HomeMy WebLinkAboutCity Council Resolution 1974-580CITY OF PLYMOUTH
Pursuant to due call and notice thereof, areular meeting of the City
Council of the City of Plymouth, Minnesota, was held on the 2nd day
of December 1974 . The following members were present: `
�f
Councilman Seibold introduced the following Resolution and
movea its adoption:
RESOLUTION NO. 74-580
APPROVING AMENDMENT OF THE TRUST AGREEMENT BETWEEN THE CITY
AND THE INTERNATIONAL CITY MANAGEMENT ASSOCIATION RETIREMENT CORPORATION
WHEREAS, the City has previously established the ICMA Retirement Corporation's
deferred compensation plan for certain of its employees; and
WHEREAS, the ICMA Retirement Corporation has requested that certain amendments
be made to said plan; and
WHEREAS, said amendments assist the City by simplifying the administration of said
plan; and
WHEREAS, the City will assist its employees, at no cost to itself, by the incor-
poration into said plan additional attractive features,
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH
that the City amend its Trust Agreement with the ICMA Retirement Corporation by
substitution therefor the Deferred Compensation Plan, attached hereto as Appendix
A. and hereby authorizes its Mayor to execute the Deferred Compensation Plan
with the International City Management Association Retirment Corporation; and
IT IS FURTHER RESOLVED that the City Clerk may, on behalf of the City, execute
all Joinder Agreements with said employees and other eligible officials and
officers, which are necessary for said persons' participation in the plan,
an example of which appears as Appendix B.
The motion for the adoption of the foregoing Resolution was duly seconded by
, and upon vote being taken thereon, the
0 Owing vote 4n favor thereof: Mayor Hilde, Councilmen Seibold and
Spaeth
1 -he Tollowing voted against or abstained: none
Whereupon the Resolution was declared duly passed and adopted.
INTER40GNAL CITY MANAGEMENT ASSOOnON
RETIREMENT CORPORATION
A P P E N D I X �A DEFERRED COMPENSATION PLAN
Amended as of June X8,1974
THIS DEFERRED COMPENSATION PLAN, hereby wtsWishedby City nf Pl L h, Minnesota
hersinaRer the Employer; by agreements adth the international City Manegstuent Association Retirement Corporstior and with the
employees, officers, and officials of said employer vvho became perry to this egrearent, by reason of a "Joinder Agreement" signed
at this time, or at form time in the future.
WHEREAS, the Employer ha certain employer rendering to It valuable servicee; and
WHEREAS, the Employer is able• to provide its employees with certain benefi-a undo► this Plan which aanre to than participating
anplotrsaa narrobts ratirem at security: and
WHEREAS, the Emplayr taco benefits from this Plan by increel tq its "ty to attract and resaincernpeopt personnel and by
Increasing its flexibility in personnel rrrnagerrnant.
NOW THEREFORE WITNESSETH that the Employee has ,wablished this IntRnatiaei City Marngasrwnt Assoeistion Radn"Unt
Corporation Deferred Compernedw Pham and hr curd it to be e:teatad by Use official affixing his sigrwtum on behalf of tbe
EmploWe tiaNrtnitg body.
Conversion Provision: When an Employe has punka* established the ICMMRC deferred eonvensedrs plan for its rnpfoyrs,
this Plan shah aupeeasde all previous doeunwan and M'osisirre thnrof except that existing defened tusmpereetion amployr "M
apnanrrtts will continue in full fat and -Year In lieu of Part I of this plan, end r such, hate the inrrwdier force and offs" of a
'Joinder Agrarnent" to this Plan. If the Employe and Employee deme to mend the existing Deferred Compensation Enrployrtwnt
Aprmrst by substituting Part 1 of this Plan therefor, this may be done by execution of a "Joinder Agreanwnc".
Atm fcw Employer:
Signature of authorised official
(Sod)
Approved a to Form:
Attorney for the Employer
Z
I W utlwri:.d off d
Peter L. DeCrootowl
'!GSaeral Manager
For the Employer:
By,
Signature of Authorized Ofllciollosse
Print Noma and Tide
For the ICMA Rethones t Carpceadan
Signature of Authorized Official/Dae
ilsilloC ::s y9YWitlIIe�s'i06i'wGBty�TrtltlSL.Ctlr
Complete the following trio to nriuip this agreement to the Retirement Corpontian
Full Name IGty of, County of. em.):
Title of Official to when correspondence and reports are to be mailed:
• Inot rams)
Address: (ineWdazip code)
Employer{ Federal Tax Identification Number:
PRELIMINARY STATE
ESTABLISHMENT OF THE PLAN
AMENDMENTS
The International City Management Association Retirement
Corporation, hereinafter the Retirement Corporation or ICMA•RC,
Is a nonprofit Delawwe Corporation. It ties been classified as a
tax-exempt organization under the provisions of Section 50110131
of the Internal Revenue Code. As an aid in the improverrtem of state
and municipal administration in general, she Retirement Corpore-
tion is organized for the purpose of receiving and investing deferred
compensation funds of state and local governments and their related
and controlled public interest or!-izations which are tax exempt
under flection 501 of the Internal Revenue Core, hereinafter
referred to as "Employers"; to act as trustee andfor agent for the
collection and reinvestment of the income therefrom; and to act two
agent for such Employers and at their explicit direction for the
distribution of the funds and assts of their accounts to their
participating Employees in oc cordence with options provided In this
International City Mortegernent Association Retinmem Corporation
Deferred Compensation Plan, hereinafter referred to as the "Plan",
or the "ICMA-RC Plan".
Tree ICMA•RC Plate is sat out below in two parts: 1. The
Deferred Compensation Employment Agreement; and 11. The
Master Trust Agreement. As set out below, the Employer adopts
this plan as its agreement with the participating Employees and
ICMA•RC, and the Employees shall participate in the Plan through
the execution of a Joinder Agreement, which by its term
Incorporates all of the provisions of the Plan. A copy of the Plan
shall be supplied to each Employee for his study and understanding
prior to his execution of the Joinder Agreement. The Employers,
through their participation in the Plan, express their desire to haw
the benefit of the continued loyalty, service and counsel of their
Employees and to assist them in providing for the contingencies of
did age dependency, disability, and death.
This Plan may be amended fr^^ time to time for purposes of
assuring its conformance to the requirements of any applicable law
or Me be regulation pursuant thereto, and to preserve the
tax-wxempc status of the Ran and the Retirement Corporation. No
amendment may either directly or indirectly operate to deprive any
participating Emplo v*r of its beneficial Interest in the Trust as it is
then constituted The Retirement Corporation will notify the
participating Employers of any amendment to this Plan no Inn
than sixty days prior to its effective date. Any such amendment will
become affective after the expiration of that period of finis, except
to throe Employers as may fie an objection. No amendment
proposed by participating Employers shall be effective unleu agreed
to by the ICMA Retirement Corporation over the signature of an
Officer.
PART 1. DEFERRED COMPENSATION EMPLOYMENT
AGREEMENT
1. Deterred Compensation–Initial Decision–Futuro Changa
1.1 There is era limit on the amount or percentage of the total
compensation of the Employee which may be deferrad by
the Employer under this Plan.
1.2 For the purpose of this Plan the following definitions apply:
a. 'Total compensation" is the total of compensation to be
paid by the Employer for the services of the Employee,
regardless of the terms used for its components, as, for
example, "bine pay;' '•in addition to baa pay." "employer s
contributions;' etc.;
b. "Deferred compensation" is that amount or percentage of
the total compensation of the Employee which the Employer
currently defers from the payment to the Employee, and
instead, deposits same into a Deferred Compensation
Account with the Retirement Corporation under the term of
this Plan. Deferred compensation may include amounts from
or parcentages #both `bag pay" and "employers
contributions" or it may, include amounts from or
percantags of only one of these components;
c. "Current compensation" is that portion of the Employee's
total compensation which is not deferred compensation as
deferred compensation is defined herein; and
d. "Baso pay" is the stated salary of the Employee.
1.3 The determination of the initial amount or percentage and of
any future change in amount or percentage of deferred
compensation must be made before the beginning of the
pert f of service for which the compensation is payable.
/A The amount of total eomupwnation may be adjusted from
Gene to time without altering the tonna of this Plan.
However, the percentage or amount of deferred
compensation may be adjusted in accordeno with 1.3 above.
Any such adjustment of the pereenagr or amount of
deferred compensation shall be communicated to the
Empl,yees agent, the Retirement Corporation, and the
deposits in the adjusted percentages or amounts, if changed
from the prior existing percentages or amounts, shall
thersaftr be node by the Employer into its Retirement
Corpof don Account.
2. Deferred Compensation Aceoum. Under this Plan, deferred
congenation shall be credited and paid into the Trust established
and maintained with the Intsmational City Management Association
Retirement Corporation as Trustee. The Retirement Corporation is
a honprofit corporation formed for the specific purpose of investing
and otherwise administering the funds of said TrusL The Trust may
be revoked at any time by the Employer, and upon revocation of
said Trust, all of the assets thereof shall return to and revs„ o the
Employer. The Employer shall keep accurate bouts and uacorde
with respect to the Employee's total compensation or other earned
Income and with respect to amounts paid into said Trust
3. Owners+np of Funds. Neither the Employes nor any klio—Llary
thereof shall have any interest whatsoever in the funds paid into the
Deferred Compensation Account or in the accumulations or any
increments on such funds, which shall at all times remain as an asset
of the Employer, subject to its absolute dominion, control, and
right of withdrawal until such time as the funds or assets of the
Account are are distributed to the Employee in accordance with the
provisions of this Plan. The obligations of the Employer to pay
deferred compensation is contractual only, the Employee having no
preferred or special interest or claim, by way of trust, annuity, or
otherwise, in and to the specific funds and tants hold in the
Deferred Compem ation Account. The contractual obligations of the
Employer to pay the lunch and assets in its Deferred Compensation
Account to the Employee or his beneficiary on the applicable
distribution date shall be a continuing obligation upon the
Employer, and shall not be relieved by any agrerrent between the
Employer and any other pony, except as provided in Section 2 of
Paragraph 12 of this Ran, and shell not be affected in any nanrnr
by amendment or revocation of the Trust referred to in Pargraph 2
herein or by reversion of the Trust Funds to the Employer. The
provisions of this Paragraph shell supersede and control any other
provision of this Plan which could bit interpreted to be in conflict
therewith.
4. Administration of Funds. The funds deposited in the Deferred
Compensation Account shall be invested and reinvested by the
Retirement Corporation, as provided for in the Trust Fund
described in ?art II of this Plan, in any manner which in its sole
discretion it deems desirable, without regard at any time to any e3al
limitation gow-ning the investment of such funds. The Account
shall also reflect the gain or loss resulting from the investment and
reinvestment thereof, This Trust Fund r,,ay be commingled with
others established by the Trustee with other Employers under this
Plan.
money orto Inquire into the Oty, expediency, or
propriety of any such sale or other disposition.
(h) To make, execute, ocknow!eoge, and deliver any and all
documents of transfer and conveyance and any and all other
Instruments that may be necessary or appropriate to carry
out the powers herein granted.
(i) To settle, compromise, or submit to arbitration any
claims, debts, or demeges due or owing to or from the Trust
Funds; to commence or defend suits or legal or
administrative proceedings; and to represent the Trust Funds
In all suits and legal and administrative protstadings.
(1) To do all such acts, take all such proceedings, and
eaenCisl all such rights and privileges, although not
specifically mentioned herein, as the Trustee may deem
necessary to administer the Trust Funds and to carry out the
purposes of this Trust.
Section 2.3. Distributions from the Trust Funds. The Employer
hereby appoints the Trustee as its agent for purposes of salecting the
method by which distributions from the Trust Funds are to be
nada, to well as for purposes of making such distributions. In this
regard the terms and conditions set forth in the Agreements to be
executed between the Employer and its Employees, and any
absequent modifications thereof, are to guide and control the
Trust"'s pnwer.
Section 2.4. Vmluation of Trust Funds. At least once a year as of
Valuation Dates dei q. nested by the Trustees, the Trustee shalt
dstarmine the value of tea„ Trust Funds. Assets of the Trust Funds
WalII be vat- -ed at their market values at the Nose of business on the
uation Date, or, in the absence of readily ascertainable market
values as the Trustee shall determine, in accordance with methods
consistently followed and uniformly applied
0
ARTICLE 111. For Proteetian of Tnstaa
Section 3.1. Evidence of Action by Employer. The Trustee may
rely upon any certificate, notice or direction purporting to have
been signed on behalf of the Employer which the Trustee believes to
have been signed by a duly designated official of the Employer. No
communication shall be binding upon any of the Trust Funds or
Trustee until they are received by the Trustee.
Section 3.2. Advice of Counsel, The Trustee may consult with
any leges counsel with respect to the construction of this
Agreement, its duties hereunder, or any an, which it proposes to
tab or omit, and shall not be liable for any action taken or omitted
in good faith pursuant to such advice.
Section 3.3. Miscellanerws. The Trustee shelf use ordinary pre
and reasonable diligence, but shall not be liable for any mistake of
judgment or other action taken in good faith. The Trustee shall not
be liable for any loss sustained by the Trust Funds by reason of any
investment made in good faith and in o condone with that
provialoms of this Agreement.
The Trustee's duties and obligations shelf be limited to those
exist ly imposed upon it by this agreement, notwithstanding any
reference of the Pion.
ARTICLE IV. Taxes, Expenses and Cotepanessim of Trustee.
Section 4.1 Taxes. The Trustee shall deduct from and charge
against the Trust Funds any taxes on the Truss Funds or the income
thereof or which the Trustee is required to pay with respect to the
Interest of any person therein.
Section 4.2. Expenses. The Trustee shall deduct from any
charge against the Trust funds all reasonable expenses incurred by
the Trustee in the administration of the Trust Funds, including
counsel, agency and other necnsary fees.
ARTICLE V. Sestlemsns of Acmursa The trustee shall
keep accurate and detailed accounts of all investments, receipts,
disbursements, and other transactions hereunder.
Within 90 days after the close of each fiscal year, the Trust"
shall render in duplicate to the Employer an account of its acts and
transactions as Trustee hereunder. If any pan of the Trust Fund
&hall be invested through the medium of any common, collective or
commingled Trust Fundis, the fast annual report of such Trust Fund;
shall be submitted with and incorporated in the account.
If within 90 days after the mailing of the account or any
amended account the Employer has not filed with the Trust"
notice of any objection to any act or transaction of the Trustee, the
account or amended account shall become an account stand. If any
objection las been filed, and If the Employer Is satisfied that it
should be withdrawn or If the account is adjusted to the Employer's
satisfaction, the Employer shall in writing hied with the Trustee
signify approval of the account and it shah become an account
stated.
When an account becomes an account stated, such account shall
be finally settled, and the Trustee shall be completely discharged
and released, as if such account had been settled and allowed by a
Judgment or decree of a court of competent jurisdiction in an action
or proceeding in which the Trust" and the Employer were parties.
The Trustee shall have the right to apply at any time to a court
of competin t jurisdiction for the judicial settlement of is account.
ARTICLE VI. Resignation and Removal of Trustees
Section 6.1. Resignation of Trustee. The Trustee may resign at
any time by filing with the Employer its written resignation. Such
resignation shall take effect 60 days from the date of such filing and
upon appointment of a successor pursuant to Section 6.3, whichever
shall first occur.
Section 6.2. Removal of Trust". The Employer may remove
the Trustee at any time by delivering to the Trustee a motion notice
(c) To vote upon any stocks, bonds, or other securities; to
give general or special proxies. or powers of attorney with or
.
without power of substitution; to exercise any conversion
privileges, subwription rights, or other options, and to make
any payments incidental lhervio; to oppose, or to consent: to,
or otherwise participate in, corporate reorganizations or
other Manges affecting corporate securities, and to delegate
discretionary powers, and to pay any assessments or charges
In connection therewith; and ferverally to exercise any of the
'
Powers of an owner with respect to stocks, bonds, securities
Or other Property held a part of the Trust Funds,
(d► To cause any securities or other property held a pen of
the Trust Fumb to be registered in in own name, and to hold
any Imiestments in bearer form, but the books and records of
the Trustee shelf at all times show that all such investimints
area part of the Trust Funds.
(a) To barrow or raise money for the purpose of the Trost in
such amount, and upon such terms and conditions, as the
Trustee shall deem advisable; and, for any sum so borrowed,
to issue its promissory note as Trustee, and to secure the
repayment thereof by pledging all, or any pan, of the Trust
Funds, No person lending stoney to the Trustee shell be
bound to we the application of the money lent or to inquire
Into its validity, expediency or propriety of any such
borrowing.
Its To keep such portion of the Trust Funch in cash or cash
betamees as the Trusae, from time to t.me, may deem to be
in the best interests of the Trust crested hereby, without
liability for interest thereon.
(g) To accept and retain for such time as it may deem
advisable any securities or other property received U
•
acquired by It as Trust" h.—nder, whether or not such
securities or other property would normally be purchased a
Investments hereunder.
(h) To make, execute, ocknow!eoge, and deliver any and all
documents of transfer and conveyance and any and all other
Instruments that may be necessary or appropriate to carry
out the powers herein granted.
(i) To settle, compromise, or submit to arbitration any
claims, debts, or demeges due or owing to or from the Trust
Funds; to commence or defend suits or legal or
administrative proceedings; and to represent the Trust Funds
In all suits and legal and administrative protstadings.
(1) To do all such acts, take all such proceedings, and
eaenCisl all such rights and privileges, although not
specifically mentioned herein, as the Trustee may deem
necessary to administer the Trust Funds and to carry out the
purposes of this Trust.
Section 2.3. Distributions from the Trust Funds. The Employer
hereby appoints the Trustee as its agent for purposes of salecting the
method by which distributions from the Trust Funds are to be
nada, to well as for purposes of making such distributions. In this
regard the terms and conditions set forth in the Agreements to be
executed between the Employer and its Employees, and any
absequent modifications thereof, are to guide and control the
Trust"'s pnwer.
Section 2.4. Vmluation of Trust Funds. At least once a year as of
Valuation Dates dei q. nested by the Trustees, the Trustee shalt
dstarmine the value of tea„ Trust Funds. Assets of the Trust Funds
WalII be vat- -ed at their market values at the Nose of business on the
uation Date, or, in the absence of readily ascertainable market
values as the Trustee shall determine, in accordance with methods
consistently followed and uniformly applied
0
ARTICLE 111. For Proteetian of Tnstaa
Section 3.1. Evidence of Action by Employer. The Trustee may
rely upon any certificate, notice or direction purporting to have
been signed on behalf of the Employer which the Trustee believes to
have been signed by a duly designated official of the Employer. No
communication shall be binding upon any of the Trust Funds or
Trustee until they are received by the Trustee.
Section 3.2. Advice of Counsel, The Trustee may consult with
any leges counsel with respect to the construction of this
Agreement, its duties hereunder, or any an, which it proposes to
tab or omit, and shall not be liable for any action taken or omitted
in good faith pursuant to such advice.
Section 3.3. Miscellanerws. The Trustee shelf use ordinary pre
and reasonable diligence, but shall not be liable for any mistake of
judgment or other action taken in good faith. The Trustee shall not
be liable for any loss sustained by the Trust Funds by reason of any
investment made in good faith and in o condone with that
provialoms of this Agreement.
The Trustee's duties and obligations shelf be limited to those
exist ly imposed upon it by this agreement, notwithstanding any
reference of the Pion.
ARTICLE IV. Taxes, Expenses and Cotepanessim of Trustee.
Section 4.1 Taxes. The Trustee shall deduct from and charge
against the Trust Funds any taxes on the Truss Funds or the income
thereof or which the Trustee is required to pay with respect to the
Interest of any person therein.
Section 4.2. Expenses. The Trustee shall deduct from any
charge against the Trust funds all reasonable expenses incurred by
the Trustee in the administration of the Trust Funds, including
counsel, agency and other necnsary fees.
ARTICLE V. Sestlemsns of Acmursa The trustee shall
keep accurate and detailed accounts of all investments, receipts,
disbursements, and other transactions hereunder.
Within 90 days after the close of each fiscal year, the Trust"
shall render in duplicate to the Employer an account of its acts and
transactions as Trustee hereunder. If any pan of the Trust Fund
&hall be invested through the medium of any common, collective or
commingled Trust Fundis, the fast annual report of such Trust Fund;
shall be submitted with and incorporated in the account.
If within 90 days after the mailing of the account or any
amended account the Employer has not filed with the Trust"
notice of any objection to any act or transaction of the Trustee, the
account or amended account shall become an account stand. If any
objection las been filed, and If the Employer Is satisfied that it
should be withdrawn or If the account is adjusted to the Employer's
satisfaction, the Employer shall in writing hied with the Trustee
signify approval of the account and it shah become an account
stated.
When an account becomes an account stated, such account shall
be finally settled, and the Trustee shall be completely discharged
and released, as if such account had been settled and allowed by a
Judgment or decree of a court of competent jurisdiction in an action
or proceeding in which the Trust" and the Employer were parties.
The Trustee shall have the right to apply at any time to a court
of competin t jurisdiction for the judicial settlement of is account.
ARTICLE VI. Resignation and Removal of Trustees
Section 6.1. Resignation of Trustee. The Trustee may resign at
any time by filing with the Employer its written resignation. Such
resignation shall take effect 60 days from the date of such filing and
upon appointment of a successor pursuant to Section 6.3, whichever
shall first occur.
Section 6.2. Removal of Trust". The Employer may remove
the Trustee at any time by delivering to the Trustee a motion notice
•
•
r �
U
G. Designation of Imestments. Each participating Employer, being
advised of the preferences of, and for the benefit of each of its
Participating Employees, shelf detignyte the percentage of the
deferred compensation involved wtich shell be invested in the
respective types of investment funds (accounts) of the Retirement
Corporation, such as the Equity IVarieble) Fund or the
Fixed-income Fund, unless the taws of the applicable state at local
ipvtrnment require otherwise, in which cafe those lava shall govern.
Future elections to change the parcuntage to be invested in each
type of Fund nay only be mods prior to and for the neat
succeeding annual period of service :or which the coon m me ion is
payable by filing written notice thereof with the Retirement
Cixporation. Sun's notice will not be effective until raceiwd by the
Retirement Corporation,
6. Payment of Deferred Compensation. The words "designate.:
a1M", n used in this Paragraph and in Paragraph 9 of this Pian, shall
mean the designated age which appears in the Joinder Agraw orm
executed by the participating Empl,syw. Than words, as used in
this Paragraph, in Paragraph 9, and in the Joinder Agreement. shall
also include the following, without repetition therein: "or later, in
the sole discretion of the Employer, at the and of his employment
agreement, if Employee continues in the employ of the Employer
after he attains the designated age." At such time as the Employee
teaches the designated age, becomes Permanently disabled. or des.
whichever occurs first, he, or his beneficiary or beneficiaries,
nominee of estate islare entitled to receive payment in the Deferred
Compensation Account outstanding on the date on which one of
the foregoing occurs. Payments occasioned by the Employee having
reached the designated age, becoming pemanernty disabled, or by
his death shall be made in accordance with the provisions of
Paragraph 7 hereof as follows:
a. Payments in monthly, quarterly, semi-annual, or annual
Payments Over the period of life expectancy of the Employee in
atxorda ice with the following prnesdure:
Upon reaching the designated age, or becoming permanently
disabled from permanent full-time employment, whichever
first occurs, the Employee's life expectancy shall be
determined by reference to Standard U.S. Mortality Tables:
the amounts of assets and accumulations in the Deferred
Compensation Account shall be computed together with a
reasonable rate of return on said assets, len the amount of
expected monthly distribution, wet the life expectancy of
the Employee. and a monthly amount shall than be
mathematically dnermineA, tt,v payment of which, in equal
monthly installments over [hv period of the life expectancy
of the Employee, shall completely deplete the said Account
at the and of the Inst year of life expectancy; or
b. Payments in monthly, quarterly, semi-annual, or annual
payments in accordance with the following procedure:
Unless the Employee's employment terminates prior to the
time he attains the designated age, amounts equal to the
benefits received by the Employer, under retirement annuity
policies, shall be paid to the Employee, at such time as he
attains the designated age; or, In the ease of death, payment
to his beneficiary or beneficiaries, nominee or estate pursuant
to the procedures provided in said policies and Paragraphs 7
and 8 of this Plan; or
c. Payments in monthly, quarterly, semi-annual, or annual
Installments over a period of not exceeding ten (10) years, said
payments to include a reasonable return on the lunch, assets amt
accumulations in the Deferred Compensation Account, leu the
amount of expected monthly, quarterly, semi-annual, or annual
distribution, over the said ten 110) Veer period; or
d One lump sum payment
7. Selection of Method of Payment. The method of payment shall
be selected by the Employer, acting through the Retirement
0
Corporation as its duly authorized agent, due consideration being
given to health, financial circumstances and family obligations of
the Employee. In this regard, the Employee may be consulted;
howomr, he shall have no voice in the decision racMd,
B. Payments in the Event of Death.
a. During the Period of Distribution, in the event of the
Employers death during the period of distribution, the
Employee's beneficiary shall be entitled to receive payments in
accordance with the payment method being employed at the
Was of the Employers death. With the consent of the
Employer, acting through the Retirement Corporation as its duly
authorized pent, said beneficiary may elect to receive a
lump -sun in Ilau of installment payments.
b. Prior to Distribution. In the went of the death of the
Employee prior to the distribution, the funds end assets of the
Deferred Compensation A count shall be paid in accordance
with one of the methods described in wbperegrepha a, b, c, or d
of Paragraph 6 hereof. The saNction of aid method shall be
mans by the Employer acting through the RnirernaM
Corporation as its duly authorized agent
9. Payment Data. Payments shall coni erwo an the first day of the
month, following the attainment of the designated age, or later, an
the fist day of the month after the and of his employment
agreement, if Employee continues in the employ, of the Employer
after he attains the designsnd ala, or likawke following permanent
disability, or death; end, In the owe of installment payments, shall
be made continuously thereafter on the tint day of each succeeding
month, or, in the event quarterly. semi-annual, or annual payment
installment periods ere applied, than continuously thereafter on the
first day of each ^j r;vuding month which begins the time period
(quarterly. atc.) involved until such time as the Deferred
Compensation Account is depleted in its entirety.
10. Dis res i,,e Agent. The Retirement Ccrporatitr! sh_.'s +ct as
agent of the Employer for purposes of disbursing payments. The
ultimr,e obligation for melting such payrntants, however, shell
remain with the Employer.
11. Accumulation During the Distribution Period, During the
period of distribution, the Employee or his beneficiary or
beneficiaries, nominee or estate, as the owe may be, shall continue
to be credited with all the interest, accumulations, and Increments
an the undistributed funds and assets In the Defeated Compensation
Account, until such Account is skpleted In its entirely.
12. Section 1. To errninetion of Employment. Upon termination of
the Employee's services„ for any reason other than death, the funds,
assets, and accumulptions in the Deferred Compensation Account
shall not be transferred to an account with a new employer of the
Employee, end, Instead, they shall remain in the original Account n
assets of the old Employer until such time "they are distributed in
accordance with the provisions of this Plan, except in provided in
Section 2 of this Paragraph.
Section 2. Transfer of Employment with Consideration 9ataneo
Employers—Tripartite Agreement.
In the event the Employee accepts employment with a new employ"
Participating in the ICMA-RC Deferred Compensation Plan, then, if
the pat Employer finds that it has no Pnwe ", or future need of the
funds, assets, and accumulations in the said Account for the
payment of in general creditors or for any other purpose
whatsoever, in consideration of its desire to avoid the continuing
expense of maintaining records, ami receiving, examining, verifying
and tiling annual reports of the Retirement Corporation, and in
consideration of avoiding the possible future expre of litigation of
Employee's continuing contractual rights to payment of deferred
compensation on his retirement as herein provided in the event of
any possible future revocation and withdraval by the past Employer
of :he funds, a -eta. and accumulation in the said Account, the pass
LJ
Employer may, at its discretion, authorize the Retirement
Corporation, as in agent, to propose to the new Employer then the
funds, assets, and accumulations of the said Account be transferred
to the ownership, control, and right of withdrawal of the new
• kmployer, and to do so in the event the new Employer, in
consideration of the increased value of the Employee's services by
reason of the experience gained while in past employment, agrees
to accept same, and the respective Employers and the Employee
sign on anpropriate form of Agreement in which the new Employer
also agnts to assume the continuing contractual liability to pay
deferred ccmpm. cation to transferred upon retirarrent of the
Employee and tin Employee releases the pat Employer from said
continuing obligation to do same.
11 Loan. The Employer shall not ba its We for any lop due
to investment or failure of investment of funds and assets in said
Deferred Compensation Account nor shell the Employer be required
to replan any lop whatsoever which may result from said
Imatrtants.
14. Nonapigrability, of Deferred Compensation. The Employee
during his lifetime shall not be entitled to commute, encumber, sell
or otherwise dispose of his rights to receive deferred compensation
pyments provided for heroin, and the right thereto shall be
nbruesignabte and nontransferable. In the event of any attempted
mmignmest or transfer thereof, the Employer shall have no further
gasllity, under this Agreement.
15. Participation in other Employe* Benefit Plans. Nothing herein
contained shall in env manner modify, impair, or affect the existing
or future rights or shell in any manner modify, impair, or affect the
existing or future rights or interest of the Employee (a) to receive
any employee benefits to which he would otherwise be entitled, or
(b) as a participant in any future pension plan, it being understood
that the rights and interests of the Employee to any employee
•benefits or as a participant or beneficiary in or under any or all such
plans nmpecti% i shall continue in bill force and effect unimpaired,
and the Emplovve shall have the right at any time hereafter to
become a benefichery under or pursuant to any and all such peens.
til Definitions. The manning of any term or terns, phrase, clause,
or amens used In this Agreement, which is also used in the
By -Laws of the Retirement Corporation, shall be defined as then
on defined in ARTICLE 11, Section 2 of the By -Lawn. Masculine
pronouns, whenever used herein, Include the feminine pronouns,
and the singular Includes the plural union the context requires
another meaning,
17. Validity of Agreement. This Agreement shall not be valid or
enforceable union signed by an officer of Employer, authorized, by
the governing body of the Employe, as, for example, the City
Council, and unless this Agreement is implemented by the execution
of the Joinder Agreement.
PARTIL MASTER TRUST AGREEMENT
AGREEMENT nude by and between the aforenamed Employer
end the International City Management Association Retirement
Corporation Ihereinsfter the "Trusion" or "Retirement
Corporation"), a nonprofit corporation organized and existing
under the laws of the State of Delaware, for the purpose of investing
and otherwin administering the funds set aside by Employers in
connection with Deferred Compensation Agreements with
Employees.
WHEREAS, The Employer desires to enter into agreements with
Its Employees whereby its Employees agree to defer payments of
•specified parcentegn of or amounts from their total compensation
as "deferred compensation' is defined in said agreements until the
occurence of certain events;
WHEREAS, in order that there will be sufficient funds available
to discharge the foregoing contractual obligations, the Employer
L-A
desires to set aside periods amounts equal to the percentage or
amount of tool periodic compensation deferred;
WHEREAS, the funds set aside, together with any, and all
investments thereto, are to be exclusively within the dominion,
control, and ownership of the Employer, and subject to the
Employees absolute right of withdrawal, the Employee having no
interest whatsoever therein;
NOW, THEREFORE, this Agreement witnaneth that (a) the
Employer will pay monies to the Trustee to be pieced in deferred
compensation accounts for the Employer; (b) the Trustee covenants
that it will lsold said suns, and any other funds which it may receive
hereunder, in trust for the uses and purposes and upon the tense
and conditions hereinafter stated; and (c) the parva he. -oto agree as
follows:
ARTICLE 1. General Duties of the Parties.
Section 1.1 General Duty of the Employer- The Employer shall
make regular periodic payments equal to the percentages of or
m
aounts from its Participating Employees' total total periodic
compensations which are deferred in accordance with the terns and
conditions of Deferred Compensation Employment Agreements
with such Employees, or with any subsequent modification thereof.
Section 1.2. General Dudes of the Trustee. The Trustee shall
hold all funds received by it hereunder, which, together with the
Income therefrom, shall constitute the Trust Funds. It shah
administer the Trust Funds, collect the income thereof, and make
payments therefrom, all as hereinafter provided. The Trustee shall
also hold all Trust Fumis which aro transferred to it as successor
Trustee by the Employer from existing deferred compensation
arrangements with its Employees which meet the same Internal
Revenue Code requirements which govern the ICMA-RC Deferred
Compensation Plan. Such Trust Funds shall be subject to all of the
terms and provisions of this Agreement
ARTICLE 11. Powers and Duties of the Trustee in Ineeat.
Administration, and Dishursamnm of the Trac Fuad.
Section 2.1 Investment Puwan and Duties of the Trustee. The
Trustee shall have the power In its discretion to invest and r inven
the principal and Income of the Trust Fund and keep the Trust
Fund invested, without distinction between principal and income, in
such securities or in other property, real or personal, wherever
situated, as the Trustee shall dam advisable, including, but nes
limited to, stocks, common of preferred, bonds, retiremans annuity
and Insurance policies, mortgages, and other evidences of
Indebtedness or ownership. and in common tent funds of approved
financial or investment institutions, with such institutions acting as
Trustee of such common trust funds, or separate and different types
of funds Uccounts) including equity, fixedancome, and those which
fulfill requirements of nae and local governmental laws, established
with such approved financial or investment institutions. For these
purposes, this Trust Fund may be commingled with others
established by the Trustee under this form of agreement with other
Employers. In making such investments, the Trustee shah not be
subject at any time to any legal limitation governing the intestmes
of such funds. Investment powers and investment discretion vested
in the Trustee by this Section may be delegated by the Trustee to
any bank, insurance or trust company, or any inve errant advisor,
manager or agent selected by it.
Section 2.2. Administrative Powers of the Trustee. Tho Trustee
shall have the power in its discretion:
(a) To purchase, or subscribe for, any securities or other
progeny and to retain the some in trust.
Ib) To sell, exchange, convey, transfer or otherwise dispose
of any securities or other property held by it by private
contract, or at public auction. No person dealing with the
Trustee shall be bound to see the application of the purchase
of its removal and an appointment of a suagsor pursuant to
Section Q3. Such removal shall not take effect prior to 60 days
from such delivery unless the Trustee agrees tc an earlier effective
data.
Section 6.3. Appointment of Successor Trustee. The
appointment of a successor to the Trustee shell take effect upon the
delivery to the Trustee (a) an instrument in writing executed by the
Employer appointing such successor, and exonerating such successor
from liability for the acts and omissions of its predso@MW,*nd lb)
on aeeepsenca in writing,. executed by such successor... .
All of the provision set lath Main With respect to the Trustee
shall rotate to each succeew veith the same force and effect n if
such succasew had been Originally named a Trustee hereunder.
If a successor la runt appointed Within 60 days after the Trustee
give notice W its resignation pursuant to Section W. the Trustee
#my apply to any cowl of competentjurisdiction for appointment
of • successor.
Section G.4 Transfer of Funds to Successor. Upon the
resignation,. or removal of the Trustee and appointment of a
successor, and after the final account of the Trustte lxa been
property settled, the Trustee shall transfer and deliver any of the
Trutt Funds Involved to such successor.
ARTICLE VII. Duratim and Reaseatian of Trust AgreaslaoL
Section 7.1. Duration and Revocation. This Trust shall continue
for such tima as may be necessary to accomplish the purpose for
which it was created but may be terminated or revolted at any time
W the Employer as it relates to any and/or all related participating
Employee. Written notice of such terminstiod or revocation shall
be given to the Trustee by the Employer. Upon termination or
ID
revocation of this Trust, all of the assets thereof shell return to and
revert to the Employer. Termination of this Trust shall not,
hoover, ratio" the Employer of the Employers continuing
obligation to pay deferred eompanmtion upon the apalk*Wa
distribution date to any and/or each Employee with wh:)m the
Employer hes entered into a Deterred Compere atom Emaloyment
Agreenx L
Section 7.2 Amendment. The Employer shall have the right to
amend this Agreement in whole and in part but only with the
Trustee's written consent. Any such amxndment shall twcwm
effective upon la) delivery to the Trustee of a written instrument of
amendment, and /b) the endorsement by the Trustee or. such
Instrument of its consent thereto.
ARTICLE VIII. MiaellewouL
Section 8.1. Laws of the Sate of Delaware to Govern. This
agreement and the Trust hareby created shall be taetrued and
regulated by the laws of the State of Delaware.
Section 8.Z Suooessor Employers. The .term "Employer' shall
include any arson who succeeds the Employer and who adonis the
Deferred Compernation flan of the Retirement Corporation and
becomes a Party to this agreesnent with the consent of the Trustee.
Section 8.3. Withdraweis. The Employer may. at any lima, and
from tine to time, withdraw a portion or all of the Tnmt Funds
created by this Agreement and related Deferred Compensation
Employment Agreements.
Section BA. Definitions Delinitions in the By -Laws of terms,
phrases, ate., used herein apply to the same terrain. The masculine
Includes the feminine and the singular includes the plural union the
context regains another meaning.
A P P E N D 1 _X _ B. JOINDER AGREEMENT
TO E ICMA RETIREItENT COR ATION
DEFERRED COMPENSATION PLAN
• 1:
"Ur1 '1 I
(dock appropriate loos)
Q NEW AGREEMENT (or Account): The undersigned hereby acknowledges receipt of and agrees to the terns and conditions of the ICMA-RC
Deferred Compensation Plan, as amended. and hereby appiiea for participation in said plan as indicated below:
Q AMENDMENT OF EXISTING AGREEMENT (or Account): The undersigned hereby requests that the following amendment be made to the
JouWer Agreement which provided for my participation In tre ICMA•RC Deterred Compensation Plan, as amended.
PERSONALINFORMATUM
O Mr.
E3 M -
E3 Min
Emp(tryse's Nam p Ma.
Flrat 1Yddle Law
Rasidence
Susan C* State zip
Job Tile Sea 0 F Built
Social Security Number ❑❑❑ - O11 — 0[3 1111
To which of the Associations sponsoring this plan do you belong?
DP-SIIMIJATION OF AIME OF RET1Rema7sT
(Far Now Accounts Or4ji
The age of Retirement under this agreemsnl shall be .......❑
(You may select any age from age 55 up.)
DIMWMT)ON OF DEFERNED COYIEN" N)N
Elective on 61e data Indicated below. I request that 1 be paid in
the form of both Currant and deferred compensation, the amount
of deferred compensation to be calculated as toners_
Effective Date:
fuahnad of O.•tgnaena
OaminW Compttnsaben
(F�nptoyai •
Centay
ea•a pytl a
tF�Narw .
Contnbutro )
Ball•
Tarr
(led Orb Ona)
wr shall
reduced M
pp eosin to
added r by
(1) ►areantaq Monod
IM Dollar Mottwd
S
S
f
1 you have used the Dollar Method, how has it been stated (pM pay
.period, annual, etc.)?
For Other Alternatives or Supplemental Provisions:
him Day Ysar
WWasw m that the designation of deferred compensation may not
be Changed without proper amendment of this agreement. Now -
ever. whams the parentage method has been used to designate
deferred compensation, I further understand that the percentage,
for both go amploye's and lar employee's contribution, will be
applied to any changes In my be" pay: thereby resulting in a
corresponding change in my deferred compensation.
DESWiNATWN OF INVESTMENT FUND!{
I request that the total amounts of deferred compensation be
applied b the available investment funds in the following per-
eantages (See booklet for discussion of funds):
FWW
owtantw..
Vomer Fwd R
Fred fnxwe Fvm t
Tarr too x
1 understand that where state or local law restricts the nature of
the Investment of these funds that it will be necessary to restrict
the Investment dhoiacs to those available under the law.
1 haw completed the designation of beneficiary form on the re-
verse side of this agreement.
My Current bass pay or salary is S per
I understand that my base pay will be periodically detenrmmd ir
accordance with oppropria-e law, procedure, and pobcy. 1 atw Signature of Employee Date
FOR EMPLOYER
TO:
(Employee's Name)
COPY TO: ICMA Retirement Corporation
This application for employee participation in the ICMA getirement Corporation's Deferred Compensation Plan, which has been established by
this Employer. Is hereby approved and agreed to in respect to all requests therein made.
(Signature c' Authorized Official of Employer)
(Date) I
(Print Name b Title of Authorized Official)
DESIGNATION OF BENEFICIARY (Complete this portion only If you have not previously oebignaled a beneficiary when entering the plan
with a previous employer or if you wish to change beneficiaries).
To whom shall the deferred compensation funds, assets and accumulations in the ICMA-RC account be payable in case of your death? In the
statement below, give first name, middle initial and last name_ Example: Mary A. Smith (not Mrs. John Smith). for your children you may simply
use the term "my children" and leave the share column blank This term shall provide equal treatment among your children.—present and
future—born of any and all marriages and any children legally adopted at any time. In the event you choose to leave the deferred compen-
sation funds, assets and accumulations, to a charity or institution, specify Its complete legal name and address.
1, the undersigned, being a participant in the ICMA-RC Deferred Compensation Pian and thus having the sole right to designate, change, and
succeszWly change the person, persons, or institutions designated as beneficiary or beneficiaries, do hereby direct that any and all deferred
compensation funds, assets, and accumulations held for my retirement benefit by the ICMA Retirement Corporation (or any successor there'o)
as Trustee for all of my past, present and future participating Employers, be payable as follows if living at the time of my death:
NAME
(Please type or print) ADDRESS
SHARE
Milk
In the event of the death -6f my beneficiary or beneficiaries prior to the date of the distribution of the deferred compensation funds, assets
and accumulations by the employer, then to the follo::ing person, persons, or institutions it living at the time of my death:
NAME
(Please type or print) ADDRESS SHARE
(To be used for special provisions the Employee may choo,e to Include).
In addition to any conditions stated above, 1 direct the following (please print or type)
1 understand that If the benefits are paid to me under an option requiring the purchase of an annuity for my benefit, that my designation or
redesignation of a beneficiary or beneficiaries may have to be repeated at that time. In accordance with the requirements of the annuitor. I
further understand that the last dated designation of a beneficiary or beneficiaries filed with ICMA-RC as Trustee for any participating employer,
�shall, In the event of my death prior to full distribution to me after my retirement, control the actions of ICMA-RC, as Trustee in the distribution
i the deferred compensation funds, assets and accumulations in the relevan! ICMA-RC Account or Accounts.
Signed Date
Witness