1989.06.05 RESO 1989-0013 - Laserfiche WebLink

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DECLARATION OF TRUST OF ICMA RETIREMENT TRUST ARTICLE 1. NAME AND DEFINITIONS Section 1.1 Name: The Name of the Trust, as amended and mated hereb% is the ICMA Re irement Trust. Section 1.2 Definitions: Wherever they are used herein, the following terms shall have the following respective meanings: (a) DtLaws. The By -Laws referred to in Section 4,1 hereof, as amended from time to time. (b) Deferred Compensation Plan. A deferred compensation plan established and maintained by a Public Employer for the purpose of providing retire. ment income and other deferred benefits to its employees in accordance with the provisions of section 457 of the Internal Revenue Code of 1954, as amended. (c) Employees. Those employees who participate in Qualified Plans.' (d) Employer Trust. A trust created pursuant to an agreement between RC and a Public Employer for the purpose of investing and administering the funds set aside by such Employer in connection with its Deferred Compen. sation agreements with its employees or in connection with its Qualified Plan. (e) Guaranteed Investment Cormact. A contract entered into by the Retire- ment Trust with insurance companies that provides for a guaranteed rate of return on investments made pursuant to such contract. (f) ICMA. The International City Management Association. (g) ICMAIRG Trustees. Those Trustees elected by the Pubic Employers who, in ao=danoe with the provisions of Section 3.1(e) hereof, are also mem- bers of the Board of Directors of ICMA or RC. (h) Investment Advised The Investmment Adviser Out enters into a contract with the Retirement Trust to provide advice with respect to investment of the Trust Property. 0i Portfolio& The Portfolios of investments established by the Investment Adviser to the Retirement Trust, under the supervision of the Trustees, for the purpose of providing investments for the Trust Property. p Pubic Employee Trustees. Those Trustees elected by the Pubic Employers who, in accordance with the provisions of Section 3.1(a) hereof, are full -fire employees of Pudic Employers. (k) Public Employer Trustees, Public Employers who serve as trustees of the Qualified Plans. (1) Public Employer. A unit of state or local government, or any agency or instrumentality thereof, that has adopted a Deferred Compensation Plan or a Qualified Plan and has executed this Declaration of Trust (m) Qualified Plan. A plan sponsored by a Public Employer for the purpose of providing retirement income to its employees which satisfies the qualifi- cation requirements of Section 401 of the Internal Revenue Code, as amended. (n) RC. The International City Management Association Retirement Corpo- ration. APPENDIX B (o) Retirement Trust. The Trust created by this Declaration of Trust. (p) Trust Property. The amounts held in the Retirement Trust on behalf of the Public Employers in connection with Deferred Compensation Plans and on behalf of the Public Employer Trustees for the exclusive bandit of Employees pursuant to Quali- fied Plans. The Trust Property shall include any income resulting from the invest- ment of the amounts so held. (q) Trustees. The Pudic Employee Trustees and ICMAIRC Trustees elected by the Public Employers to serve as members of the Board of Trustees of the Retirement Trust. ARTICLE 11. CREATION AND PURPOSE OF THE TRUST; OWNERSHIP OF TRUST PROPERTY Section 2.1 Creation: The Retirement Trust is created and established by the execution of this Declaration of Trust by the Trustees and the Pubic Employers. Section 2.2 Purpose: The purpose of the Retirement Trust is to provide for the commingled investment of funds held by the Public Employers in connec- tion with their Deferred Compensation and Qualified Plana The Trust Prop- erty 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. No part of the Trust Property will be invested in securities issued by Public Emplayera Section 2.3 Ownership of 11rust Property: The Trustees shall have Iegal title to the Trust Property. The Punic Employers shell be the beneficial owners of the portion of the Trust Property allocable to the Deferred Compensation Plana The portion of the Trust Property allocable to the Qualified Plans shelf be held for the Pudic Employer Trustees for the exclusive benefit of the Employees. Section 3.1 Number and Qualification of Trustees. (a) The Board of Trustees shall consist of nine Trustees. Frve of the Trustees shall be full-time employees of a Public Employer (the Pubic Employee Trustees) who are authorized by such Public Employer to serve as Trustee. The remaining four Trustees shall consist of two person who, at the time of election to the Board of Trustees, are members of the Board of Directors of ICMA and two persons who, at the time of election, are members of the Board of Directors of RC (the ICMA/RC Trustees). One of the Trustaes who is a director of ICMA, and one of the Trustees who is a director of RC, shall, at the time of election, be full-time employees of a Public Employer. (b) No person may serve as a Trustee for more than one term in any ten-year period. Section 3.2 Election and Tenn. (a) Except for the Trustees appointed to fill vacancies pursuant to Section 3.5 hereof, the Trustees shall be elected by a vote of a majority of the Public Employers in accordance with the procedures set forth in the By -Laws.