Agenda - Council - 01/08/1991 - Laserfiche WebLink

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DECLARATION OF TRUST OF ICMA RETIREMENT CORPORATION ARTICLE I. NAME DEFINmONS Section 1.1 Name: The Name of the Trust, as amended and restated hereby, is the ICMA Retirement Trust, Seotlon 1,2 Deflnltlone: Wherever they are used herein, the following terms shall have the following respective meanlnge: (e) Bylaws. The bylaws referred to in Section 4.1 hereof, as emended from time to time. (bi Deferred Compeneatlon Plan. A deferred comPensstlon plan established and maintained by a Public Employer for the purpose of providing retirement income and other deferred benefits to its employees in accordance with the provision of section 457 of the Internal Revenue Code of 1954, as amended. (c) Employaee. Those employees who participate in Qualified Plans. (d) Employer Trust. A trust created pursuant to an agreement between RC and a Public Employer for the purpose of investing and administering the funds set aside by such Employer in connection with its Deferred Compensation ag. recreants with its employees or in connection with its Qualified Plan. (e) Guaranteed Investment Contract. A contract entered into by the Retirement Trust with insurance companies that provides for.a guaranteed rate of return on nvestments macle pursuant to such contract. (fi ICMA. The International City Management Association. (g) ICMA/RC Trustees. Those Trustees elected by the Public Employers who, in accordance with the provisions of Section 3.1(a) hereof, are also members, or former members, of the Board of Directors of ICMA or RC. (hi Investment Advleer. The Investment Adviser that enters into a contract with the Retirement Trust to rovide advice with respect to investment of the rust Property. (I) Portfolios. The Portfolios of investment established by the Investment Adviser to the Retirement Trust, under the supervision of the Trustees, for the purpose of providing investments for the Trust Property. (J) Public Employee Trustees. Those Trustees elected by the Public Employers who, in accordance with the provision of Section 3.1 (a) hereof, are full- time employees of Public Employers. (k) Public Employer Trustees. Public Employers who serve as trustees of the Qualified Plans. (I) Public Employer. A unit of state or local tghovernment or any agency or instrumentality ereof, that has adopted a Deferred Compensation Plan or a Qualified Plan and has executed this Declaration of Trust. (mi Qualified Plan. A plan sponsored by a Public Employer for the purpose of providing retirement income to its employees which satisfies the iqualilication requirements of Section 401 of the nternal Revenue Code, as amended. (n) RC. The International City Management Association Retirement Corporation. (o) Retirement Trust. The Trust created by the Declaration of Trust. (pi Trust Property. The amounts held in the Retirement Trust on behalf of the Public Employers in connection with Deferred Compensation Plans and on behalf of the Public Employer Trustees for the exclusive benefit of Employees pursuant to Qualified Plans. The Trust Property shall include any income resulting from the investment to the amounts so held. (q) Trusteee~ The Public Employee Trustees and ICMA/RCTrustees elected bythe Public Employers to serve as members of the Board of Trustees of the Retirement Trust. ARTICLE II. CREATION AND PURPOSE OF THE TRUST; OWNERSHIP OF TRUST PROPERTY Section 2.1 Creation: The Retirement Trust is created and established by the execution of this Declaration of Trust by the Trustees and the Public Employers. Section 2.2 Purpose: The purpose of the Retirement Trust is to provide for the commingled investment of funds held by the Public Employers in connection with their Deferred Compensation and Qualified Plans. The Trust Property shall be invested in the Portfolios, in Guaranteed Investment Contracts, and in other in- vestments recommended by the Investment Adviser under the supervision of the Board of Trustees. No art of the Trust Property will be invested in securities sued by Public Employers. Section 2.3 Ownership of Trust Property: The Trustees shall have legal title to the Trust Property. The Public Employers shall be the beneficial owners of the por- tion of the Trust Property allocable to the Deferred Compensation Plans. The portion of the Trust Prop- arty allocable to the Qualified Plans shall be held for the Public Employer Trustees forthe exclusive benefit of the Employees. ARTICLE II1. TRUSTEES Section 3.1 Number and Qualification of Trustees: (a)The Board of Trustees shall consist of nine Trust- ees. Five of the Trustees shall be full-time employees of a Public Employer (the Public Employee Trustees) who are authorized by such Public Employer to serve as Trustee. The remaining four Trustees shall consist of two persons who, at the time of election to the Board of Trustees, are members of the Board of Directors of ICMA and two persons who, at the time of election, are members of the Board of Directors of RC (the ICMA/ RC Trustees. One of the Trustees who is a director of ICMA, and one of the Trustees who is a director of RC, shall, at the time of election, be full-time employees of a Public Employer. (bi No person may serve as a Trustee for more than one term in any ten-year period. Section 3.2 Election and Term: (a) Except for the Trust- ees appointed to fill vacancies pursuant to Section 3.5 hereof, the Trustees shall be elected by a vote of a majority of the Public Employers in accordance with the proc. ed ures set forth in the By-Laws. (bi At the first election of Trustees, three Trustees shall be elected for a term of three years, three Trustees shall be elected for a term ottwo years and three Trustees shall be elected for a term of one year. At each subsequent election, three Trustees shall be elected