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85-076 . . . RESOLUTION NO. 76-85 RESOLUTION TO ESTABLISH A DEFERRED COMPENSATION PLAN RESOLUTION OF the City of Shorewood, hereinafter referred to as "Employer". WHEREAS, the Employer has employees rendering valuable services; and WHEREAS, the establishment of a deferred compensation plan for such employees will serve the interests of the Employer 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 retention of competent personnel; and WHEREAS, the Employer has determined that the establishment of a deferred compensation plan to be administered by the ICMA Retirement Corporation will serve the above objectives, and WHEREAS, the Employer desires that the investment of funds held under its deferred compensation plan be administered by the ICMA Retirement Corporation, as Trustee, withi the understanding th1;lt such funds will be held by the ICMA Retirement Trust, a trust established by public employers for the purpose of representing the interests of such employers with respect to the collective investment of funds held under their deferred compensation plans: ~THEREFORE BE IT RESOLVED that the Employer adopts the deferred compensation plan, attached hereto as Appendix A, and appoints the ICMA Retirement Corporation to serve as Administrator thereunder; and BE IT FURTHER RESOLVED that the Employer hereby executes the ICMA Retirement Trust, attached hereto as Appendix B; and BE IT FURTHER RESOLVED that the Employer 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 deferred compensation plan through the ICMA Retirement Trust as soon as is practicable; and BE IT FURTHER RESOLVED that the City Administrator shall be the coordinator for this program and shall receive necessary reports, notices, etc. from the ICMA Retirement Corporation as Administrator, and shall cast, on behalf of the Employer, any required votes under the program. Administrative duties to carry out the plan may be assigned to the appropriate departments. I, Sandra L. Kennelly, Clerk of the City of Shorewood, do hereby certify that the foregoing resolution was duly passed and adopted by the City Council of the City of Shorewood at a regular meeting thereof assembled this 9th day of September, 1985, by the following vote: AYES: NAYS: ABSENT: All (Rascop, Gagne, Haugen, Stover, Shaw) None None City Clerk APPENDIX A . ("EMPLOYER") DEFERRED COMPENSATION PLAN I. INTRODUCTION The Employer hereby establishes the Employer's Deferred Compensation Plan. hereinafter referred to as the "Plan" The Plan consists of the prOVisions set forth in this document The primary purpose of this Plan is to provide retirement income and other deferred benefits to the Employees of the Employer in accordance with the provisions of section 457 of the Internal Revenue Code of 1954. as amended. This Plan shall be an agreement solely between the Employer and participating Employees. II. DEFINITIONS . 2.01 Account: The bookkeeping account maintained for each Participant reflecting the cumulative amount of the Participant's Deferred Compensation, including any income, gains, losses, or increases or decreases in market value attributable to the Employer's investment of the Participant's Deferred Compensation, and further reflecting any distribu- tions to the Participant or the Participant's Beneficiary and any fees or expenses charged against such Participant's Deferred Compensation. 2.02 Administrator: The person or persons named to carry out certain nondiscretionary administrative functions under the Plan, as hereinafter described. The Employer may remove any person as Administrator upon 60 days advance notice in writing to such person, in which case the Employer shall name another person or persons to act as Administrator. The Administrator may resign upon 60 days advance notice in writing to the Employer, in which the case the Employer shall name another person or persons to act as Administrator. 2.03 Beneficiary: The person or persons designated by the Participant in his Joinder Agreement who shall receive any benefits payable hereunder in the event of the Participant's death 2.04 Deferred Compensation: The amount of Normal Compensa- tion otherwise payable to the Participant which the Participant and the Employer mutually agree to defer hereunder, any amount credited to a Participant's Account by reason of a transfer under Section 6.03. or any other amount which the Employer agrees to credit to a Participant's Account 2.05 Employee: Any individual who provides services for the Employer. whether as an employee of the Employer or as an independent contractor, and who has been designated by the Employer as eligible to participate in the Plan 2.06 Includible Compensation: The amount of an Employee's compensation from the Employer for a taxable year that is attributable to services performed for the Employer and that is includible in the Employee's gross income for the taxable year for federal income tax purposes; such term does not . include any amount excludable from gross income under this Plan or any other plan described in section 457(b) of the Internal Revenue Code. any amount excludable from gross income under section 403(b) of the Internal Revenue Code. or any other amount excludable from gross income for federal income tax purposes. Includible Compensation shall be determined without regard to any community property laws. 2.07 Joinder Agreement: An agreement entered into between an Employee and the Employer, including any amendments or modifications thereof. Such agreement shall fix the amount of Deferred Compensation, specify a preference among the investment alternatives designated by the Employer, designate the Employee's Beneficiary or Beneficiaries, and incorporate the terms, conditions. and provisions of the Plan by reference. 2.08 Normal Compensation: The amount of compensation which would be payable to a Participant by the Employer for a taxable year if no Joinder Agreement were in effect to defer compensation under this Plan 2.09 Normal Retirement Age: Age 70. unless the Participant has elected an alternate Normal Retirement Age by written instrument delivered to the Administrator prior to Separation from Service. A Participant's Normal Retirement Age determines (a) the latest time when benefits may commence under this Plan (unless the Participant continues employ- ment after Normal Retirement Age), and (b) the period during which a Participant may utilize the catch-up limitation of Section 5.02 hereunder. Once a Participant has to any extent utilized the catch-up limitation of Section 5.02, his Normal Retirement Age may not be changed. A Participant's alternate Normal Retirement Age may not be earlier than the earliest date that the Participant will become eligible to retire and receive unreduced retirement benefits under the Employer's basic retirement plan covering the Participant and may not be later than the date the Participant attains age 70. If a Participant continues employment after attaining age 70, not having previously elected an alternate Normal Retirement Age, the Participant's alternate Normal Retirement Age shall not be later than the mandatory retirement age, if any, established by the Employer, or the age at which the Participant actually separates from service if the Employer has no mandatory retirement age. If the Participant will not become eligible to receive benefits under a basic retirement plan maintained by the Employer, the Participant's alternate Normal Retirement Age may not be earlier than attainment of age 55 and may not be later than attainment of age 70. 2.10 Participant: Any Employee who has joined the Plan pursuant to the requirements of Article IV. 2.11 Plan Year: The calendar year. 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(b) One lump sum payment: (c) Approximately equal monthly, quarterly, semi-annual or annual payments, calculated to contlllue for a period certain chosen by the Participant: (d) Payments equal to payments made by the issuer of a retirement annuity policy acquired by the Employer: (e) Any other payment option elected by the Participant and agreed to by the Employer A Participant's election of a payment option must be made at least 30 days before the payment of benefits is to commence If a PartiCipant fails to make a timely election of a payment option, benefits shall be paid monthly under option (CI above for a period of five years, 7,03 Limitation on Options: No payment option may be selected by the Participant under Section 702 unless the present value of the payments to the Participant, determined as of the date benefits commence, exceeds 50 percent of the value of the Participant's Account as of the date benefits commence, Present value determinations under thiS Section shall be made by the Administrator In accordance With the expected return multiples set forth in section 1 72-9 of the Federal Income Tax Regulations (or any successor prOVision to such regulations), 7.04 Post-retirement Death Benefits: Should the PartiCipant die after he has begun to receive benefits under a payment option, the remallling payments, if any, under the payment option shall be payable to the Participant's BenefiCiary commenclllg wlthlll 60 days after ttie Administrator receives proof of the Participant's death, unless the Beneficiary elects payment under a different payment option at least 30 days prior to the date that the first payment becomes payable to the BenefiCiary In no event shall the Employer or Administrator be liable to the BenefiCiary for the amount of any payment made In the name of the Participant before the Administrator receives proof of death of the PartiCipant Notwlthstandlllg the foregoing, payments to a BenefiCiary shall not extend over a pellod longer than (I) the BenefiCiary's life expectancy If the BenefiCiary is the Participant's spouse or (il) fifteen (15) years if the Beneficiary is not the Participants spouse, If no Beneficiary is designated in the Joinder Agreement, or if the designated Beneficiary does not survive the PartiCipant for a periOd of fifteen (15) days, then the commuted value of any remaining payments under the payment option shall be paid in a lump sum to the estate of the Participant. If the designated Beneficiary survives the Participant for a period of fifteen(15) days, but does not continue to live for the remallling period of payments under the payment option (as modified, If necessary, in conformity with the third sentence of this section), then the commuted value of any remaining payments under the payment option shall be paid in a lump sum to the estate of the Beneficiary, 7.05 Pre-retirement Death Benefits: Should the Participant die before he has begun to receive the benefits provided by Sections 701 or 7,06, a death benefit equal to the value of the Participant's Account shall be payable to the Beneficiary commencing no later than 60 days after the close of the Plan Year in which the Participant would have attained Normal Retirement Age, Such death benefit shall be paid in a lump sum unless the Beneficiary elects a different payment option within 90 days of the Participant's death, A Beneficiary who may elect a payment option pursuant to the provisions of the preceding sentence shall be treated as if he were a Participant for purposes of determining the payment optIOns available under Section 7,02; provided, however, that the payment option chosen by the Beneficiary must provide for payments to the Beneficiary over a period no longer than the life expectancy of the Beneficiary if the Beneficiary is the Participant's spouse and must provide for payments over a period not in excess of fifteen (15) years If the Beneficiary is not the Participant's spouse, 7,06 Disability: I n the event a Participant becomes disabled before the commencement of Rellrement benefits under ~ectlon 7,01, the PartiCipant may elect to commence benefits under one of the payment options desCribed In Section 7 02 on the last day of the month followlllg a determination of disability by the Employer, The Participants request for such determination must be made within a reasonable time after fhe impallment which constitutes the disability occurs. A Participant shall be considered disabled for purposes of this Plan if he is unable to engage in any substantial gainful activity by reason of any medically determinable phYSical or mental impairment which can be expected to result in death or be of long-continued and indefinite duration The disability of any Participant shall be determllled In accordance with uniform principles consistently applied and upon the basis of such medical evidence as the Employer deems necessary and desirable, 7,07 Unforeseeable Emergencies: In the event an unforeseeable emergency occurs, a Participant may apply to the Employer jO receive that part of the value of his account that IS reasonably needed to satisfy the emergency need, If such an application IS approved by the Employer, the Participant shall be paid only such amount as the Employer deems necessary to meet the emergency need, but payment shall not be made to the extent that the flllanclal hardship may be relieved through cessation of deferral under the Pian, IIlsurance or other reimbursement: or liqUidation of other assets to the extent such liqUidation would not itself cause severe flllanCial hardship An unforeseeable emergency shall be deemed to Involve only cllcumstances of severe flllanclal hardship to the PartiCipant resultlllg from a sudden and unexpected Illness or accident of the Participant or of a dependent (as defined III section 152(a) of the Internal Revenue Code) of the PartiCipant, loss of the Participant's property due to casualty, or other similar and extraordinary unforeseeable Cllcum- stances ariSing as a result of events beyond the control of the Participant. The need to send a Participants child to college 01 to purchase a new home shall not be conSidered unforeseeable emergencies The determination as to whether such an unforeseeable emergency eXists shall be based on the merits of eactl indiVidual case, VIII. NON-ASSIGNABILITY No Participant or Beneficiary shall have any right to commute, sell, ass:gn, pledge, transfer or otherwise conveyor encumber the right to receive any payments hereunder, which payments and lights are expressly declared to be non-aSSignable and non- transferable IX, RELATIONSHIP TO OTHER PLANS AND EMPLOYMENT AGREEMENTS ThiS Plan serves in addition to any other retirement, penSion, or benefit plan or system presently in existence or hereinafter established for the benefit of the Employer's employees, and participation hereunder shall not affect benefits receivable under . . aSIMJaLllO saJlnbaJ lxaluo:J aLII aJaLlM jda:Jxalemld aLII apnpullleLlS Jeln5uIs aLII pue 'unouoJd aUlurwaj aLII apnl:JullleLls 'UlaJaLl pasn Ja^aUaLlM 'unouoJd aUlln:Jsew aLll t:l3SWnN aN" t:l3aN3~ 'I1X uOlpas jeLll jO SIUaWaJlnbaJ aLII L111M AlIWJOjUO:J UI alqlssod Ja^aJaljM palaJdJajul aq IleljS ueld SILll jO SUOlsl^oJd aLl1papuawe se 'vS6l jO apo:) anua^aClleuJalUI aLII jO LSv uO!l:Jas Japun "ueld uO!lesuadwo:J paJJajap alelS alq!5"a" ue jO SIUaWaJlIlbaJ aLlllaaw II leljllualUI aljl L11'M paLlsqqelsa SI pue paje:Jol SI JaAOldw3 aLII aJaljM alels aljl jO sMel aLII Japun panJlsuo:J aq IleLls ueld SILl1 M"1 31SV:)l1ddV 'IX . 'uo!leUIWJal JO luawpuawe aLII jO alep aLII aJojaq paJJajap uO!lesuadwo:J 01 padsaJ L111M SlLl5u Aue jO IUedt:JIjJed Aue ISa^lp IleLls ueld aLII jO uO!leUIWJal JO luawpuawe ON 'JapunaJaLl JOleJISluIWP\f se 5u!l:Je anuljuo:J 01 uO!le5qqo au Japun aq lIeLls JOleJlslulWP\f aLII 'le^oJddeslp L1:Jns jO lUa^a aLII ul 'a^lpajja awo:Jaq IOU lIeLls luawpuawe LI:Jns ase:J LI:JILlM Ut 'luawpuawe L1:Jns sa^oJddeslp II leLll 6U!lUM UI JOleJISluIWP\f aLII SdijllOU JaAOldw3 aLII 'polJad Aep-os Lpns UILljlM 'ssalun a^'pajja awo::Jaq IleLls luawpuawe lj::JnSluawpuawe aLII jO alep a^lpajja aljl aJojaq sAep OS jseal je JaAOldw3 aLII 01 palllwsue.Jl 5UI)iJM ullUaWnJlSUI ue Aq ueld aljl olluawpuawe ue asodoJd aW!l Aue Ie Aew JOleJjSIUlwP\f aLll ueld SILll aleUIWJal aWIj Aue je Aew JaAOldw3 aLllluawpuawe L1:Jns jO sa^oJddeslp II jl JapunaJaLl JOleJlSluIWP\f se 5ulpe anuljuo:J 01 uO!le5qqo ou Japun aq IleLls JOleJlSluIWP\f aLII lnq 'a^'pajja awo::Jaq 01 luawpuawe L1:Jns JOj JapJo UI paJlnbaJ aq IOU 118ljS lOjeJISluIWP\f aLII jO luasuo:J aLllluawpuawe aLII jO alep a^lpajja aLII 01 lOud sAep OS lsealle JOleJlSluIWP\f aLII 016u!luM ulluawpuawe L1:Jns sllwSueJl llleLll papl^oJd ueld SILll puawe aW!l Aue Ie Aew JaAOldw3 aLll NVld .:10 NOI.lVNIWt:l3.l t:l0 .lN3WaN3WV 'X JaAOldw3 aLII pue luedl:JljJed e uaaMlaq IUaWaaJ5e lO peJluo:J luawAoldwa Aue jO SWJal aLII AjlPOW 01 panJlsuo:J aq UlaJaLl 6uILlIAue lIeLlS JON JaAOldw3 aLII jO AOldwa aLII UI paUlelaJ aq 01lLl5u aLllluedl:J!lJed Aue a^16 01 JO JaAOldw3 aLII pue Iuedl:J!lJed Aue uaaMlaq IuawaaJ5e JO peJluO:J luawAOldwa ue alnlllsuO:J 01 pawaap aq lIeLlS ueld Sill I UI paUIBIUO:J 5uILlION 'walSAS JO ueld LI:Jns Aue .. ..., APPENDIX B . . . DECLARATION OF TRUST of ICMA RETIREMENT TRUST ARTICLE I. Name and Definitions SECTION 1,1, Name, The Name of the Trust created hereby is the ICMA Retirement Trust SECTION 1,2, Definitions, Wherever they are used herein, the following terms shall have the following respective meanings: (a) By-Laws, The By-Laws referred to in Section 4.1 hereof, as amended from time to time, (b) Deferred Compensation Plan. A deferred compensation 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 provisions of section 457 of the Internal Revenue Code of 1954, as amended (c) Guaranteed Investment Contract. A contract entered into by the Retirement Trust with insurance companies that provides for a guaranteed rate of return on investments made pursuant to such contract, (d) ICMA, The International City Management Association, (e) 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 of the Board of Directors of ICMA or RC, (f) Investment Adviser, The Investment Adviser that enters into a contract with the Retirement Trust to provide advice with respect to investment of the Trust Property, (g) 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 agreements with its employees, (h) Portfolios, The Portfolios of investments 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, (i) Public Employee Trustees, Those Trustees elected by the Public Employers who, in accordance with the provisions of Section 3.1 (a) hereof, are full-time employees of Public Employers. (j) Public Employer, A unit of state or local government, or any agency or instrumentality thereof, that has adopted a Deferred Compensation Plan and has executed this Declaration of Trust. (k) RC, The International City Management Association Retirement Corporation, (I) Retirement Trust. The Trust created by this Declaration of Trust. (m) Trust Property, The amounts held in the Retirement Trust on behalf of the Public Employers, The Trust Property shall include any income resulting from the investment of the amounts so held (n) Trustees, The Public Employee Trustees and ICMA/RC Trustees elected by the 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 21, Creation, The Retirement Trust is created and established by the execution of this Declaration of Trust by the Trustees and the participating 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 Plans The Trust Property shall be invested in the Portfolios, in Guaranteed Investment Contracts and in other investments recommended by the Investment Adviser under the supervision of the Board of Trustees, 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 Trust Property, ARTICLE III. Trustees SECTION 3.1 Number and Qualification of Trustees (a) The Board of Trustees shall consist of nine Trustees 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, (b) 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 Trustees appointed to fill vacancies pursuant to Section 35 hereof. the Trustees shall be elected by a vote of a majority of the Public Employers in accordance with the procedures set forth in the By-Laws, (b) 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 of two years and three Trustees shall be elected for a term of one year, At each subsequent election, three Trustees shall be elected for a ierm of three years and until his or her successor is elected and qualified, SECTION 3.3, Nominations, The Trustees who are full-time employees of Public Employers shall serve as the Nominating Committee for the Public Employee Trustees, The Nominating Committee shall choose candidates for Public Employee Trustees In accordance with the procedures set forth in the By-Laws, SECTION 34 Resignation and Removal. (a) Any Trustee may resign as Trustee (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the other Trustees and such resignation shall be effective upon such delivery, or at a later date according ~ . pue :JaAOldw3 :>llqnd 4:>ea ~O ueld UO!leSuadwo:) paJJa~aa a4l'4l!M lualSISuo:> pue 'Japun paJ!nbaJ aJe se Sluno:>:>e aleJedas leuolllPpe 4:>ns pue lSnJ1. JaAOldw3 JO JaAOldw3 :>llqnd 4:>ea JO~ sluno:>:>e aleJedas 6ulpnl:>U! 'spJo:>aJ pue Sljooq UlelU!eW (n) :a:>uemSU! 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(v) do all such acts, take all such proceedings, and exercise all such rights and privileges, although not specifically mentioned herein, as the Trustees may deem necessary or appropriate to administer the Trust Property and to carry out the purposes of the . Retirement Trust. ECTION 4.2, Distribution of Trust Property. Distributions of the Trust Property shall be made to, or on behalf of, the Public Employer, in accordance with the terms of the Deferred Compensation Plans or Employer Trusts. The Trustees of the Retirement Trust shall be fully protected in making payments in accordance with the directions of the Public Employers or the Trustees of the Employer Trusts without ascertaining whether such payments are in compliance with the provisions of the Deferred Compensation Plans or the agreements creating the Employer Trusts SECTION 4,3, Execution of Instruments, The Trustees may unanimously designate anyone or more of the Trustees to execute any instrument or document on behalf of all, including but not limited to the signing or endorsement of any check and the signing of any applications, insurance and other contracts, and the action of such designated Trustee or Trustees shall have the same force and effect as if taken by all the Trustees, ARTICLE V, Duty of Care and Liability of Trustees SECTION 5,1. Duty of Care In exercising the powers hereinbefore granted to the Trustees, the Trustees shall perform all acts within their authority for the exclusive purpose of providing benefits for the Public Emrloyers, and shall perform such acts with the care, skill. prudence and diligence in the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims SECTION 5.2. Liability. The Trustees shall not be liable for any mistake of judgment or other action taken in good faith, and for any action taken or omitted in reliance in good faith upon the books of account or other records of the Retirement Trust, upon the opinion of .unsel, or upon reports made to the Retirement Trust by any of its Icers, employees or agents or by the Investment Adviser or any sub- vestment adviser, accountants, appraisers or other experts or consultants selected with reasonable care by the Trustees, officers or employees of the Retirement Trust. The Trustees shall also not be liable for any loss sustained by the Trust Property by reason of any investment made in good faith and in accordance with the standard of care set forth in Section 5.1. . SECTION 5.3. Bond. No Trustee shall be obligated to give any bond or other security for the performance of any of his or her duties hereunder. ARTICLE VI. Annual Report to Shareholders The Trustees shall annually submit to the Public Employers a written report of the transactions of the Retirement Trust, including financial statements which shall be certified by independent public accountants chosen by the Trustees ARTICLE VII. Duration or Amendment of Retirement Trust SECTION 7,1, Withdrawal A Public Employer may, at any time, with- draw from this Retirement Trust by delivering to the Board of Trustees a statement to that effect. The withdrawing Public Employer's beneficial interest in the Retirement Trust shall be paid out to the Public Employer or to the Trustee of the Employer Trust, as appropriate SECTION 7,2 Duration The Retirement Trust shall continue until terminated by the vote of a majority of the Public Employers, each casting one vote Upon termination. all of the Trust Property shall be paid out to the Public Employers or the Trustees of the Employer Trusts, as appropriate, SECTION 7,3 Amendment. The Retirement Trust may be amended by the vote of a majority of the Public Employers. each casting one vote SECTION 7,4, Procedure. A resolution to terminate or amend the Retirement Trust or to remove a Trustee shall be submitted to a vote of the Public Employers if, (a) a majority of the Trustees so direct. or (b) a petition requesting a vote, Signed by not less than 25% of the PubliC Employers, is submitted to the Trustees ARTICLE VIII, Miscellaneous SECTION 8.1, Governing Law Except as otherwise required by state or local law, this Declaration of Trust and the Retirement Trust hereby created shall be construed and regulated by the laws of the District of Columbia SECTION 8.2. Counterparts, This Declaration may be executed by the PubliC Employers and Trustees in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. 3 . . . I · , va/v 'lSnJl fO UOilBJBp80 8Ljl p8ln:J8X8 lOU 8^BLj lBLjl SJ8AOldw8 :J!lqnd fO flBLj8q UO lSnJllU8W8J!l8tj 8Ljl Aq PI8Lj slunowB 8pnpU! ABW AlJ8doJd lSnJl 8Ljl 'S88lSnJ18Ljl Aq p8pU8lX8 S! pO!J8d Lj:Jns sS81un 'v86 ~ '~8 J8qW8:J80 lilun 'lSnJl fO UOilBJBp80 S!Ljl fO UO!s!^oJd J8Ljlo AUB 6u!PUBlSLjl!MlON '8'8 NOI18:::JS sno8uBII8:JS!l^J '1I1^ :::Jl8IH::lV E96 ~ 'OE JaqwaAoN 'SJaqwaw lSnJl. luawaJllat:l "11\I::>1 Aq paAoJdd" (8 XICN3ddV) l.Snt:ll. :10 NOll. "t:I"'::>3C 3Hl. Ol. l.N3I1\1CN311\1" . . APPENDIX C . TRUST AGREEMENT WITH THE leMA RETIREMENT CORPORATION AGREEMENT made by and between the Employer named in the attached resolution and the International City Management Association Retirement Corporation (hereinafter the "Trustee" or "Retirement Corporation"), a nonprofit corporation organized and existing under the laws of the State of Delaware, for the purpose of investing and otherwise administering the funds set aSide by Employers in connection with deferred compensalion plans established under section 457 of the Internal Revenue Code of 1954 (the" Code"). This Agreement shall take effect upon acceptance by the Trustee of its appointment by the Employer to serve as Trustee in accordance herewith as set forth in the attached resolution WHEREAS, the Employer has established a deferred compensation plan under section 457 of the Code (the "Plan"); WHEREAS. In order that there will be sufficient funds available to discharge the Employer's contractual obligations under the Plan, the Employer desires to set aside periodically amounts equal to the amount of compensation deferred, WHER EAS, the funds set aside, together with any and all assets derived from the investment thereof, are to be exclusively within the dominion, control, and ownership of the Employer, and subject to the Employer's absolute right of withdrawal, no employees having any interest .hatsoever therein; OW, THEREFORE. this Agreement witnesseth that \a) the Employer will pay monies to the Trustee to be placed In deferred compensation accounts for the Employer: (b) the Trustee covenants that It will hold said sums, and any other funds which it may receive hereunder. in trust for the uses and purposes and upon the terms and conditions herelnaftel stated. and IC) the parties hereto agree as follows ARTICLE I. General Duties of the Parties. Section 1.1. General Duty of the Employer. The Employer shall make regular periodic payments equal to the amounts of its employees' compensation which are deferred in accordance with the terms and conditions of the Plan to the extent that such amounts are to be invested under the Trust. Section 1.2. General Duties 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 shall administer the Trust Funds, collect the Income thereof, and make payments therefrom, all as hereinafter provided The Trustee shall also hold all Trust Funds which are transferred to it as successor Trustee by the Employer from existing deferred compensation arrangements with its Employees under plans described In seclion 457 of the Code. Such Trust Funds shall be subject to all of the terms and provIsions of this Agreement ARTICLE II. Powers and Duties of the Trustee in Investment, Administration, and Disbursement of the Trust Funds. Section 2.1. Investment Powers and Duties of the Trustee. The Trustee shall have the power to invest and reinvest the principal and income of the Trust Funds and keep the Trust Funds invested. without distinction between principal and income, in securities or in other property, real or personal, wherever situated, including, but not limited .to. stocks, common or preferred, bonds. retirement annuity and insurance policies, mortgages, and other evidences of indebtedness or ownership, investment companies, common or group trust funds, or separate and different types of funds (including equity. fixed income) which fulfill requirements of state and local governmental laws. provided, however, that the Employer may direct investment by the Trustee among available investment alternatives in such proportions as the Employer authorizes in conneclion with its deferred compensation agreements with its employees. For these purposes, these Trust Funds may be commingled with Trust Funds set aside by other Employers pursuant to the terms of the ICMA Retirement Trust Investment powers vested in the Trustee by the Section may be delegated by the Trustee to any bank, insurance or trust company, or any investment adVisor, manager or agent selected by It Section 2.2. Administrative Powers of the Trustee The Trustee shall have the power in its discretion: (a) To purchase, or subscribe for. any securities or other property and to retain the same In trust. (b) 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 money or to inquire into the validity, expediency. or propriety of any such sale or other disposition. (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 privlieges, subscription rights, or other options, and to make any payments incidental thereto; to oppose. or to consent to. or otherwise participate in, corporate reorganizations or other changes affecting corporate securities. and to delegate discletionary powers, and to pay any assessments or charges In connection therewith; and generally to exercise any of the powers of an owner with respect to stocks. bonds. securities or other property held as part of the Trust Funds (d) To cause any securities or other property held as part of the Trust Funds to be registered in its own name, and to hold any investments in bearer form, but the books and records of the Trustee shall at all times show that all such investments are a part of the Trust Funds. (e) To borrow or raise money for the purpose of the Trust 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 part. of the Trust Funds No person lending money to the Trustee shall be bound to see the application of the money lent or to inquire into its validity, expediency or propriety of any such borrowing. (f) To keep such portion of the Trust Funds in cash or cash balances as the Trustee, from time to time, may deem to be in the best interest of the Trust created 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 or acquired by it as Trustee hereunder, whether or not such securities or other property would normally be purchased as investment hereunder. 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