Agenda - Council - 02/25/1986 - Laserfiche WebLink

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DECLARATION OF TRUST of ICMA RETIREMENT TRUST ARTICLE I. Nmme and Definition! SECTION 1 1 Nam(. Thc. Name of Iht, Trusl creeled hereb) ~$ lhe ICMA Rehrement lrust SECTION 1.2 Dehnihons Whereve~ Ihey are used he,em, lhe Iollowin~ terms shall have the tollowmg respechve meanings (al By-Laws ~he By-Laws rel~red to in ~chon 4 1 hereof. emended Irom hme to bme (bi DelerreO Compens~hon P~an A deler~e0 compensahon pIBn estabhshed end mamlmned by e Pubm,c Employer fo~the purpose of providing reh~emenl income and othe~ Oeler~ed benefits !o Its employees m aCCOrdance wdh Ihe provisions Of sechon 457 Ihe Internal Revenue Code Of 1954 BS Blended (ct guarBnleed Investment OontrBcl A conlr~clenteredmJoby the RelJtemen[ ~ rust with insurance companies that prow0es lot a guarant~d rate of return on invesimenls made pursuanl to such conlracJ Id) ICUA The International Cily Management Associal~on (el ICMA~RC Trustees Those ~rustees elected by lhe Pubhc Employers who. in accordance wilh lhe provisions Of Sechon 3 1 [al he,ecL e~e also lemurs o1 the B~rd of D~reclors ol ICMA or RC. (fl Inveslmenl Adviser. The Inveslmenl Adviser Ihs1 enters ~nl(acl with the Retirement Trusl to provide advice with respect id investmenl ol Ihe Trust Property (gl Employer ~rust A lrusl creeled pursuanl to an agreement between RC and a Pubhc Employer lot the purpose of mvestmg and admm~ste~mg Ihe tunas se: 8side bi' such employer ~n connechon with its deferred compensation agreements wiJh employes (hi Porlfohos The Porliohos oJinvestmenls estabhshed by lhe Investment Adviser to I~ Reliremenl ~rusl, under supe~is~on ol Ihe Trusl~s. lot the purpose of providing inveslmenls tot the Trusl P~operl)' il) Public Employ~ ~ruslees Those ~ruslees elecled by the Public Employers who, in accordance wilh the provisions ~Cllon 3 1(al hereol, are lult-l~me employees of Pubhc Employers (j) Pubhc Employer A unit o( s~ale or local government, or any agency or instrumenlahly lhereof, lhal has adopted a Deferred Compensation Plan and has execuled Ihis ~claration of Trusl. (k) RC. The Inlernalional City Managemenl Ass~iation Reliremenl Corporalion (I) Retiremenl ~rust lh~ lrusl created by Ibis Declaration Trusl. (mi Trust Property. The amounts held in lhe Reliremenl Trusl on beh8ll ol lhe Pubhc Employers 1he 1~USl P~opetly shall include any income resulling horn lhe mveslmenl of Ihe amounts so held tn) Truslee5 ~he Pubhc Employee lruslees and ICUA'RC Trusl~s elecled by Ihe Public Employers Io serve 85 lemurs of Ihe B~rd of lluslees of Ihe Rehremenl ;rusl ARTICLE II, Creation and Purpote Ot Ihe Trust; Owner;hip Properly eSlabh&hed by Ihe execut,om of lhms Decle~ ahon Of )rusl by Ihe and the parbCmpetm~ PubhC Employers. SECTION 2 2 Purpo~ ~he puTpo~e Ol the Rehremenl ~ruS' prOvmUe lot Ihe commingled mveslmenl of fun~s held by Ihe Employers in connecho~ with t~mr Pelerred Compensahon lrust P~operty sh~ll ~ mnveste~ in the POrlfOhOS. mn Guera-'~3 Invesimenl ~ontrects a~,~ m othe~ mveSlmenls ~ecommen~ed Inveslmenl AOv:se~ un~ the Superv,S~Dn ol the ~oard Ol TrUSl~ SECTION 2 30wners~,~p of Trust P~operly ~he Trustees legs~ hlie Io the lru~ Properly The Pubhc Employers shall ~nehciBI owners OI t~ ~rust Prope~ty ARTICLE III. Trustees SECTION 3 1 Numbe'and Ouahf,cationof Trustees (al The Board or Trustees shall cons~$l of nrne Trustees F~,-_- the Trustees sha~ be tull-trmeemployees of a Pubhc (the Pubhc Empac, Fee Trustees) who are aufhorizeO by s..~'..h Public Employer toserve as Trustee The remaining four Trus'ees shah consist Of tv,.~ persons who. at tl'~e hme of electron t-_ Board of Trustees are members of Ihe Board of D~recto-s of ICMA and two pa'sons who. at the time ct elechon, are me,- of Ihe Board of D~rectors o( RC (the ICMA/RC Trustees) Or-e. of the Trustees who ~s a director of ICMA. and one of Ihe Trus'_.~-.s who ~s a d~reclo- o' RC. sha!L a! the time o( election, be fuh+-,e employees of a Pubhc Employer. (bi No person ma; serve as a Trustee for more Ihan onete~ any ten-year peri:): SECTION 32 Elech~- and Term (a) Except for the Trustees appointed to hll vacancies pu-s._=-: to Sechon 3 5 here_-', the Trustees shall be elecled by a vote malority of the Fubhc Employers in accordance v,,'dl- procedures scl fo'-tn m the By-Laws (bi A! the first eezhon o! Trustees. three Truslees sh~ elected for alert', c'lhree yea-s, lhree Truslees sham! be for alerm of t~e )ea's and three_ Trustees shall be elected f:- lerm of one yea~ A~each subsequent election, three shall be elected lo- a term of lhree years and until his o~ successor is elected and quahfied. SECTION 3.3 Nommatlons The Trustees who are luH-t~,e employees of Public Employers shall Serve as the Nomm=' Committee lot the Pubhc Employee Trustees. The Nom~n;.-,-...: Commillee shall choose candidates for Pubhc Employee Truslees ~n accordance with Ihe procedures set lorth in the By-Laws SECTION 3 4 Res~gna'.,on and Removal (at Any 1;uslee m~, res,gn as Trustee (w~thoul need lot pr,c o' subsequent accoun:mg) by an mnslrumenl mn wrHmg s~gned b; Trustee and dphvore3 Io IbP othe~ Truslees and such resigns' shall be eflechve up2n such d~,hvery. Or at a later date accc,~:': ~