RES 98035 - Laserfiche WebLink

DECLARATION OF TRUST OF ICMA RETIREMENT TRUST ARTICLE I. NAME AND DEFINITIONS Section 1.1 Name: The Name of the Trust seated hereby ti the ICMA Retirement Trust. Section 1.2 Defmitioas: Wherever they are used herein, the following terms shall have the following respective meanings: (a1 By-laws. The By-laws referred ro inSection 4.1 hereof, as amended from time to time. (b) Deferred Compensation Plan. A deferred wmpenution plan established and maintained by a Public Employerfathe putpoxof providing rcrircmrnt inwme and other deferred benefia to its employes m accordance with the provision of section 457 of the internal Revenue Code of 1986, u amended. (c) Employes. Thox employes who participate in Qwlified Plans. (d) Employer Trust. A trust created ppurnnnt co an agreement between RC and a Public E Dyer, or an aagg~rceemrnt between RC and a Public Employer for adminismtive xrvics that is t-ot a [trot, in either cast for the purpox of investing std adtnittimring the fords set aide by such Employer in connection with is Defected Compensation agreements wit h is employees a in connection with is Qualified Plan (e) Investment Conteact. Atom-negotiable contntt eructed into by the Retirement Tntsc with a financial institution that provids for a fixed rate of return on investment. lfl ICMA. The International CirylCamry Management Auociation. (g) ICMA/RC Trustees. Those Truces elected by the Public Employes who, in accordance wick the pravisioru of Section 3.1(a) hereof, are also membes of the Board of Direuosof ICMA a RC (or in the cue of RC, forma membea of the RC Baotd ). (h) lnvsamrat Adviser. The Investment Adviser riot enters into a conttut with the Retirement Ttuc to de advice with cspecc to invsttent of the Trust rt9• (i) Portfolios. The separate commingled accotttus of investment stablished by the Invesment Adviser co the Retirement Trust, under the supervision of the Truces, fa the purpose of providing investmrna fa the Trust Property. (j) Public Etopioyer Trustees. Those Treece elated by rite Public Em byes who, in accordance with the provision of Section 3.1(a) hereof, are full-time employes of Public Employers. (k) Public Etttpbyer Trustees. Public Employes who serve as tnrstea of the Qualified Plata. (1) Public Employer. A unit of care a lonl governatent, a any agency or it~struaretuality thereof, that has adopted a Deferred Co [ion Plan a a Qualified Plan std has executed dris ~eelatatian of Trust. (m) Qualified Plan. Aplattsporoored by a Public Employer for the purpose of providmg ntinmetu ittwme to is employees which satisfis the qua{ifintion requircrnerra of Section 40l of the ltuertul Revenue Cade, as ataettded. (a) RC. The [ntematiottal Ciry Mattagea-etrc Associaciott Rairemettc Corpontan (o) Retirement Trust. The Trust created by this Declaration of Trust. (p) Tnut Property. The amounts held in the Retirement Trust on behalf of the Public Empployers in connection with Deferred Compensation Plans and on behalf of the Public Employer Trustees for the exclusive benefit of Employees pursuant to Qualified Plans The Trust Propery shall include any income resulting from the investmrnt to the amours so held. (q) Trustees. The Public Employee Trustees and ICMA/ RC Trustees elected by the Public Employers co xrve as members of the Board of Tnutes of the Retirement Tnuc. ARTICLE II. CREATION AND PURPOSE OF THE TRUST; OWNERSHIP OF TRUST PROPERTY Section 2.1 Creation: The Retirement Taut wuueated by the execution of this Declaration of Tcuc by the initial Truc- eaand Public Employes and is stablished with respect to each panicipacing Public Employer by adoption of this Declaration of Ttuc. Section 2.2 Purpose: The putpox of the Retirement Trust is to prtrvide for the commingled investment of fords held by the Public Employes in connection with their Deferred Competition and Qualified Platts. The Taut Property shall be invested in the Porcfolios, in investment Con- traca, std in odter invecmrna recotrrmerded by the investment Adviser under the supervision of the Board of Tntstes. No part of the Taut Property will be invested in scarcities issued by Public Employes. Section 2.3 Ownership of Tcusc Property: The Trustee dull • have I ! title to the Truc Property. The Public Employ- es slul~be the beneficial ownes of the patios of the Trust Property allocable ro the Deferred Co cion Pluss. The~~oortion of the Trust Property allcable to the Quali- fied Platushali beheld fore Public EmployerTrucesfa the exclusive benefit of the Employes. ARTICLE III. TRUSTEES Section 3.1 Number and Qualifintion of Trusters: (a) The Board of Tnutes skull consist of tine Tastes. Five of the Truces shall be full-rime employes of a Public Employer (the Public Employee Tnutes) who are authorittd by such Public Employer to xrve u Trustee. The rcmatning four Tnutes shall consist of two petsotu who, at the time of election to the Bond of Truces, ate tnettrbes of the Baud of Directors of ICMA std two pesoas who, ac the time of election are member or former membea of the Board of Discos of RC (the ICMA/RC Trustees). One of the Truceswho isaditettorof ICMA, std oneofche Ttrutes who is a director of RC, stall, at the tittu of election, be full-time employes of Public Etnployea. (b) No petsott may xrve as a Trustee fa more than two terms in any ten- year period. Section 3.2 Elation and Term: (a) Except fa the Tnutes a need to fill vacancis pursuant oo Section 3.5 hereof, the Trustees shall be dated by a votx of a majority of the voting Public Employes in accotdatrce with the proce- dures xt forth in the Bylaws. (b) At cIu firx election of Ttuaea, chm Ttustces shall be elected for a term dthree yeas, thm Trustees shall be elected for a term of two yeas std three Tnutes skull be elected for a term of one year. Ac each su bsequent election, three Truces she u be elated, each to xrve ffoor a term of tluee years and anal hu a her sttccssor u elected and qualified. arcterrded January 1995 0