1989.06.05 RESO 1989-0013 - Laserfiche WebLink

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Section 4.2 Distribution of bust Property: Distritxutions of the Trust Prop- erty shall be made to. or on behalf d, the Public Employer or Public Employer Trustee, in accordance with the temps of the Deterred Compensation Plans, Qualified Plans or Employer Trusts. The Trustees of the Retirement Trust shall be fully protected in making payments in accordance with the directions of the Public Employers, Public Employer Trustees or other Trustee of the Employer Trusts without ascertaining whether such payments are in compliance with the provisions of the Deferred Compensation or Ouafified Plans, or the agreements creating the Employer Trusts. Section 4.3 Execution of Instruments: The Trustees may unanimously designate any one or more of the Trustees to execute any instrument or docu- ment on behalf of all, including but rat limited to the signing or endorsement of arty check and the signing of ary applications, insurance and other con- tracts, and the action of such designated Trustee or Trustees shall have the same face and effect as if taken by all the Trustees. ARTICLE V. DUTY OF CARE AND LIABILITY OF TRUSTEES Section 5.1 Duty of Can: In exercising the powers hereinbefore granted to the Trustees, the Trustees shall perfomi all acts within their authority for the exclusive purpose of providing benefits for the Public Employers in conneo- tion with Deferred Compensation Plans and Public Employer Trrstees pursuant to Qualified Plans, and shall perform such acts with the care, skill, prudence and diligence in the circumstances then prevailing that a prudent person act- ing cting in a tike capacity and familiar with such matters would use in the conduct of an enterprise d a Ike character and with like aims. Section 5.2 Liability. The Imustess shall not be Table for any mistalae of judg- ment or other action taken in good faith, and for any action taken or omitted in reliance in good faith upon the books of account or other records of the Retirement Trust, upon the opinion of counsel, or upon reports made to the Retirement Trust by any of its officers, employees or agents or by the Invest- ment nvestment Adviser or any sub -investment adviser, accountants, appraisers or other experts or consultants selected with reasonable care by the Trustees, officers or employ ess of the Retirement Trust. The Trustees shelf also not be We for any loss sustained by the Trust Property by reason of any investment made in good faith and in accordance with the standard of care set bM in Section W. Section 5.3 Bond: No Trustee shall be obligated to give any bond or other security for the performance of any of his or her duties hereunder. ARTICLE VI. ANNUAL REPORT TO SHAREHOLDERS The Trustees shall annually submit to the Public Employers and Public Employer Trustees a written report of the transactions of the Retirement Trust, including finan- cial statements which shall be certified by independent public accountants cho- sen by the Trustees. ARTICLE Vil. DURATION OR AMENDMENT OF RETIREMENT TRUST Section 7.1 1Alithdrewal: A Public Employer or Pudic Employer Trustee may, at any time, withdraw from this Retirement Trust by delivering to the Board of Trustees a written statement of withdrawal. in such statement, the Public Employer or Public Employer Trustee shall acknowledge that the Trust Prop- erty allocable to the Public Employer is derived from compensation deferred by employees of such Public Employer pursuant to its Deferred Compensa- tion Plan or from contributions to the accounts of Employees pursuant to a Qualified Plan, and shall designate the fina ncial institution to which such property shall be transferred by the Trustees of the Retirement Trust or by the Trustee of the Employer Trust. Section 7.2 Duration: The Retirement Trust shall continue until terminated by the vote of a majority of the Public Employers, each casting one vola Upon termination, all of the Trust Properly shall be paid out to the Public Employers, Public Employer Trustees or the Trustees of the Employer Trusts, as appropriate Section 7.3 Ameridtnent: The Relireme nt Trust may be amended by the vote of a majority of the Public Employers, each cuing one vote Section 7.4 Procedure: A resolution to terminate or amend the Retirement That or to remove a Trustee shall be submitted to a vole d the Public Employers iF @ a majority of the Trustees so direct, or; @ a petition requesting a vote, signed by not less than 25% of the Public Employers, is submitted to the Trustees. ARTICLE VIII. MISCELLANEOUS Section 8.1 Govermhy Law: Except as otherwise required by state or local law, this Declaration of Trust and the Retirement Trust hereby created shad be construed and regulated by the laws of the District of Columbia. Section 8.2 Counterparts: This Declaration may be executed by the Public Employers and Trustees in two or more counterparts, each of which shall be deemed an original but all of which together shed constitute one and the same instrument.