RES 84-038 RESOLUTION AUTHORIZING THE MAYOR AND CITY MANAGER TO EXECUTE THE ICMA RETIREMENT TRUST

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ICMA Retirement Corporation THE DECLARATION OF TRUST FOR THE ICMA RETIREMENT TRUST: SUMMARY The ICMA Retirement Trust is anew feature . of our organizational structure. We currently have a direct Retirement Trust relation- ship with you which will continue. The new. trust establishes a Board of Trustees selected by participating employees, thus giving the employers ultimate control over the management of funds. Included in the Trustees' responsibilities are oversight of our performance, appointment of auditors, and monitoring of investment goals and objectives. The Retirement Trust was created by a Founders Committee of persons representative of the participants in the RC program. The first elections were held in November 1983 . Nine Trustees were elected: five at-large members represent RC participating employers, two represent the RC Board of Directors, and two represent the ICMA • Executive Board. Public employers that adopted the trust partici- pated in that election. The next election will be held in spring 1985. All investments made on your behalf currently are held under the ICMA Retirement Trust. However, unless you adopt the Declaration of Trust, investment will not be held thereunder following a transitional period. Therefore, while failure to adopt the Declaration of Trust will not directly affect your plan or have any immediate effect on the investment of your funds, it is required for your full and continuing participation in the Retirement Trust. ' These changes improve and enhance the program. The addition of the ICMA Retirement Trust is done in the spirit of our long-standing objective of serving the best interests of our participants. If you need additional information, please call our office toll-free at 800-424-9249. As always, we are prepared to assist you. 8/84