HomeMy WebLinkAboutEPURA RESOLUTION 22C
RESOLUTION NO.22
A RESOLUTION OF THE ESTES PARK URBAN RENEWAL AUTHORITY
ESTABLISHING A DEFERRED COMPENSATION PLAN FOR ITS EMPLOYEES
WHEREAS,the Authority has employees rendering valuable
services;and
WHEREAS,the establishment of a deferred compensation
plan for such employees shall serve the interests of the Authority
by enabling it to provide reasonable retirement security for its
employees,by providing increased flexibility in its personnel
management system,and by assisting in the attraction and reten
tion of competent personnel;and
WHEREAS,the Authority has determined that the estab
lishment of a deferred compensation plan to be administered by the
ICMA Retirement Corporation will serve the above objectives;and
WHEREAS,the Authority desires that the investment of
funds held under its deferred compensation plan be administered by
the ICMA Retirement Corporation,as Trustee,with the understand
ing that such funds will be held by the ICMA Retirement Trust,a
trust established by public employers for the purpose of repre
senting the interests of such employers with respect to the col
lective investment of funds held under their deferred compensation
plans:
BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
ESTES PARK URBAN RENEWAL AUTHORITY THAT:
Section 1.There is hereby adopted the deferred compen
sation plan,attached hereto as Appendix A,and the ICMA Retire
ment Corporation is hereby appointed to serve as Administrator
thereunder;and
Section 2.The Chairman is authorized to execute the
ICMA Retirement Trust,attached thereto as Appendix B;and
Section 3.The Board hereby adopts the trust agreement,
attached hereto as Appendix C,and appoints the ICMA Retirement
Corporation as Trustee thereunder,and directs the ICMA Retirement
Corporation,as Trustee,to invest all funds held under the de
ferred compensation plan through the ICMA Retirement Trust as soon
as is practicable;and
Section 4.The Treasurer of the Authority shall
be the coordinator for this program and shall receive reports,
notices,and information from the ICMA Retirement Corporation as
Administrator,and shall cast,on behalf of the Authority,any re
quired votes under the program.
Section 5.The contribution to the Plan by the
Authority for each employee shall be 10.2 %of such employee’s
salary.
Section 6.This Plan and the said contributions by the
Authority shall be effective April 16 ,1984,for the
Director and April 23 ,1984 for the Secretary.
ADOPTED August 1,1984.
Charles H.Phares,Chairman
ATTEST:
Bar ara cole,Secretary
(“EMPLOYER”)I.INTRODUCTIONTheEmployerherebyestablishestheEmployersDeferredCompensationPlan,hereinafterreferredtoasthe“Plan.”ThePlanconsistsoftheprovisionssetforthinthisdocument.TheprimarypurposeofthisPlanistoprovideretirementincomeandotherdeferredbenefitstotheEmployeesoftheEmployerinaccordancewiththeprovisionsofsection457oftheInternalRevenueCodeof1954,asamended.ThisPlanshallbeanagreementsolelybetweentheEmployerandparticipatingEmployees.II.DEFINITIONS2.01Account:ThebookkeepingaccountmaintainedforeachParticipantreflectingthecumulativeamountoftheParticipant’sDeferredCompensation,includinganyincome,gains,losses,orincreasesordecreasesinmarketvalueattributabletotheEmployer’sinvestmentoftheParticipant’sDeferredCompensation,andfurtherreflectinganydistributionstotheParticipantortheParticipant’sBeneficiaryandanyfeesorexpenseschargedagainstsuchParticipant’sDeferredCompensation,2.02Administrator:ThepersonorpersonsnamedtocarryoutcertainnondiscretionaryadministrativefunctionsunderthePlan,ashereinafterdescribed.TheEmployermayremoveanypersonasAdministratorupon60daysadvancenoticeinwritingtosuchperson,inwhichcasetheEmployershallnameanotherpersonorpersonstoactasAdministrator,TheAdministratormayresignupon60daysadvancenoticeinwritingtotheEmployer,inwhichthecasetheEmployershallnameanotherpersonorpersonstoactasAdministrator,2.03Beneficiary:ThepersonorpersonsdesignatedbytheParticipantinhisJoinderAgreementwhoshallreceiveanybenefitspayablehereunderintheeventoftheParticipant’sdeath.2.04DeterredCompensation:TheamountofNormalCornpensationotherwisepayabletotheParticipantwhichtheParticipantandtheEmployermutuallyagreetodeferhereunder,anyamountcreditedtoaParticipant’sAccountbyreasonofatransferunderSection6.03,oranyotheramountwhichtheEmployeragreestocredittoaParticipant’sAccount.2.05Employee:AnyindividualwhoprovidesservicesfortheEmployer,whetherasanemployeeoftheEmployerorasanindependentconfractor,andwhohasbeendesignatedbytheEmployeraseligibletoparticipateinthePlan.2.06IncludibleCompensation:TheamountofanEmployee’scompensationfromtheEmployerforataxableyearthatisattributabletoservicesperformedfortheEmployerandthatisincludibleintheEmployee’sgrossincomeforthetaxableyearforfederalincometaxpurposes:SuchtermdoesnotincludeanyamountexcludablefromgrossincomeunderthisPlanoranyotherplandescribedinsection457(b)oftheInternalRevenueCode.anyamountexcludablefromgrossincomeundersection403(b)oftheInternalRevenueCode,oranyotheramountexcludablefromgrossincomeforfederalincometaxpurposes.IncludibleCompensationshallbedeterminedwithoutregardtoanycommunitypropertylaws.2.07JoinderAgreement:AnagreemententeredintobetweenanEmployeeandtheEmployer,includinganyamendmentsormodificationsthereof.SuchagreementshallfixtheamountofDeferredCompensation,specifyapreferenceamongtheinvestmentalternativesdesignatedbytheEmployer,designatetheEmployee’sBeneficiaryorBeneficiaries,andincorporatetheterms,conditions,andprovisionsofthePlanbyreference.2.08NormalCompensation:TheamountofcompensationwhichwouldbepayabletoaParticipantbytheEmployerforataxableyearifnoJoinderAgreementwereineffecttodefercompensationunderthisPlan.2.09NormalRetirementAge:Age70,unlesstheParticipanthaselectedanalternateNormalRetiremeitAgebywritteninstrumentdeliveredtotheAdministratorpriortoSeparationfromService.AParticipant’sNormalRetirementAgedetermines(a)thelatesttimewhenbenefitsmaycommenceunderthisPlan(unlesstheParticipantcontinuesemploymentafterNormalRetirementAge),and(b)theperiodduringwhichaParticipantmayutilizethecatch-uplimitationofSection5.02hereunder.OnceaParticipanthastoanyextentutilizedthecatch-uplimitationofSection5.02,hisNormalRetirementAgemaynotbechanged.AParticipant’salternateNormalRetirementAgemaynotbeearlierthantheearliestdatethattheParticipantwillbecomeeligibletoretireandreceiveunreducedretirementbenefitsundertheEmployer’sbasicretirementplancoveringtheParticipantandmaynotbelaterthanthedatetheParticipantattainsage70.IfaParticipantcontinuesemploymentafterattainingage70,nothavingpreviouslyelectedanalternateNormalRetirementAge,theParticipant’salternateNormalRetirementAgeshallnotbelaterthanthemandatoryretirementage,ifany,establishedbytheEmployer,ortheageatwhichtheParticipantactuallyseparatesfromserviceiftheEmployerhasnomandatoryretirementage.IftheParticipantwillnotbecomeeligibletoreceivebenefitsunderabasicretirementplanmaintainedbytheEmployer,theParticipant’salternateNormalRetirementAgemaynotbeearlierthanattainmentofage55andmaynothelaterthanattainmentofage70.2.10Participant:AnyEmployeewhohasjoinedthePlanpursuanttotherequirementsofArticleIV.___-APPENDIXAESTESPARKURBANRENEWALAUTHORITYDEFERREDCOMPENSATIONPLAN2.11PlanYear:Thecalendaryear.
__-__2.12Retirmiit:ThefirstdateuponwhichbothofthefollowingshalltiaveoccurredwithrespecttoaParticipant:SeparationfromserviceandattainmentofNormalRetirementAge.2.13SeparationfromService:SeveranceoftheParticipant’semploymentwiththeEmployer.AParticipantshallbedeemedtohaveseveredhisemploymentwiththeEmployerforpurposesofthisPlanwhen,inaccordancewiththeestablishedpracticesoftheEmployer,theemploymentrelationshipisconsideredtohaveactuallyterminated.InthecaseofaParticipantwhoisanindependentcontractoroftheEmployer,SeparationfromServiceshallbedeemedtohaveoccurredwhentheParticipant’scontractunderwhichservicesareperformedhascompletelyexpiredandterminated,thereisnoforesii:ablepossibilitythattheEmployerwillrenewthecontractorenterintoanewcontraclfortheParticipantsservices,anditisnotanticipatedthattheParticipantwillbecomeanEmployeeoftheEmployer.III.ADMINISTRATION3.01DutiesofEmployer:TheEmployershallhavetheauthoritytomakealldiscretionarydecisionsaffectingtherightsorbenefitsofParticipantswhichmayberequiredintheadministrationofthisPlan.3.02DutiesofAdministrator:TheAdministrator,asagentfortheEmployer,shallperformnondiscretionaryadministrativefunctionsinconnectionwiththePlan,includingthemaintenanceofParticipants’Accounts,theprovisionofperiodicreportsofthestatusofeachAccountandthedisbursementofbenefitsonbehalfoftheEmployerinaccordancewiththeprovisionsofthisPlan.IV.PARTICIPATIONINTHEPLAN4.01InitialParticipation:AnEmployeemaybecomeaParticipantbyenteringintoaJoinderAgreementpriortothebeginningofthecalendarmonthinwhichtheJoinderAgreementistobecomeeffectivetodefercompensationnotyetearned.4.02AmendmentofJoinderAgreement:AParticipantmayamendaneyecutedJoinderAgreementtochangetheamountofcompensationnotyetearnedwhichistobedeferred(includingthereductionofsuchfuturedeferraistozero)ortochangehisinvestmentpreference(subjecttosuchrestrictionsasmayresultfromthenatureortermsofanyinvestmentmadebytheEmployer).Suchamendmentshallbecomeeffectiveasofthebeginningofthecalendarmonthconimencingafterthedaletheamendmentisexecuted.AParticipantmayatanytimeamendhisJoinderAgreementtochangethedesignatedBeneficiaryandsuchamendmentshallbecomeeffectiveimmediately.V.LIMITATIONSONDEFERRALS5.01NormalLimitation:ExceptasprovidedinSection5.02,themaximumamountofDeferredCompensationforanyParticipantforanytaxableyearshallnotexceedthelesserof$7,500.00or331/3percentoftheParticipant’slncludibleCompensationforthetaxableyear.Thislimitationwillordinarilybeequivalenttothelesserof$7,500.00or25percentoftheParticipant’sNormalCompensation.5.02Catch-upLimitation:Foreachofthelastthree(3)taxableyearsofaParticipantendingbeforehisattainmentofNormalRetirementAge,themaximumamountofDeferredCompensationshallbethelesserof:(1)$75,000or(2)thesumof(i)theNormalLimitationforthetaxableyear,and(ii)thatportionoftheNormalLimitationforeachofthepriortaxableyearsoftheParticipantcommencingafter1978duringwhichthePlanwasinexistenceandtheParticipantwaseligibletoparticipateinthePlan(orinanyotherplanestablishedundersection457oftheInternalRevenueCodebyanemployerwithinthesameStateastheEmployer)lesstheamountofDeferredCompensationforeachsuchpriortaxableyear(includingamountsdeferredundersuchotherplan)ForpurposesofthisSection502,aParticipantslncludibleCompensationforthecurrenttaxableyearshallbedeemedtoincludeanyDeferredCompensationforthetaxableyearinexcessoftheamountpermittedundertheNormalLimitation,andtheParticipant’sIncludibleCompensationforanypriortaxableyearshallbedeemedtoexcludeanyamountthatcouldhavebeendeferredundertheNormalLimitationforsuchpriortaxableyear.5.03Section403(b)Annuities:ForpurposesofSections5.01and5.02,amountscontributedbytheEmployeronbehalfofaParticipantforthepurchaseofanannuitycontractdescribedinsection403(b)oftheInternalRevenueCodeshallbetreatedasifsuchamountsconstitutedDeferredCompensationunderthisPlanforthetaxableyearinwhichthecontributionwasmadeandshalltherebyreducethemaximumamountthatmaybedeferredforsuchtaxableyear.VI.INVESTMENTSANDACCOUNTVALUES6.01InvestmentofDeferredCompensation:AltinvestmentsofParticipants’DeferredCompensationmadebytheEmployer,includingallpropertyandrightspurchasedwithsuchamountsandallincomeattributablethereto,shallbethesoleproperlyoftheEmployerandshallnotbeheldintrustforParticipantsorascollateralsecurityforthefulfillmentoftheEmployersobligationsunderthePlan.SuchpropertyshallbesubjecttotheclaimsofgeneralcreditorsoftheEmployer,andnoParticipantorBeneficiaryshallhaveanyvestedinterestorsecuredorpreferredpositionwithrespecttosuchpropertyorhaveanyclaimagainsttheEmployerexceptasageneralcreditor.6.02CreditingofAccounts:TheParticipant’sAccountshallreflecttheamountandvalueoftheinvestmentsorotherpropertyobtainedbytheEmployerthroughtheinvestmentoftheParticipant’sDeferredCompensation.ItisanticipatedthattheEmployer’sinvestmentswithrespecttoaParticipantwillconformtotheinvestmentpreferencespecifiedintheParticipant’sJoinderAgreement,butnothinghereinshallbeconstruedtorequiretheEmployertomakeanyparticularinvestmentofaParticipant’sDeferredCompensation.EachParticipantshallreceiveperiodicreports,nottessfrequentlythanannually,showingthethen-currentvalueofhisAccount.6.03AcceptanceofTransfers:Pursuanttoanappropriatewrittenagreement,theEmployermayacceptandcredittoaParticipant’sAccountamountstransferredfromanotheremployerwithinthesameStaterepresentingamountsheldbysuchotheremployerunderaneligibleStatedeferredcompensationplandescribedinsection457oftheInternalRevenueCode.AnysuchtransferredamountshallnotbetreatedasadeferralsubjecttothelimitationsofArticleV,providedhowever,thattheactualamountofanydeferralundertheplanfromwhichthetransferismadeshallbetakenintoaccountincomputingthecatch-uplimitationunderSection502.6.04EmployerLiabilIty:InnoeventshalltheEmployer’sliabilitytopaybenefitstoaParticipantunderArticleVIexceedthevalueoftheamountscreditedtotheParticipant’sAccount:theEmployershallnotbeliableforlossesarisingfromdepreciationorshrinkageinthevalueofanyinvestmentsacquiredunderthisPlan.VII.BENEFITS7.01RetirementBenefitsandElectiononSeparationfromService:ExceptasotherwiseprovidedinthisArticleVII,thedistributionofaParticipant’sAccountshallcommenceduringthesecondcalendarmonthafterthecloseofthePlanYearoftheParticipant’sRetirement,andthedistributionofsuchRetirementbenefitsshallbemadeinaccordancewithoneofthepaymentoptionsdescribedinSection7.02.Notwithstandingtheforegoing,theParticipantmayirrevo2
cablyelectwithin60daysfollowingSeparationfromServicetohavethedistributionofbenefitscommenceonadateotherthanthatdescribedintheprecedingsentencewhichisatleast60daysafterthedatesuchelectionisdeliveredinwritingtotheEmployerandforwardedtotheAdministratorbutnotlaterthan60daysafterthecloseofthePlanYearoftheParticipant’sRetirement.7.02PaymentOptions:AsprovidedinSections7.01,7.05and7.06,aParticipantmayelecttohavethevalueofhisAccountdistributedinaccordancewithoneofthefollowingpaymentoptions,providedthatsuchoptionisconsistentwiththelimitationssetforthinSection7.03:(a)Equalmonthly.quarterly,semi-annualorannualpaymentsinanamountchosenbytheParticipant,continuinguntilhisAccountisexhausted;(b)Onelumpsumpayment.(c)Approximatelyequalmonthly,quarterly,semi-annualorannualpayments,calculatedtocontinueforaperiodcertainchosenbytheParticipant,(d)PaymentsequaltopaymentsmadebytheissuerofaretirementannuitypolicyacquiredbytheEmployer,(e)AnyotherpaymentoptionelectedbytheParticipantandagreedtobytheEmployer,AParticipant’selectionofapaymentoptionmustbemadeateast30daysbeforethepaymentofbenefitsistocommence.IfaParticipantfailstomakeatimelyelectionofapaymentoption,benefitsshallbepaidmonthlyunderoption(c)aboveforaperiodoffiveyears.7.03LimitationonOptions:NopaymentoptionmaybeselectedbytheParticipantunderSection7.02unlessthepresentvalueofthepaymentstotheParticipant,determinedasofthedatebenefitscommence,exceeds50percentofthevalueoftheParticipant’sAccountasofthedatebenefitscommence.PresentvaluedeterminationsunderthisSectionshallbemadebytheAdministratorinaccordancewiththeexpectedreturnmultiplessetforthinsection1.72—9oftheFederalIncomeTaxRegulations(Oranysuccessorprovisiontosuchregulations).7.04Post-retirementDeathBenefits:ShouldtheParticipantdieafterhehasbeguntoreceivebenefitsunderapaymentoption,theremainingpayments,ifany,underthepaymentoptionshallbepayabletotheParticipant’sBeneficiarycommencingwithin60daysaftertheAdministratorreceivesproofoftheParticipant’sdeath,unlesstheBeneficiaryelectspaymentunderadifferentpaymentoptionatleast30dayspriortothedatethatthefirstpaymentbecomespayabletotheBeneficiary.InnoeventshalltheEmployerorAdministratorbeliabletotheBeneficiaryfortheamountofanypaymentmadeinthenameoftheParticipantbeforetheAdministratorreceivesproofofdeathoftheParticipant.Notwithstandingtheforegoing,paymentstoaBeneficiaryshallnotextendoveraperiodlongerthan(i)theBeneficiary’slifeexpectancyiftheBeneficiaryistheParticipant’sspouseor(ii)fifteen(15)yearsiftheBeneficiaryisnottheParticipant’sspouse.IfnoBeneficiaryisdesignatedintheJoinderAgreement,orifthedesignatedBeneficiarydoesnotsurvivetheParticipantforaperiodoffifteen(15)days,thenthecommutedvalueofanyremainingpaymentsunderthepaymentoptionshallbepaidinalumpsumtotheestateoftheParticipant.IfthedesignatedBeneficiarysurvivestheParticipantforaperiodoffifteen(15)days,butdoesnotcontinuetolivefortheremainingperiodofpaymentsunderthepaymentoption(asmodified,ifnecessary.inconformitywiththethirdsentenceofthissection),thenthecommutedvalueofanyremainingpaymentsunderthepaymentoptionshallbepaidinalumpsumtotheestateoftheBeneficiary.7.05Pre-retirementDeathBenefits:ShouldtheParticipantdiebeforehehasbeguntoreceivethebenefitsprovidedbySections7.01or706,aathbenefitequaltothevalueofthcParticipant’sAccountshallbepayabletotheBeneficiarycommencingnolaterthan60daysafterthecloseofthePlanYearinwhichtheParticipantwouldhaveattainedNormalRetirementAge.SuchdeathbenefitshallbepaidinalumpsumunlesstheBeneficiaryelectsadifferentpaymentoptionwithin90daysoftheParticipant’sdeath.ABeneficiarywhomayelectapaymentoptionpursuanttotheprovisionsoftheprecedingsentenceshallbetreatedasifhewereaParticipantforpurposesofdeterminingthepaymentoptionsavailableunderSection7.02;provided,however,thatthepaymentoptionchosenbytheBeneficiarymustprovideforpaymentstotheBeneficiaryoveraperiodnolongerthanthelifeexpectancyoftheBeneficiaryiftheBeneficiaryistheParticipant’sspouseandmustprovideforpaymentsoveraperiodnotinexcessoffifteen(15)yearsiftheBeneficiaryisnottheParticipant’sspouse.7.06Disability:IntheeventaParticipantbecomesdisabledbeforethecommencementofRetirementbenefitsunderSection7.01.theParticipantmayelectmccommencebenefitsunderoneofthepaymen:optionsdescribedinSection702onthelastdayofthemonthfollowingadeterminationofdisabilitybytheEmployer.TheParticipant’srequestforsuchdeterminationmustbemadewithinareasonabletimeaftertheimpairmentwhichconstitutesthedisabilityoccurs.AParticipantshallbeconsidereddisabledforpurposesofthisPlanifheisunabletoengageinanysubstantialgainfulactivitybyreasonofanymedicallydeterminablephysicalormentalimpairmentwhichcanbeexpectedtoresultindeathorbeoflong-continuedandindefiniteduration.ThedisabilityofanyParticipantshallbedeterminedinaccordancewithuniformprinciplesconsistentlyappliedanduponthebasisofsuchmedicalevidenceastheEmployerdeemsnecessaryanddesirable.7.07UnforeseeabteEmergencies:Intheeventanunforesceableemergencyoccurs,aParticipantmayapplytotheEmployertoreceivethatpartofthevalueofhisaccountthatisreasonablyneededtosatisfytheemergencyneed,IfsuchanapplicationisapprovedbytheEmployer,theParticipantshallbepaidonlysuchamountastheEmployerdeemsnecessarytomeettheemergencyneed,butpaymentshallnotbemadetotheextentthatthefinancialhardshipmayberelievedthroughcessationofdeferralunderthePlan,insuranceorotherreimbursement,orliquidationofotherassetstotheextentsuchliquidationwouldnotitselfcauseseverefinancialhardship.AnunforeseeableemergencyshallbedeemedtoinvolveOnlycircumstancesofseverefinancialhardshiptotheParticipantresultingfromasuddenandunexpectedillnessoraccidentoftheParticipantorofadependent(asdefinedinsection152(a)oftheInternalRevenueCode)oftheParticipant,lossoftheParticipant’spropertyduetocasualty,orothersimilarandextraordinaryunforeseeablecircumstancesarisingasaresultofeventsbeyondthecontroloftheParticipant.TheneedtosendaParticipant’schildtocollegeortopurchaseanewhomeshallnotbeconsideredunforeseeableemergencies.Thedeterminationastowhethersuchanuntoreseeableemergencyexistsshallbebasedonthemeritsofeachindividualcase.VIII.NON-ASSIGNABILITYNoParticipantorBeneficiarshallhaveanyrighttocommute,sell,assign,pledge,transferorotherwiseconveyorencumbertherighttoreceiveanypaymentshereunder,whichpaymentsandrightsareexpresslydeclaredtobenon-assignableandnon-transferable.IX.RELATIONSHIPTOOTHERPLANSANDEMPLOYMENTAGREEMENTSThisPlanservesinadditiontoanyotherretirement,pension,orbenefitplanorsystempresenllinexistenceorhereinafterestablishedforthebenefitoftheEmployer’semployees.andparticipationhereundershallnotaffectbenefitsreceivableunder3
Canysuchplanorsystem.NothingcontainedinthisPlanshallbedeemedtoconstituteanemploymentcontractoragreementbetweenanyParticipantandtheEmployerortogiveanyParticipanttherighttoberetainedintheemployoftheEmployer.NorshaltanythinghereinbeconstruedtomodifythetermsofanyemploymentcontractoragreementbetweenaParticipantandtheEmployer.X.AMENDMENTORTERMINATIONOFPLANTheEmployermayatanytimeamendthisPlanprovidedthatittransmitssuchamendmentinwritingtotheAdministratoratleast30dayspriortotheeffectivedateoftheamendment.TheconsentoftheAdministratorshallnotberequiredinorderforsuchamendmenttobecomeeftective.buttheAäministratorshallbeundernoobligationtocontinueactingasAdministratorhereunderifiidisapprovesofsLichamendment.TheEmployermayatanytimeteiminatethisPlan.TheAdministratormayatanytimeproposeanamendmenttothePlanbyariinstrumentinwritingtransmittedtotheEmployeratleast30daysbeforetheeffectivedateoftheamendment.Suchamendmentshallbecomeeffectiveunless,withinsuch30-day-period,theEmployernotifiestheAdministratorinwritingthatitdisapprovessuchamendment,inwhichcasesuchamendmentshallnotbecomeeffective.Intheeventofsuchdisapproval,theAdministratorshallbeundernoobligationtocontinueactingasAdministratorhereunder.NoamendmentorterminationofthePlanshalldivestanyParticipantofanyrightswithrespecttocompensationdeferredbeforethedateoftheamendmentortermination.XI.APPLICABLELAWThisPlanshallbeconstruedunderthelawsofthestatewheretheEmployerislocatedandisestablishedwiththeintentthatitmeettherequirementsofan“eligibleStatedeterredcompensationplan”undersection457oftheInternalRevenueCodeof1954,asamendedTheprovisionsofthisPlanshallbeinterpretedwhereverpossibleinconformitywiththerequirementsofthatsection.XII.GENDERANDNUMBERThemasculinepronoun.wheneverusedherein,shallincludethefemininepronoun,andthesingularshallincludetheplural,exceptwherethecontextrequiresotherwise4
0DECLARATIONOFTRUSTof0APPENDIXBICMARETIREMENTTRUSTARTICLEI.NameandDefinitionsSECTION1.1.Name.TheNameoftheTrustcreatedherebyistheICMARetirementTrust.SECTION1.2.Definitions.Wherevertheyareusedherein,thefollowingtermsshallhavethefollowingrespectivemeanings.(a)By-Laws.TheBy-LawsreferredtoinSection4.1hereof,asamendedfromtimetotime.(b)DeferredCompensationPlan.AdeferredcompensationplanestablishedandmaintainedbyaPublicEmployerforthepurposeofprovidingretirementincomeandotherdeferredbenefitstoitsemployeesinaccordancewiththeprovisionsofsection457oftheInternalRevenueCodeof1954.asamended.(c)GuaranteedInvestmentContract.AcontractenteredintobytheRetirementTrustwithinsurancecompaniesthatprovidesforaguaranteedrateofreturnoninvestmentsmadepursuanttosuchcontract(d)ICMA.TheInternationalCityManagementAssociation.(e)ICMA’RCTrustees.ThoseTrusteeselectedbythePublicEmployerswho,inaccordancewiththeprovisionsofSection3.1(a)hereof,arealsomembersoftheBoardofDirectorsofICMAorRC.(f)InvestmentAdviser.TheInvestmentAdviserthatentersintoacontractwiththeRetirementTrusttoprovideadvicewithrespecttoinvestmentoftheTrustProperty.(g)EmployerTrust.AtrustcreatedpursuanttoanagreementbetweenRCandaPublicEmployerforthepurposeofinvestingandadministeringthefundssetasidebysuchemployerinconnectionwithitsdeferredcompensationagreementswithitsemployees.(h)Portfolios.ThePortfoliosofinvestmentsestablishedbytheInvestmentAdvisertotheRetirementTrust,underthesupervisionoftheTrustees,forthepurposeofprovidinginvestmentsfortheTrustProperty.(I)PublicEmployeeTrustees.ThoseTrusteeselectedbythePublicEmployerswho,inaccordancewiththeprovisionsofSection3.1(a)hereof,arefull-timeemployeesofPublicEmployers.(j)PublicEmployer.Aunitofstateorlocalgovernment,oranyagencyorinstrumentalitythereof,thathasadoptedaDeferredCompensationPlanandhasexecutedthisDectarationofTrust,(k)RC.TheInternationalCityManagementAssociationRetirementCorporation.(I)RetirementTrust.TheTrustcreatedbythisDeclarationofTrust.(m)TrustProperty.TheamountsheldintheRetirementTrustonbehalfofthePublicEmployersTheTrustPropertyshallincludeanyincomeresultingfromtheinvestmentoftheamountssoheld.(n)Trustees.ThePublicEmployeeTrusteesandICMA.PCTrusteeselectedbythePublicEmployerstoserveasmembersoftheBoardofTrusteesoftheRetirementTrust.ARTICLEII.CreationandPurposeoftheTrust;OwnershipofTrustPropertySECTION2.1.CreationTheRetirementTrustiscreatedandestablishedbytheexecutionofthisDeclarationofTrustbytheTrusteesandtheparticipatingPublicEmployers.SECTION2.2.Purpose.ThepurposeoftheRetirementTrustistoprovideforthecommingledinvestmentoffundsheldbythePublicEmployersinconnectionwiththeirDeferredCompensationPlans.TheTrustPropertyshallbeinvestedinthePortfolios,inGuaranteedInvestmentContractsandinotherinvestmentsrecommendedbytheInvestmentAdviserunderthesupervisionoftheBoardofTrustees.SECTION2.3OwnershipofTrustProperty.TheTrusteesshallhavelegaltitletotheTrustProperty.ThePublicEmployersshallbethebeneficialownersoftheTrustProperty.ARTICLEIll.TrusteesSECTION3.1.NumberandQualificationofTrustees.(a)TheBoardofTrusteesshallconsistofnineTrustees.FiveoftheTrusteesshallbefull-timeemployeesofaPublicEmployer(thePublicEmployeeTrustees)whoareauthorizedbysuchPublicEmployertoserveasTrustee.TheremainingfourTrusteesshallconsistoftwopersonswho,atthetimeofelectiontotheBoardofTrustees,aremembersoftheBoardofDirectorsofICMAandtwopersonswho,atthetimeofelection,aremembersoftheBoardofDirectorsofRCltheICMARCTrustees).OneoftheTrusteeswhoisadirectorofICMA,andoneoftheTrusteeswhoisadirectorofRC,shall,atthetimeofelection,befull-timeemployeesofaPublicEmployer.(b)NopersonmayserveasaTrusteeformorethanoneterminanyten-yearperiod.SECTION3.2.ElectionandTerm(a)ExceptfortheTrusteesappointedtofillvacanciespursuanttoSection3.5hereof,theTrusteesshallbeelectedbyavoteofamajorityofthePublicEmployersinaccordancewiththeproceduressetforthintheBy-Laws.(b)AtthefirstelectionofTrustees,threeTrusteesshallbeelectedforatermofthreeyears.threeTrusteesshallbeelectedforatermoftwoyearsandthreeTrusteesshallbeelectedforatermofoneyear.Ateachsubsequentelection,threeTrusteesshallbeelectedforatermofthreeyearsanduntilhisorhersuccessoriselectedandqualified.SECTION33Nominations.TheTrusteeswhoarefull-timeemployeesotPublicEmployersshallserveastheNominatingCommitteeforthePublicEmployeeTrustees.TheNominatingCommitteeshallchoosecandidatesforPublicEmployeeTrusteesinaccordancewiththeproceduressetforthintheBy-Laws.SECTION3.4ResignationandRemoval.(a)AnyTrusteemayresignasTrustee(withoutneedtotpriororsubsequentaccounting)byaninstrumentinwritingsiqnedbytheTrusle&anddeliveredtotheotherTrusteesandscichresignationshallbeettectiveuponsuchdelivery,oratalaterdateaccording
ARTICLEVIII.MiscellaneousSECTION8.3.NotwithstandinganyotherprovisionofthisDeclarationofTrust,untilDecember31,1984,unlesssuchperiodisextendedbytheTrustees,theTrustPropertymayincludeamountsheldbytheRetirementTrustonbehalfofpublicemployersthathavenotexecutedtheDeclarationofTrust.AMENDMENTTOOFTRUSTTHEDECLARATION(APPENDIXB)ApprovedbyICMARetirementTrustmembers,November30,79834/84
tothetermsoftheinstrument.AnyoftheTrusteesmayberemovedforcause,byavoteofamajorityofthePublicEmployers.(b)EachPublicEmployeeTrusteeshallresignhisorherpositionasTrusteewithinsixtydaysofthedateonwhichheorsheceasestobeatull-timeemployeeofaPublicEmployer.SECTION3.5.Vacancies.ThetermatofficeotaTrusteeshallterminateandavacancyshalloccurintheeventofthedeath,resignation,removal,adjudicatedincompetenceorotherincapacitytoperformthedutiesoftheofficeofaTrustee.Inthecaseofavacancy,theremainingTrusteesshallappointsuchpersonastheyintheirdiscretionshallseefit(subjecttothelimitationssetforthinthisSection),toservefortheunexpiredportionofthetermoftheTrusteewhohasresignedorotherwiseceasedtobeaTrustee.TheappointmentshallbemadebyawritteninstrumentsignedbyamajorityoftheTrustees.ThepersonappointedmustbethesametypeofTrustee(i.e.,PublicEmployeeTrusteeorICMAACTrustee)asthepersonwhohasceasedtobeaTrustee.AnappointmentofaTrusteemaybemadeinanticrpationofavacancytooccuratalaterdatebyreasonofretirementorrt’sicnalion,provicedthatsuchappointmentshallnotbecomeeffectivepriortosuchretirertientorresignation.WheneveravacancyinthenumberofTrusteesshalloccur,untilsuchvacancyisfilledasprovidedinthisSection3.5,theTrusteesinoffice,regardlessoftheirnumber,shallhaveallthepowersgrantedtotheTrusteesandshalldischargeallthedutiesimposedupontheTrusteesbythisDeclaration.AwritteninstrumentcertifyingtheexistenceofsuchvacancysignedbyamajorityoftheTrusteesshallbeconclusiveevidenceoftheexistenceofsuchvacancy.SECTION3.6.TrusteesServeinRepresentativeCapacity.ByexecutingthisDeclaration,eachPublicEmployeragreesthatthePublicEmployeeTrusteeselectedbythePublicEmployersareauthorizedtoactasagentsandrepresentativesofthePublicEmployerscollectively.ARTICLEIV.PowersofTrusteesSECTION4.1.GeneralPowers.TheTrusteesshallhavethepowertoconductthebusinessoftheTrustandtocarryonitsoperations.Suchpowershallinclude,butshallnotbelimitedto,thepowerto:(a)receivetheTrustPropertyfromthePublicEmployersorfromaTrusteeofanyEmployerTrust;(b)enterintoacontractwithanInvestmentAdviserproviding,amongotherthings,fortheestablishmentandoperationofthePortfolios,selectionoftheGuaranteedInvestmentContractsinwhichtheTrustPropertymaybeinvested,selectionofotherinvestmentsfortheTrustPropertyandthepaymentofreasonablefeestotheInvestmentAdviserandtoanysub-investmentadviserretainedbytheInvestmentAdviser;(c)reviewannuallytheperformanceoftheInvestmentAdviserandapproveannuallythecontractwithsuchInvestmentAdviser;Cd)investandreinvesttheTrustPropertyinthePortfolios,theGuaranteedInvestmentContractsandinanyotherinvestmentrecommendedbytheInvestmentAdviser,providedthatitaPublicEmployerhasdirectedthatitsmoniesbeinvestedinspecifiedPortfoliosorinaGuaranteedInvestmentContract,theTrusteesoftheRetirementTrustshallinvestsuchmoniesinaccordancewithsuchdirections;Ce)keepsuchportionoftheTrustPropertyincashorcashbalancesastheTrustees,fromtimetotime,maydeemlobeinthebestinterestoftheRetirementTrustcreatedhereby,withoutliabilityforinterestthereon;(f)acceptandretainforsuchtimeastheymaydeemadvisableanysecuritiesorotherpropertyreceivedoracquiredbythemasTrusteeshereunder,whetherornotsuchsecuritiesorotherpropertywouldnormallybepurchasedasinvestmentshereunder,Ig)causeanysecuritiesorotherpropertyheldaspartoftheTrustPropertytoberegisteredinthenameoftheRetirementTrustorinthenameofanominee,andtoholdanyinvestmentsinbearerform,butthebooksandrecordsoftheTrusteesshallatalllimesshowthatallsuchinve5tmentsareapartoftheTrustProperty;(h)make,execute,acknowledge,anddeliveranyanoalldocumentsoftransferandconveyanceandanyandallotherinstrumentsthatmaybenecessaryorappropriatetocarryoutthepowershereingranted;(I)voteuponanystock,bonds,orothersecurities;givegeneralorspecialproxiesorpowersofattorneywithorwithoutpowerofsubstitution;exerciseanyconversionprivileges,subscriptionrights,orotheroptions,andmakeanypaymentsincidentalthereto;oppose,orconsentto,orotherwiseparticipatein,corporatereorganizationsorotherchangesaffectingcorporatesecurities,anddelegatediscretionarypowers,andpayanyassessmentsorchargesinconnectiontherewith:andgenerallyexerciseanyofthepowersofanownerWithrespecttostocks,bonds,securitiesorotherpropertyheldaspartoftheTrustProperty;toenterintocontractsorarrangementsforgoodsorservicesrequiredinconnectionwiththeoperationoftheRetirementTrust,including,butnotlimitedto.coritractswithcustodiansandcontractsfortheprovisionofadministrativeservices;(k)borroworraisemoneyforthepurposeoftheRetirementTrustinsuchamount,anduponsuchtermsandconditions,astheTrusteesshalldeemadvisable,providedthattheaggregateamountofsuchborrowingsshallnotexceed30%ofthevalueoftheTrustProperty.NopersonlendingmoneytotheTrusteesshallbeboundtoseetheapplicationofthemoneylentortoinquireintoitsvalidity,expediencyorproprietyofanysuchborrowing;(I)incurreasonableexpensesasrequiredfortheoperationoftheRetirementTrustanddeductsuchexpensesfromtheTrustProperty;(m)payexpensesproperlyallocabletotheTrustPropertyincurredinconnectionwiththeDeferredCompensationPlansortheEmployerTrustsanddeductsuchexpensesfromthatportionoftheTrustPropertybeneficiallyownedbythePublicEmployertowhomsuchexpensesateproperlyallocable;(n)payoutoftheTrustPropertyallrealandpersonalpropertytaxes,incometaxesandothertaxesofanyandallkindswhich,intheopinionoftheTrustees,areproperlylevied,orassessedunderexistingorfuturelawsupon,orinrespectof,theTrustPropertyandallocateanysuchtaxestotheappropriateaccounts;(0)adopt,amendandrepealtheBy-Laws,providedthatsuchByLawsareatalltimesconsistentwiththetermsofthisDeclarationofTrust;(p)employpersonstomakeavailableinterestsintheRetirementTrusttoemployerseligibletomaintainadeferredcompensationplanundersection457oftheInternalRevenueCode,asamended;(q)issuetheAnnualReportoftheRetirementTrust,andthedisclosuredocumentsandotherliteratureusedbytheRetirementTrust,fr)makeloans,includingthepurchaseofdebtobligations,providedthatallsuchloansshallbearinterestatthecurrentmarketrate;(s)contractfor,anddelegateanypowersgrantedhereunderto,suchofficers,agents,employees,auditorsandattorneysastheTrusteesmayselect,providedthattheTrusteesmaynotdelegatethepowerssetforthinparagraphs(b),(c)andto)ofthisSection4.1andmaynotdelegateanypowersifsuchdelegationwouldviolatetheirfiduciaryduties;(t)providefortheindemnificationoftheofficersandTrusteesoftheRetirementTrustandpurchasefiduciaryinsurance;fu)maintainbooksandrecords,includingseparateaccountsforeachPublicEmployerorEmployerTrustandsuchadditionalseparateaccountsasarerequiredunder,andconsistentwith,theDeferredCompensationPlanofeachPublicEmployer;and2
(vfdoallsuchacts,takeallsuchproceedings,andexerciseallsuchrightsandprivileges,althoughnotspecificallymentionedherein,astheTrusteesmaydeemnecessaryorappropriatetoadministertheTrustPropertyandtocarryOutthepurposesottheRetirementTrust.SECTION4.2.DistributionofTrustProperty.DistributionsoftheTrustPropertyshallbemadeto,oronbehalfof,thePublicEmployer,inaccordancewiththetermsoftheDeferredCompensationPlansorEmployerTrusts.TheTrusteesoftheRetirementTrustshallbefullyprotectedinmakingpaymentsinaccordancewiththedirectionsofthePublicEmployersortheTrusteesoftheEmployerTrustswithoutascertainingwhethersuchpaymentsareincompliancewiththeprovisionsoftheDeferredCompensationPlansortheagreementscreatingtheEmployerTrusts.SECTION4.3ExecutionofInstruments.TheTrusteesmayunanimouslydesignateanyoneormoreoftheTrusteestoexc’cuteanyinstrumentordocumentonbehalfofall,includingbutnotlimitedtothesigningorendorsementofanycheckandthesigningofanyapplications,insuranceandothercontracts,andtheactionofSuchdesignatedTrusteeorTrtisteesshallhavethesameforceandeffectasiftakenbyalltheTrustees.ARTICLEV.DutyofCareandLiabilityofTrusteesSECTION5.1.DutyofCare.InexercisingthepowershereinbeforegrantedtotheTrustees,theTrusteesshallperformallactswithintheirauthorityfortheexclusivepurposeofprovidingbenefitsforthePublicEmployers,andshallperformsuchactswiththecare,skill,prudenceanddiligenceinthecircumstancesthenprevailingthataprudentpersonactinginalikecapacityandfamiliarwithsuchmatterswoulduseintheconductofanenterpriseofalikecharacterandwithlikeaims.SECTION5.2.Liability.TheTrusteesshallnotbeliableforanymistakeofjudgmentorotheractiontakeningoodfaith,andforanyactiontakenoromittedinrelianceingoodfaithuponthebooksofaccountorotherrecordsoftheRetirementTrust,upontheopinionofcounsel,oruponreportsmadetotheRetirementTrustbyanyofitsofficers,employeesoragentsorbytheInvestmentAdviseroranysub-investmentadviser,accountants,appraisersorotherexpertsorconsultantsselectedwithreasonablecarebytheTrustees,officersoremployeesoftheRetirementTrust.TheTrusteesshaltalsonotbeliableforanylosssustainedbytheTrustPropertybyreasonofanyinvestmentmadeingoodfaithandinaccordancewiththestandardofcaresetforthinSection5.1.SECTION5.3.Bond.NoTrusteeshallbeobligatedtogiveanybondorothersecurityfortheperformanceofanyofhisorherdutieshereunder.ARTICLEVI.AnnualReporttoShareholdersTheTrusteesshallannuallysubmittothePublicEmployersawrittenreportofthetransactionsoftheRetirementTrust,includingfinancialstatementswhichshallbecertifiedbyindependentpublicaccountantschosenbytheTrustees.ARTICLEVII.DurationorAmendmentofRetirementTrustSECTION7.1.Withdrawal.APublicEmployermay,atanytime,withdrawhornthisRetirerrientTrustbydeliveringtotheBoardofTrusteesastatementtothateffect.ThewithdrawingPublicEmployer’sbeneficialinterestintheRetirementTrustshallbepaidouttothePublicEmployerortotheTrusteeoftheEmployerTrust,asappropriate.SECTION72.DurationTheRetirementTrustshallcontinueuntilterminatedbythevoteofamatorityofthePublicEmployers,eachcastingonevote.Upontrrnination,alloftheTrustPropertyshallbepaidOuttothPublicEmployersortheTrusteesoftheEmployerTrusts.asappropriate.SECTION7.3.Amendment.TheRetirementTrustmaybeamendedbythevoteofamajorityofthePublicEmployers,eachcastingonevoteSECTION7.4.Procedure.AresolutiontoterminateoramendtheRetirementTrustortoremoveaTrusteeshallbesubmittedtoavoteofthePublicEmployersit:(a)amajorityoftheTrusteessodirect,or(b)apetitionrequestingavote,signedbynotlessthan25%ofthePublicEmployers,issubmittedtotheTrustees.ARTICLEVIII.MiscellaneousSECTION8.1.GoverningLawExceptasotherwiserequiredbystaleorlocallaw,thisDeclarationofTrustandtheRetirementTrustherebycreatedshallbeconstruedandregulatedbythelawsoftheDistrictofColumbia.SECTION8.2.Counterparts.ThisDeclarationmaybeexecutedbythePublicEmployersandTrusteesintwoormorecounterparts.eachofwhichshallbedeemedanoriginalbutallofwhichtogethershallconstituteoneandthesameinstrument.3
CTRUSTAGREEMENTWiTH0APPENDIXCTHEICMARETIREMENTCORPORATIONAGREEMENTmadebyandbetweentheEmployernamedintheattachedresolutionandthelnternaticjnatCityManagementAssociationRetirementCorporation(hereinaftertheTrustee’or‘RetirementCorporation”),anonprofitcorporationorganizedandexistingunderthelawsoftheStateofDelaware,forthepurposeofinvestingandotherwiseadministeringthefLuidssetasidebyEmployersinconnectionwithdeferredcompensationplansestablrshedundersection457oftheInternalRevenueCodeof1954(the”Code”).ThisAgreementshatltakeeffectuponacceptancebytheTrusteeofitsappointmentbytheEmployertoserveasTrusteeinaccordanceherewithassetforthintheattachedresolution.WHEREAS,theEmployerhasestablishedadeferredcompensationplanundersection457oftheCode(the“Plan”);WHEREAS,inorderthattherewillbesufficientfundsavailabletodischargetheEmployer’scontractualobligationsunderthePlan,theEmployerdesirestosetasideperiodicallyamountsequaltotheamountofcompensationdeferred;WHEREAS,thefundssetaside,togetherwithanyandallassetsderivedfromtheinvestmentthereof,aretobeexclusivelywithinthedominion,control,andownershipoftheEmployer,andsubjecttotheEmployer’sabsoluterightofwithdrawal,noemployeeshavinganyinterestwhatsoevertherein;NOW,THEREFORE,thisAgreementwitnesseththat(a)theEmployerwillpaymoniestotheTrusteetobeplacedindeferredcompensationaccountsfortheEmployer;(b)theTrusteecovenantsthatIwillholdsaidsums,andanyotherfundswhichitmayreceivehereunder,intrustfortheusesandpurposesanduponthetermsandconditionshereinafterstated;and(c)thepartiesheretoagreeasfollows:ARTICLEI.GeneralDutiesoftheParties.Section1.1.GeneralDutyoftheEmployer.TheEmployershallmakeregularperiodicpaymentsequaltotheamountsofitsemployees’compensationwhicharedeterredinaccordancewiththetermsandconditionsofthePlantotheextentthatsuchamountsaretobeinvestedundertheTrust.Section7.2.GeneralDutiesoftheTrustee.TheTrusteeshallholdallfundsreceivedbyithereunder,which,togetherwiththeincometherefrom,shallconstitutetheTrustFunds,ItshalladministertheTrustFunds,collecttheincomethereof,andmakepaymentstherefrom,allashereinafterprovided.TheTrusteeshaltalsoholdallTrustFundswhicharetransferredtoitassuccessorTrusteebytheEmployerfromexistingdeferredcompensationarrangementswithitsEmployeesunderplansdescribedinsection457oftheCode.SuchTrustFundsshallbesubjecttoallofthetermsandprovisionsofthisAgreement.ARTICLEII.PowersandDutiesoftheTrusteeinInvestment,Administration,andDisbursementoftheTrustFunds,Section2.1.InvestmentPowersandDutiesoftheTrustee.TheTrusteeshallhavethepowertoinvestandreinvesttheprincipalandincomeoftheTrustFundsandkeeptheTrustFundsinvested,withoutdistinctionbetweenprincipalandincome,insecuritiesorinotherproperty,realorpersonal,whereversituated,including,butnotlimitedto,stocks,commonorpreferred,bonds,retirementannuityandinsurancepolicies,mortgages,andotherevidencesofindebtednessorownership,investmentcompanies,commonorgrouptrustfunds,orseparateanddifferenttypesoffunds(includingequity,fixedincomelwhichfulfillrequirementsofstateandlocalgovernmentallaws,provided,however,thattheEmployermaydirectinvestmentbytheTrusteeamongavailableinvestmentalternativesinsuchproportionsasthEmployerauthorizesinconnectionwithitsdeferredcompensationagreementswithitsemployees.Forthesepurposes,theseTrustFundsmaybecommingledwithTrustFundssetasidebyetherEmployerspursuanttothetermsoftheICMARetirementTrust.InvestmentpowersvestedintheTrusteebytheSectionmaybedelegatedbytheTrusteetoanybank,insuranceortrustcompany,oranyinvestmentadvisor,manageroragentselectedbyit.Section2.2.AdministrativePowersoftheTrustee.TheTrusteeshallhavethepowerinitsdiscretion:(a)Topurchase,orsubscribefor,anysecuritiesorotherpropertyandtoretainthesameintrust.(b)Tosell,exchange,convey,transferorotherwisedisposeofanysecuritiesorotherpropertyheldbyit,byprivatecontract,oratpublicauction.NopersondealingwiththeTrusteeshallbeboundtoseetheapplicationofthepurchasemoneyortoinquireintothevalidity,expediency,orproprietyofanysuchsaleorotherdisposition.(C)Tovoteuponanystocks,bonds,orothersecurities;togivegeneralorspecialproxiesorpowersofattorneywithorwithoutpowerofsubstitution;toexerciseanyconversionprivileges,subscriptionrights,orotheroptions,andtomakeanypaymentsincidentalthereto;tooppose,ortoconsentto,orotherwiseparticipatein,corporatereorganizationsorotherchangesaffectingcorporatesecurities,andtodelegatediscretionarypowers,andtopayanyassessmentsorchargesinconnectiontherewith;andgenerallytoexerciseanyofthepowersofanownerwithrespecttostocks,bonds,securitiesorotherpropertyheldaspartoftheTrustFunds.(d)TocauseanysecuritiesorotherpropertyheldaspartoftheTrustFundstoberegisteredinitsownname,andtoholdanyinvestmentsinbearerform,butthebooksandrecordsoftheTrusteeshallatalltimesshowthatallsuchinvestmentsareapartoftheTrustFunds.(e)ToborroworraisemoneyforthepurposeoftheTrustinsuchamount,anduponsuchtermsandconditions,astheTrusteeshalldeemadvisable;and,foranysumsoborrowed,toissueitspromissorynoteasTrustee,andtosecuretherepaymentthereofbypledgingall,oranypart,oftheTrustFunds.NopersonlendingmoneytotheTrusteeshallbeboundtoseetheapplicationofthemoneylentortoinquireintoitsvalidity,expediencyorproprietyofanysuchborrowing.(f)TokeepsuchportionoftheTrustFundsincashorcashbalancesastheTrustee,fromtimetotime,maydeemtobeinthebestinterestoftheTrustcreatedhereby,withoutliabilityforinterestthereon.(g)ToacceptandretainforsuchtimeasitmaydeemadvisableanysecuritiesorotherpropertyreceivedoracquiredbyitasTrusteehereunder,whetherornotsuchsecuritiesorotherpropertywouldnormallybepurchasedasinvestmenthereunder,(h)Tomake,execute.acknowledge,anddeliveranyandalldocumentsoftransferandconveyanceandanyandallotherinstrumentsthatmaybenecessaryorappropriatetocarryoutthepowershereingranted.
(i)Tosettle,compromise.orsubmittoarbitrationanyclaims,debts,ordamagesdueorowingtoorfromtheTrustFunds;tocommenceordefendsuitsorlegaloradministrativeproceedings;andtorepresenttheTrustFundsinallsuitsandlegalandadministrativeproceedings.(j)Todoallsuchacts,takeallsuchproceedingsandexerciseallsuchr’ghtsandprivileges,althoughnotspecificallymentionedherein,astheTrusteemaydeemnecessarytoadministertheTrustFundsaridtocarryoutthepurposesofthisTrust.Section2.3.DistributionsfromtheTrustFunds.TheErriployerherebyappointstheTrusteeasitsagentforthepurposeofmakingdistributionsfromtheTrustFunds.InthisregardthetermsandconditionssetforthinthePlanaretoguideandcontroltheTrustee’spowerSection24.ValuationofTrustFunds.AtleastonceayearasofValuationDatesdesignatedbytheTrustee,theTrusteeshalldeterminethevalueoftheTrustFunds.AssetsoftheTrustFundsshallbevaluedattheirmarketvaluesatthecloseofbusinessontheValuationDate,or,intheabsenceofreadilyascertainablemarketvaluesastheTrusteeshalldetermine,inaccordancewithmethodsconsistentlyfollowedanduniformlyapplied.ARTICLEIII.ForProtectionofTrustee.Section3.1.EvidenceofActionbyEmployer.TheTrusteemayrelyuponanycertificate,noticeordirectionpurportingtohavebeensignedonbehalfoftheEmployerwhichtheTrusteebelievestohavebeensignedbyadulydesignatedofficialoftheEmployer.NocommunicationshallbebindinguponanyoftheTrustFundsorTrusteeuntiltheyarereceivedbytheTrustee.Section3.2.AdviceofCounsel.TheTrusteemayconsultwithanylegalcounselwithrespecttotheconstructionofthisAgreement,itsdutieshereunder,oranyact,whichitproposestotakeoromit,andshallnotbeliableforanyactiontakenoromittedingoodfaithpursuanttosuchadvice.Section3.3.Miscellaneous.TheTrusteeshalluseordinarycareandreasonablediligence,butshallnotbeliableforanymistakeofjudgmentorotheractiontakeningoodfaith.TheTrusteeshallnotbeliableforanylosssustainedbytheTrustFundsbyreasonsofanyinvestmentmadeingoodfaithandinaccordancewiththeprovisionsofthisAgreement.TheTrustee’sdutiesandobligationsshallbelimitedtothoseexpresslyimposeduponitbythisAgreement.ARTICLEIV.Taxes,ExpensesandCompensationofTrustee.Section4.1.Taxes.TheTrusteeshalldeductfromandchargeagainsttheTrustFundsanytaxesontheTrustFundsortheincomethereoforwhichtheTrusteeisrequiredtopaywithrespecttotheinterestofanypersontherein.Section4.2.Expenses.TheTrusteeshalldeductfromandchargeagainsttheTrustFundsallreasonableexpensesincurredbytheTrusteeintheadministrationoftheTrustFunds,includingcounsel,agency,investmentadvisory.andothernecessaryfees.ARTICLEV.SettlementofAccounts.TheTrusteeshallkeepaccurateanddetailedaccountsofallinvestments,receipts,disbursements,andothertransactionshereunder.Withinninety(90)daysafterthecloseofeachfiscalyear,theTrusteeshallrenderinduplicatetotheEmployeranaccountofitsactsandtransactionsasTrusteehereunder.IfanypartoftheTrustFundshallbeinvestedthroughthemediumofanycommon,collectiveorcommingledTrustFunds,thelastannualreportofsuchTrustFundsshallbesubmittedwithandincorporatedintheaccount.Ifwithinninety(90)daysafterthemailingoftheaccountoranyamendedaccounttheEmployerhasnotfiledwiththeTrusteenoticeofanyobjectiontoanyactortransactionoftheTrustee,theaccountoramendedaccountshallbecomeanaccountstated.Ifanyobjectionhasbeenfiled,andlitheEmployerissatisfiedthatitshouldbewithdrawnoriftheaccountisadjustedtotheEmployerssatisfaction,theEmployershallinwritingfiledwiththeTrusteesignifyapprovaloftheaccountandItshallbecomeanaccountstated.Whenanaccountbecomesanaccountstated,suchaccountshallbefinallysettled,andtheTrusteeshallbecompletelydischaigE’dandreleased,asifsuchaccounthadbeensettledandallowedbyajudgmentordecreeofacourtofcompetentjurisdictioninanactionorproceedinginwhichtheTrusteeandtheEmployerwereparties.TheTrusteeshallhavetherighttoapplyatanytimetoacourtofcompetentjurisdictionforthejudicialsettlementofitsaccount.ARTICLEVI.ResignationandRemoval01Trustee.Section6.1.ResignationofTrustee.TheTrusteemayresignatanytimebyfilingwiththeEmployeritswrittenresignation.Suchresignationshalltakeeffectsixty(60)daysfromthedateofsuchfilinganduponappointmentofasuccessorpursuanttoSection6.3.,whichevershallfirstoccur.Section6.2.RemovalofTrustee.TheEmployermayremovetheTrusteeatanytimebydeliveringtotheTrusteeawrittennoticeofitsremovalandanappointmentofasuccessorpursuanttoSection6.3.Suchremovalshallnottakeetfectpriortosixty(60)daysftomsuchdeliveryunlesstheTrusteeagreestoanearliereffectivedate.Section6.3.AppointmentofSuccessorTrustee.TheappointmentofasuccessortotheTrusteeshalltakeeffectuponthedeliverytotheTrusteeof(a)aninstrumentinwritingexecutedbytheEniployerappointingsuchsuccessor,andexoneratingsuchsuccessorfromliabilityfortheactsandomissionsofitspredecessor,and(b)anacceptanceinwriting,executedbysuchsuccessor.AlloftheprovisionssetforthhereinwithrespecttotheTrusteeshallrelatetoeachsuccessorwiththesameforceandeffectasitsuchsuccessorhadbeenoriginallynamedasTrusteehereunder.Iiasuccessorisnotappointedwithsixty(60)daysaftertheTrusteegivesnoticeofitsresignationpursuanttoSection6.7.,theTrusteemayapplytoanycourtofcompetentjurisdictionforappointmentofasuccessor.Section6.4.TransferofFundstoSuccessor.UpontheresignationorremovaloftheTrusteeandappointmentofasuccessor,andafterthefinalaccountoftheTrusteehasbeenproperlysettled.theTrusteeshalltransferanddeliveranyoftheTrustFundsinvolvedtosuchsuccessorARTICLEVII.DurationandRevocationofTrustAgreement.Section7.1.DurationandRevocation.ThisTrustshallcontinueforsuchtimeasmaybenecessarytoaccomplishthepurposeforwhichitwascreatedbutmaybeterminatedorrevokedatanytimebytheEmployerasitrelatestoanyand/orallrelatedparticipatingEmployees.WrittennoticeofsuchterminationorrevocationshallbegiventotheTrusteebytheEmployer.UponterminationorrevocationoftheTrust,alloftheassetsthereofshallreturntoandreverttotheEmployer.TerminationofthisTrustshallnot,however,relievetheEmployeroftheEmployer’scontinuingobligationtopaydeferredcompensationtoEmployeesinaccordancewiththetermsofthePlan.Section7.2.Amendment.TheEmployershallhavetherighttoamendthisAgreementinwholeandinpartbutonlywiththeTrustee’swrittenconsent.Anysuchamendmentshallbecomeeffectiveupon(a)deliverytotheTrusteeofawritteninstrumentofamendment,and(b)theendorsementbytheTrusteeonsuchinstrumentofitsconsentthereto.ARTICLEVIII.Miscellaneous,Section6.1.LawsoftheDistrictofColumbiatoGovern.ThisAgreementandtheTrustherebycreatedshallbeconstruedandregulatedbythelawsoftheDistrictofColumbia.Section8.2.SuccessorEmployers.The“Employer”shallincludeanypersonwhosucceedstheEmployerandwhotherebybecomessubjecttotheobligationsoftheEmployerunderthePlan.Section8.3.Withdrawals.TheEmployermay,atanytime,andfromtimetotime,withdrawaportionorallofTrustFundscreatedbythisAgreement.Section8.4.GenderandNumber.Themasculineincludesthefeminineandthesingularincludesthepluralunlessthecontextrequiresanothermeaning.0ci2