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APPENDIX B <br /> <br /> DECLARATION OF TRUST <br /> of <br /> ICMA RETIREMENT TRUST <br /> <br /> ARTICLE I. Name and Definilions ARTICLE I1. Creation and Purpose of the Trust; Ownership of Trust <br /> Property <br /> SECTION 1.1. Name. The Name of the Trust created hereby is the SECTION 2.1. Creation. The Retirement Trust is created and <br />ICMA Retirement Trust. established by the execution of this Declaration of Trust by the Trustees <br /> SECTION 1.2. Definitions. Wherever they are used herein, the and the participating Public Employers. <br />following terms shall have the following respective meanings: SECTION 2.2. Purpose. The purpose of the Retirement Trust is to <br /> (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 <br /> amended from time to time. Employers in connection with their Deferred Compensation Plans. The <br /> Trust Property shall be invested in the Portfolios, in Guaranteed <br /> (b) Deferred Compensation Plan. A deferred compensation plan <br /> Investment Contracts and in other investments recommended by the <br /> established and maintained by a Public Employerforthe purpose Investment Adviser under the supervision of the Board of Trustees. <br /> of providing retirement income and other deferred benefits to its <br /> employees in accordance with the provisions of section 457 of SECTION 2.3 Ownership of Trust Property. The Trustees shall have <br /> the Internal Revenue Code of 1954. as amended. legal title to the Trust Property. The Public Employers shall be the <br /> beneficial owners of the Trust Property. <br /> (c) Guaranteed Investment Contract. A contract entered into by <br /> the Retirement Trust with insurance companies that provides for <br /> a guaranteed rate of return on investments made pursuant to <br /> such contract. ARTICLE III. Trustees <br /> (d) ICMA. The International City Management Association. SECTION 3.1. Number and Qualification of Trustees. <br /> (e) ICMA/RC Trustees. Those Trustees elected by the Public (a) The Board of Trustees shall consist of nine Trustees. Five of <br /> Employers who, in accordance with the provisions of Section the Trustees shall be full-time employees of a Public Employer <br /> 3.1 (a} hereof, are also members of the Board of Directors of ICMA (the Public Employee Trustees) who are authorized by such <br /> Public Employer to serve as Trustee. The remaining four Trustees <br /> or RC. shall consist of two persons who, at the time of election to the <br /> (f) InvestmentAdviser. The InvestmentAdviser that enters into a Board of Trustees, are members of the Board of Directors of <br /> contract with the Retirement Trust to provide advice with respect ICMA and two persons who, at the time of election, are members <br /> to investment of the Trust Property. of the Board of Directors of RC (the ICMA/RC Trustees). One of <br /> (g) Employer Trust. A trust created pursuant to an agreement the Trustees who is a director of ICMA, and one of the Trustees <br /> between RC and a Public Employer for the purpose of investing who is a director of RC, shall, at the time of eFection, be full-time <br /> and administering the funds set aside by such employer in employees of a Public EmpFoyer. <br /> connection with its deferred compensation agreements with its (b) No person may serve as a Trustee for more than one term in <br /> employees. any ten-year period. <br /> (h) Portfolios. The Portfolios of investments established by the SECTION 3.2. Election and Term. <br /> Investment Adviser to the Retirement Trust, under the <br /> supervision of the Trustees, for the purpose of providing (a) Except for the Trustees appointed to fill vacancies pursuant <br /> investments for the Trust Property. to Section 3.5 hereof, the Trustees shall be elected by a vote of a <br /> majority of the Public Employers in accordance with the <br /> (i) Public Employee Trustees. Those Trustees elected by the <br /> procedures set forth in the By-Laws. <br /> Public Employers who, in accordance with the provisions of <br /> Section 3.1(a) hereof, are full-time employees of Public (b) At the first election of Trustees, three Trustees shall be <br /> Employers. elected for a term of three years, three Trustees shall be elected <br /> for a term of two years and three Trustees shall be elected for a <br /> (j) Public Employer. A unit of state or local government, or any term Of one year. At each subsequent election. three Trustees <br /> agency or instrumentality thereof, that has adopted a Deferred shall be elected for a term of three years and until his or her <br /> Compensation Plan and has executed this Declaration of Trust. successor is elected and qualified. <br /> (k) RC. The International City Management Association SECTION 3.3. Nominations. The Trustees who are full-time <br /> Retirement Corporation. employees of Public Employers shall serve as the Nominating <br /> (I) Retirement Trust. The Trust created by this Declaration of Committee for the Public Employee Trustees. The Nominating <br /> Trust. Committee shall choose candidates for Public Employee Trustees in <br /> accordance with the procedures set forth in the By-Laws. <br /> (m) Trust Property. The amounts held in the Retirement Trust on <br /> behalf of the Public Employers. The Trust Property shall include SECTION 3.4. Resignation and Removal. <br /> any income resulting from the investment of the amounts so held. (a) Any Trustee may resign as Trustee (without need for prior or <br /> (n) Trustees. The Public Employee Trustees and ICMA/RC subsequent accounting) by an instrument in writing signed by the <br /> Trustees elected by the Public Employers to serve as mere bers of Trustee and delivered to the other Trustees and such resignation <br /> the Board of Trustees of the Retirement Trust. shall be effective upon such delivery, or at a later date according <br /> <br /> <br />