Agenda Packets - 1983/09/12 - Laserfiche WebLink

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APPENDIX B :.4 DECLARATION OF TRUST of ICMA RETIREMENT TRUST ARTICLE I. Name and Definitions SECTION I.I. Nance. The Name of the lnrst cleared horeby Is the ICMA Botanical Trust. SECTION 1.2. Definitions Whatever they me used herein. [Ile following forms shall have the [allowing respective meanings. C (a) By -Laws. The By -Laws referred to tit Section 4,1 hereof, as amended from tittle to time. Ibl Deterred Compensation Plan. A dulerred compensation plan established and maintained by a Public Employer for the purpose of providing retirement income and other deterred benefits to its employees in accordance with Ilia provis!ons of section 457 at file bdemnl Revenuo Coda of 1054. as amended. (c) Guaranteed Investment Contract. A contract entered into by the Retirement Trust with insurance companies that provides for a guaranteed ral� tit return on investments made pursuant to such contlacl. (d) ICMA. The International City Management Association. to) ICMAIRC Trustees. Those Trustees elected by the Public Employers who, in nccmdancu Willi the provisions of Section 3. IIa) hmcol, are also menibets of the Board of Directors of ICAIA of TIC, (1) Investment Adviset. The Investment Adviser that enters mtoA contract with Ilia Retirement Trust to provide advice with respect to investment of Iho Trust Properly. (g) Employer Trust, A trust created pursuant to an agreement between RC and a Public Employer lot the purpose of investing and administering the funds set aside by such employer in connection with its deferred compensation agreements with its employees. (h) Portfolios. The Portfolios of investments established by Ilia Investment Adviser to the netiremenl Trust, under Ilia supeivdion of Ilia Trustees, for Ilia purpose of providing investments for the Trust Propeny. Ill Public Employee Trustees. Those Trustees elected by the Public Employers who, in accordance with Ilia provisions of Section 3.Ila) hereof, are Tull -time employees of Public Employers. (j) Public Employer. A unit of stale or local government, of any agency or instrumentality thereof, that has adopted a Deferred Compensation Plan and has executed this Declaralion of Trust. (it) RC. The International City Management Association Retirement Corporation. (1) Retirement Trust. The Trust created by this Declaration of Trust. (tit) Trust Property. The amounts held in Ilia Flefirenicnl Trust on behall of the Public Employers, The Trust Properly shall include any income resulting from the investment of theanfounts so hard. In) Trustees. The Public Employee Trustees and ICMArRC Trustees elected by the Public Employers to serve as mombrtss of the Board of Trustees of the Retirement Trust. ARTICLE If. Creation and Purpose of the Trust; Ownership of Trial Properly SECTION 2 1, Croalion. Ilm Tb)lucfncnt Trust is created and established by ilia execution of this Declaralion oT Trust by the Trusloes and the participating Public Employers. SECTION 2.2. Purpose The purpose of the Retirement Trust is to provide lot the commingled investment of funds held by the Public Employers in connection with their Deferred Compensation Plans. The Trust Properly shall be invested in the Portfolios. in Guaranteed Investment Contracts and in other investments recommended by the Investment Adviser under the supervision of the Board of Trustees. SECTION 2.3 Ownership of Trust Properly. The Trustees shall have legal title to [he Trust Property. The Public Employers shall be the beneficial owners of the Trust Properly. ARTICLE Ill. Trustees SECTION 3.1. Number and Oualilfcation of Trustees. (a) The Board of Trustees shall consist of nine Trustees. Five of Thu Trustees shall be full-time employees of a Public Employer (Ilia Public Employee Trustees) who are authorized by such Public Employer toseive as Trustee. The remaining four Trustees shall consist of two persons who. at the lane of election to the Board of Trustees, are members of the Board of Directors of ICMA and two petsonswho, al the time of election, are members of the Board of Directors of RC (the ICMA/RC Trustees). One of the Trustees who is a director of ICMA, and one of the Trustees who is a dneclor of RC, shall, At the time of election, be full -lime employees of a Public Employer (b) No person may serve as a Trustee lot more than one term in any ten-year period. SECTION 3.2. Election and Term. (a) Except for the Trustees appointed to lilt vacancies pursuant to Section 3.5 hefoof, the Trustees shall be elected by a vela of a majority of the Public Employers In accordance with the prncndures set forth in the By -Laws. (b) At the first election at Trustees, three Trustees shall be elected for a term of three years. three Trustees shall be elected for a term of Iwo years and three Trustees shall be elected for a tariff of one year. At each subsequent election, three Trustees shall be elected for a term of three years and until his or her successor is elected and qualified. SECTION 3 3 Nominations. The Trustees who are lull -time employees of Public Employers shall salvo as the Nominating Committee lot the Public Employub Trustees. The Nominating Committee shall choose Candidates for Public Employee Trustees in accordance wnh Ilia procedures sal lodh in Ilia By -Laws. SECTION 3 a. Resignation and Removal la) Any Trustee may resign as Trustee (without need for prior or subsequent acaounling) by an instrument in writing signed by the Trusteeand dehveled to the other Trustees and such resignation shall be effective upon such delivery. atilt a later lime according