Trustees by this Declaration. A written instrument amount of such borrowings snail not exceed Wo Of the value Of
certifying the existence of such vacancy signed by a majority of Inc the Trust Property. No person lending money to me Trustees
Trustees snail be conclusive evieence of ine existence of sucn vacancy. shall be pound t0 see the application of the money lent or to
SECTION 3.6. Trustees Serve in Representative Capacity. By inawre into its validity, expediency or propriety of any such
executing this Declaration.each Public Employer agrees that the Public 'borrowing:
Employee Trustees elected by me Public Employers are authorized to (1) incur reasonable expenses as required for the operation of the
act as agents and representatives of ice Puolic Employers collectively. Retirement Trust and deduct such expenses from the Trust
Property:
ARTICLE IV. Powers of Trustees (an) ,pay expenses properly allocable to the Trust Property
SECTION 4.1. General Powers.The Trustees small have the power to incurred in connection with the Deferred Compensation Plans or
conduct the business of the Trust and to carry on its operations. Such the Employer Trusts and deduct such expenses from that portion
power snail include, but snail not be limited to, the power to: of the Trust Property beneficially owned'.by the Public Employer
la) receive the Trust Properly from file Public Employers or from to whom such expenses are properly allocable:
a Trustee of any Employer Trust (n) pay out Of the Trust Property all real and personal property
(b) enter into a contract with an Investment Adviser providing, taxes,income taxes and other taxes of any and all kinds which,in
among other things. for the establishment and operation of the the opinion of the Trustees. are properly levied, or assessed
Portfolios. selection of the Guaranteed Investment Contracts in under existing or future jaws upon, or in respect of, the Trust
which the Trust Property may be invested. selection of omer Property and allocateany such taxesto the appropriate accounts:
investments for Inc Trust Property and the payment of reasonable (o) adopt.amend and repeal the By-Laws,provided That such By-
fees to the Investment Adviser and to any sub-investment adviser Laws are at all times consistent with the terms of this Declaration
retained by the Investment Adviser: of Trust:
(c) review annually the performance of the Investment Adviser (p) employ persons to make available interests in the Retirement
and approve annually the contract wain such Investment Adviser; Trust to employers eligible to maintain a deferred compensation
(tl) invest and reinvest the Trust Property in the Portfolios. the plan under section 457 of the Internal Revenue Code. as
amended;
Guaranteed Investment Contracts and in any other investment
recommended oy the investment Adviser. provided that if a (q) issue the Annual Report of the Retirement Trust. and the
Public Employer has directed that its monies be invested in disclosure documents and other literature used by the
specified Portfolios or in a Guaranteed Investment Contract,The Retirement Trust:
Trustees Of the Retirement Trust small invest such monies in r make loans, including the
accordance with such directions; ( 1 9 purchase of debt obligations.
provided that all such loans shall bear interest at the current
(e) keep such portion of the Trust Property in cash or cash market rate:
balances as the Trustees,from time to time,may deem,tobe in the (s) contract:for,and delegate any powers granted hereunder to.
best interest of trie Retirement Trust created hereby. without such Officers, agents, employees. auditors and attorneys as fine
liability for interest thereon. Trustees may select,provided that the Trustees may not delegate
(1) accept and retain for such time as They may deem advisable the powers set forth in paragraphs(b)..(c)and to)of this Section
any securities or other properly received or acquired by inem as 4.1'and may not delegate any powers if such delegation would
Trustees hereunoer. 'whether or not such securities or other violate their fiduciary duties:
property would normally be purchased as investments nere- (1) provide for the indemnification of the officers and Trustees of
under, the Retirement Trust and purchase fiduciary insurance:
ig) cause any securities or Olmer property held as part of the (u) maintain books and records.including separate accounts for
Trust Property to be registered in the name of the Retirement each Public Employer or Employer Trust and such additional
Trust or m the name of a nominee,and to hold any investments in separate accounts as are required under,and consistent with,the
bearer form.but Inc books and records of the Trustees shall at all Deferred Compensation Plan of each Public Employer:and
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(v) do all sc:.n ads. take all sue. :ceedings. antl exercise all SECTION 5.3., ,nd, No Trustee snan.be obligates to give any cone
sutn rionis and clrviieces dl;noucn.not specifically mentioned Of other security fd(.Ihe performance OI any Of his or ,❑?r du".its
he•em. as u`e T. ees may deem ^ecessary Or uporopnate t0 hereunder.
acm,nister:ne T,,jzProms?r:v an a:_earn•out t he ourposesol the
Reorement T:us:.
SECTICN a.2. C:s:ncc;ion c: Trust F•_oer:v, Distributions of the ARTICLE VI. Annual Report to Shareholders
Trust Precerty snail ce mace to.or on oer.a::o!. the Puenc Empiccer,m The Trustees shall annually submit to me Public Emo:c,srs a v:neen
accorban e with Ire :E:.ms o. .:.e Dete—c Compensation Plans or report of The transactions of the Retirement Trust. inciucma :mancial
EmpiOyer Trusts. The T:-s:ees Cf the Re!rremenl Trust shall Ce fully statements which shall be certified by independent Dub!ic accour,:anls
cr Otectec :^ making.Cdt ments m.accordance with the directions of the chosen by the Trustees.
Public' Er._lovers or :-,e Tnis:ees Of ;Ce Emoloyer Trusts eMnout
ascermrtvto wnetner s.on oa..menis a e n compliance wi;n ;he ARTICLE VII. Duration or Amendment of Retirement Trust
Provisions O: :me Cefe'rec Ca—.censw c Plans or !, a agreements
creatma :n.e Emolo7 er Trusts. SECTION T 1. Withdrawal.A Public Employer may.at arrrtime.':nm-
The Trustees may Craw from this Retirement Trust by delivering to the Boars of Trustees a
SECTION �.3. Execution c: instruments, y statement to that effect. The withdrawing Public Employer's beneficial
unanimousiv desicnate any One or more c::ne Trustees To execute any interest in the Retirement Trust shall be paid out to the'Public Emooyer
Instrument or Cocumenl on Pena;or all,mciucing but not limited:o The or to the Trustee of inn Employer Trust. as appropriate.
signing or endorsement of anv cried, and the siening any
applications. insurance and otrer contracts. and the action o: such SECTION.7.2. Duration. The Retirement Truscshall continue until
cesionatec Trustee or Trustees snail have:ne same force and effect as if terminated by the vote of a majority of the Public Emcioyers. each
:aken by all The Trustees. casting one vote. Upon termination, all of the Trust Prccerty snail be
Paid out to the Public Employers orthe Trusteesof the Emoloyer Trusts.
ARTICLE.V. Duty of Care and Liability of Trustees as appropriate.
SEETICN 5.7. Cuty of Care. In exerc,s:ns the powers nereinnefore SECTION 7.3. Amendment. The Retirement Trust may oe amencea
granted IC:he Trustees.Me Trustees snail oerTOrm all acts within their by The vote Ota majority OI the Public Employers.each cas:,na one ole.
authority :or the eAc!usne ourC:se of er C'.•]mc behetlls :Of The Public SECTION 7. Procedure. A resolution To terminate Cr amend t.^e
cmpiovers. and snail cer:orm sccn acts v.::n :he care, skill. prudence Retirement Trust or to remove a Trustee snail be submC:ec:o a vote of
and cillcercem The cirr_ms:ances men die':ailing.That a crudeni Gerson the Public Employers it; tat a majority of The Trustees so direct.or-pl a
actinc in a like caDacw.,anc iam:aar with 5'_cn matters W ould use mine petition reouesting.a vote. signed by not less than 255: :! the Puonc
conduct C: an enleronse or a hie cnaractcr and with like aims. Employers. is submitted to The Trustees.
SECTICN 5.2. Liamlry. The Trustees snail not be liable for any
mistake of judgment or o:ner action taken in cool faith, and for any
action taken or om,:Tec in relia::ce in ep_c faith upon the books of ARTICLE Vlll. Miscellaneous
account or other records of the^eliremen:Trust. upon kite opinion of SECTION 8.1. Governing Law.Except as otherwise ieduir?C by=_:a:?
offcounsel. or uove sor a- made o the Re:v?Tent Trust Adviser any of its or local law, this Declaration or Trust and the Retirement Trust her�Dv
investB, nt advees or agents Or c•:the Ira se s orotheror anysub- created shall be construed and regulated by the laws of:no District of
investment adviser, aQOu0ta03, dppra'Sers or other a%Der[S Or
consultants selectee vv'iin reasoraote care by the Trustees. officers or Columbia.
employees of the Reuremem Trust.The Tr_;Tees shall also not be liable SECTION 8.2. Counterparts. This Declaration may be executed oy
for any loss sustained ovine Trus:Propem,cv reason of any investment the Public Emplovers and Trustees in twoor more counter-arts.each of
made in good laith and in accordance wen:nestandard of care set form which shall be deemed an original but all of which lCoetner snail
in Section 5.1. constitute one and the same instrument.
APPENDIX C
TRUST AGREEMENT WITH
THE ICIMA RETIREMENT.CORPORATION
AGREEMENT made by and between the Employer named in the provided, however. that the Employer may direct investment by the
attached resolution and the International City Management Association Trustee among available investment alternatives in such proportions as
Retirement Corporation (hereinafter the "Trustee or "Retirement. .the Employer authorizes in connection with its deferred compensation
Corporation').a nonprofit corporation organized and existing underthe agreements with its employees.For these purposes.these Trust Funds
laws of the State of Delaware.for the purposeof investing andotherwlse may be commingled with Trust Funds set aside by other Employers
administering the funds set aside by Employers in connection with .pursuant to the terms of the ICMA Retirement Trust.Investment powers
tleterred .compensation plans established under section 457 Of the vested.in'the Trustee by the Section may be delegated by the Trustee to
Internal Revenue Code of 1954(the"Code").This Agreement shall take any bank, insurance or trust company, or any investment advisor,
effect upon acceptance by the Trustee of its appointment by the manager or agent selected by it.
Employer to serve as Trustee in accordance herewith as set forth In the
attached resolution.
Section 2.2. Administrative Powers of the Trustee. The Trustee shall
WHEREAS.the Employer has established a deferred compensation plan have the power in its discretion:
under section 457 Of the Code (the "Plan"): (a) To purchase, Or subscribe for. any securities Or other
'NHEREAS, in order that there will be sufficient funds available to property and to retain the same in trust.
Discharge the Employers contractual Obligations under the Plan, the
Emotoyer oeslre5 to set aside periodically amounts equal to theamount (b) To sell, exchange, convey. transferor Otherwise dispose of
of compensation deferred: any securities or other property held by it,by private contract.or
`.':HEREAS.the funds set aside.together with any and all assets derived at public auction. No person dealing with the Trustee snail be
from the investment thereof.are to be exclusively within the dominion. bound to see the application of the purchase money Or to inquire
control,and ownership of the Employer. and subject to the Employer's into the validity, expediency, or propriety Of any such sale or
aosolute right of withdrawal, no employees having any interest other disposiilo n.
::nalsoever therein: (c) To vote upon any stocks. bonds. or other securities: to give
%OW. THEREFORE. this Agreement witnesseth that (a) the Employer general or special proxies or powers of attorney with or without
:ail pay monies to the Trustee to be placed in deter rea compensation power of substitution: to exercise any conversion privileges,
accounts for the Emotoyer. (b) the Trustee covenants that it will hold subscription rights. or other options.and to make any payments
said sums.and any other funds wmcn It may receive nereunder.in trust incidental thereto: to oppose. or to consent to, or otherwise
:or the uses and purposes and upon the terms and conditions participate in, corporate reorganizations or other changes
nereinafter stated: and Ic) the parties hereto_agree as follows: affecting corporate securities, and to delegate discretionary
ARTICLE I. General Duties of the Parties. powers. and to pay any assessments or charges In connection
therewith: and generally to exercise any of the powers of.an
Section 7.1. General Duty of the Employer.The Employer shall make owner with respect to stocks.bonds.securities or other property
regular periodic payments equal to the amounts of its employees' held as part of the Trust Funds.
compensation wnicn are tleterred in accordance with the terms and (d) TO cause any securities Or other property held as part Of the
conditions of the Plan to the extent that such amountsareto be invested Trust Funds to be registered in its own name. and to hold any
under the Trust. investments in bearer form, but the books and records of the
Section 1.2. General Duties of the Trustee.The Trustee shall hold all Trustee shall at all times show that all such investmentsare apart
funds received by it hereunder, which, together with the income of the Trust Funds.
therefrom,snall constitute the Trust Funds. It snail,administer the Trust (e) To borrow or raise money for the.purpose of the Trust in such -
FunPIS.collect the ln come thereof.an make paymen is t herefrom.at l as amount.and u Pon such terms and conditions,as the Trustee shall
hereinafter provided. The Pruslee shall also hold all Trust Funds which deem advisable: and. for any sum s0 borrowed. to issue Its
are transferred to it as successor Trustee by the Employer from existing promissory note as Trustee,and to secure the repayment thereof
relerred compensation arrangements with its Employees under plans by pledging all.or any part,of the Trust Funds.No person lending.
':escribed in section 457 of the Code.Such crust Funds shall be subject money to the Trustee snail:be bound to see the application of the
:o all of the terms and provisions of this Agreement. money lent or to inquire into its validity.expediency or propriety
of any such borrowing.
ARTICLE It. Powers antl Duties of .the Trustee in Investment. (f) To keep such portion of the Trust Funds in cash or cash
Administration. and Disbursement of the Trust Funds. balances as the Trustee,from lime.10 time,may deem to be in the
Section 2.1. Investment Powers and Duties of the Trustee. The best interest of the Trust created hereby, without liability for
Trustee shall have the power to invest anc.reinvest the principal and interest thereon.
Income Of the Ttu5l,Funds.and keep the Trust Funds invested.without (g) To accept and retain for such time as it may deem advisable
ctsllnction between principal and income, in securities or in other any securities or other property'.received or acquired by it as
;3opfrty. real or personal'.wherever situated,Iridtudl❑g,but not IIn111Cd Trustee hereunder. Whether or not Such securities or Other
:0, stocks, common or preferred. bonds, retirement annuity and property would normally be purchased as investment nereunder.
insurance polico;s. mortgages.and other evidences of indebtedness or (h) To make, execute, acknowledge, and deliver any and all
ownersmp, investment companies, common or group trust funds. or documents of transfer and conveyance and any and all Other
separate and different types of funds (including equity. fixed income) instruments that may be necessary or appropriate tocarry out the
which fulfill requirements of state and local governmental laws, powers nerem granted.
0 Tp settle. cdmpromise, or SuOmil to arbitration any claims, When an account becomes an account stated.such account snail be
dens, or darnaces cue or owrno to Cr from This Trust Funds ;0 finally settled. ana the Trustee shall be completely cuscnargec and
commence or defendsluts Or lecal or admrrasiraive proceecinCs: released.asd such account had oeen settled and allowec.oy a)udgment
anc TO represent The.Trust funds in all suits and fecal and or decree of a court dtcompetent jurisdiction in anaction at oroceeeing
acrnmistra UFe croceedmcs, in whicm The Trustee and the Employer were parties.
III TO o0 all<ucn acts.lake all such c:Jceeaings..and exercise all The Trustee Shall nave the right to apply at any time to a court of
such rights and Orivileoes. allhougn no: specifically men!ored competent jurisdiction for fine juc icial settlement.of its account,
herein. as the Trustee may oeen rscessary :c aaminrs:er :tie
Taut Funds and :o carry out the curcoses of iris Trust. ARTICLE VI. Resignation and Removal of Trustee.
Section, 2.3. Dstrmunons from the -rust Funds. The E.molever Section 6.1. Resignation of Trustee. The Trustee may resign at any
�lereby appoints Ire Trustee as its agem :of The purpose of making Time by f:ina,with the Employer dswntten resignation.Such resignation
distributions from the Trust Funds. In :his reaarc The terms and shall take effect sixty (60) clays from the date of such filing.ana.uoon
Conditions set forth in me Plan are to auice and control The Trustee's appointment of a successor.pursuant IO Section 6.3.. v:nlenever snail
power. first occur.
Section 2.4. Valuation of Trust Funds. At least once a year as of Section 6.2. Removal of Trustee. The Employer may remove the
Valuation Dates designated by the Trustee.:ne Trustee snail determine Trustee a: any time by delivering to the Trustee a written notice of its
the value Of the Trust Funds.Assets Of the Last Funes snali be valued at removal and an appointment of.a successor pursuant to Section 6.3.
their market values at(me close of business on The Valuation Dale.or,in Sucn removal shall not take effect prior to sixty (60) days from such
the absence OT reaauy ascertainable market values as the Trustee small delivery unless the Trustee agrees to an earlier effective Cate.
determine, in accordance wan methods consistently followed and Section 6.3. Appointment of Successor Trustee.The appointment of
uniformly applied. a successor to the Trustee shall take effect upon the ceiivery to the
ARTICLE Ill. For Protection of Trustee. Trustee of (a) an instrument in wraina executed by :tie .Employer
Section 3.1. Evidence o: Action by Eri The Trustee may raiv apeomima such successor. and exonerating such successor from
upon any certificate,nouce or direction pur00rlina'to nave oeen srarec habdily for the acts and omissions of its predecessor. and fill an
on behalf of the Employer which the Tru S:ee ceheves to nave ceen acceptance in writing, execu:ea by such successor.
signed by acug eesignateadrticial of the Ec..;Over.Nocommunica::cn All of:tie provisions set forth herein with respect tome Trustee snail
shall be Dinning upon any of:he Trust Fuccs or Trustee until they are relate m eacn successor with The same force and effec: as if such
received by the Trustee. successor nac been Originally named as Trustee hereunder.
Section 3.2. Advice of Counsel. The Treslee may consul: wan any If a successor is not appointed with sixty (60) days after the Trustee
legal counsel with respect :0 the consrru-::on of ;his Agreement. ,Ts gives notice of its resignation pursuant to Section 6.1.i The Trustee may
duties rlereunaer.Or any act,v.-rich it Oro-cses!O:ake or cmlt.ana shall apply t0 any court of competent jurisdiction for appcinimenf 0: a
not be liable tar any action taken or omitted In good faith pursuant :o successor.
such advice. Section 6.4. Transfer of Funes to Successor.Upon The res
ignation t or
Section 3.3. Miscellaneous. The Trustee snail use ordinary care anc removal Of the 'trustee and appointment of a successor, and after this
reasonable diligence.out shall nor be Iidne nor arty n i5take of juccri •final account of the Trustee has been properly settled.the Trustee snail
Or other action taken in oOOctaran.The Trus:cesnall not oe.Iiatieforany transfer and Celiver any of the Trust Funds involved to such successor.
Iosssustamed by the Trust Funds by reasons OTany investment mace:n ARTICLE VII. Duration and Revocation of Trust Agreement.
good faith and in accordance wan The prrasions of this Agreement.
The Trustee's duties and obligations snail oe limited to those Section 7.1. Duration and Revocation. This Trust shall continue for
expressly imposed upon it by ins Agreement. soon time as may be necessary to accomplish the purpose for which it
was created out may be terminated or revoked at any time by the
ARTICLE IV. Taxes. Expenses and:Compensation of Trustee. Employer as it relates to any and/or all related participating Employees.
Section 4:1. Taxes.The Trustee small deduct from and charge against Written notice of such termination or revocation shall be divan to the
the Trust Funds any taxes on the Trust Funds Or the income thereof or Trustee oy The Employer. Upon termination or revocation of the Trust.
which the Trustee is required to pay with respect 10 the interest Of any all 01 the assets thereof shall return to and revert to the Employer.
person therein.
Termination of this Trust shall not.however.relieve the Employer of the
Employer's continuing Obligation to pay deferred compensation t0
Section 4.2. Expenses. The Trustee snail deduct from and charce Employees in accordance with the terms of the Plan.
again5tthe Trust Funds all reasonableexpenses incurred cy the Trustee Section7.2. Amendment.The Employer shall have the'nara to amend
in the administration Of the Trust Funds. including Counsel, agency. ;his Agreement in whole and in part but only with the Trustee's written
investment.ativisory, one other necessary fees. consent.Anv such amendment snail become effective upon ia)delivery
ARTICLEV. Settlement of Accounts.The Trustee snall keep accurate to Ire Trustee of a written instrument of amendment, and (b) the
and detailed accounts at all investments. receipts,aisbu'tsem frts. and .endorsement oy the Trustee on such instrument Of its CcnSen!thereto.
diner transactions hereunder. ARTICLE Vllf. Miscellaneous.
Within ninety(90)days after the close of eacn',`iscal year,the Trustee Section 6.1. Laws O} the Di51rICi Of Columbia t0 Govern. This
shall render in duplicate to the Employer an account of its arts and
transacuonsas rrusteenerefunder. Itanvparl OTmeTrust t Funesnance Agreement and the Trust hereby created shall be construed and
invested tnrouah the medium of any common.coilectiveor commmdea regulated Toy the laws at the District of Columbia.
Trust Funes. the last annual report of sJcn Trust Funds snail be Secnon8.2. Successor Employers.The"Employer"shallineluaeany
submitted '.vah.ancl incorporated in the account. person who succeeds the Employer and Who thereby becomes sudjecl
It wtlmn ninety 190i days after the mailing of the account or anv to the ooligauons of The Employer under The Plan.
amended account Ire Employer has not tl:ec wren the Trustee notice at Section 6.3. Wilhdrawais. The Employer may.at any time.and from
any objection to any act or transaction of !ne Trustee, the account Or time to Time, vnthcraw a portion or ail of Trust Funds createa.by this
amended account snail become an account slated.If any Objection nas Agreement.
been filed,and it the Employer is satisfied tra:i;snoulane withdrawn or .Section 8.4. Gender and Number. The masculine includes the
- if the account is adjusted to the Employer s sabstacuon. the Employer feminine and the singular includes the plural unless the context requires
snail in writing filed with The Trustee signify approval Of the account and another meaning.
it shall hecome an account stated.
2