HomeMy WebLinkAboutResolution-1974-0280
Introduced by Alderman
Merkl
RESOLUTION NO. 280
Series of 1974
BEFORE THE COUNCIL OF THE CITY OF WHEAT RIDGE, COUNTY OF JEFFERSON,
STATE OF COLORADO.
RESOLUTION
WHEREAS, the City has in its employ certain administrative,
professional and technical personnel; and
WHEREAS, said employees are and will be rendering valuable
services to the City; and
WHEREAS, the City has considered the establishment of a
Deferred Compensation Plan for the said employees made available to
the City and to said employees by the International City Management
Association Retirement Corporation; and
WHEREAS, said employees often are unable to acquire retire-
ment security under other existing and available retirement plans due
to the contingencies of employment mobility; and
WHEREAS, the City receives benefits under said plans by
being able to assure reasonable retirement security to said employees,
by being more able to attract competent personnel to its service, and
by increasing its flexibility in personnel management through elimina-
tion of the need for continued employment for the sole purpose of allow-
ing an employee to qualify for retirement benefits.
NOW, THEREFORE, BE IT RESOLVED that the City establish said
Deferred Compensation Plan for said employees and hereby authorizes
its Mayor to execute the Master Trust Agreement with the International
City Management Association Retirement Corporation, attached hereto as
Appendix A; and
IT IS FURTHER RESOLVED that the Mayor may, on behalf of the
City, execute all Deferred Compensation Employment 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 at Appendix B, except that any Deferred Compensation
Employment Agreement for said designated official shall be executed
by the Mayor.
DONE AND RESOLVED THIS
A. D. 1974, by a vote of 6
28th day of
to 0
Februarv
~~aA_n~
Dr. p~ B. Abramson
Mayor
ATTEST:
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Elise Brougham
City Clerk
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ASSOCIA TJO,\i
RcT!,~Etvlci'JT
CORPORA TiO,\),
TRUSTEE
Res~lution No. 28D
Page 2
AGREEMENT made by and betw~en t';e__n__._ __~~____________
;~~r~;natter t~e "Employer"l and ,he International C ,\.i:inaqement A ,SO(':'.'l.:',"'n ::;,.,11'\0'1"'<>(>1 :'Y;C:C' 1''',0 'f;~:""r"1;'?r ~"'9 "T;:J$tee" or '.~eriremqnt
C;J(20ratlon"), a non-prolit corporation organized and ,0,0;.$:,'9 under lr.e I:]....s 01 :he -St3!-';' ')[ C~, iW,.'H9 fJr :h9 ;:....r;Jose cf i,westing and ol~erwlse
3.~""'inistering funds set aside by Employers in connection wl~h Dt'!ferred Como,:!1"satiQn Agreements ',Ii :h Employ~es.
"/Y'::REA3, THS Smplo)'er dpsires to enler into aqreer'<;!r.ts '....it!' Its E'T1'J!cyees whS'r~by its Employees agree to d8'er oayments :)f speci~;ed
;J,"~:~f1:::lges of or amounts from their !::llal cJmpen5~tion 3S ::e!errp.!1 CJ~oensallon is d~' ~ed in sa'd agre~ment3 until the occurrence cf
certain events;
WHEREAS. in :Hder that there will be suHicient ICln~s n''''11!3ble ~,.) d!3Ch3rqe t~e f'.);0g:J:,,,;g cor.!r1ctu31 cbli~ptlons. lhe EmplClyer desires
to sdl aside periodIC amount!! equal to the percentage or 3rr:;Lnt of total ;::er;o1jc :cmpensat',:)n Cleti;?rred;
WHEREAS the funds set aside. together with any '!"d all investments thereto, are to be'!xclusi'tely within the :ominion, control, and
ownership at the Employer, and subject to the Empioyer's a!~solut-3 right of wi:~drawal, ~he =miJl~y~e haVing no !nter~'3t wh"ltsoever th~r""n;
NOW, THEREFORE, this Agreement witnesseth that (a) the Employer will Day monies to .he Trustee to be placed in jeferred comoensatron
accounts for the Employer; (b) the Trustee covenants that it Will hold said SU,"T1S. and any olnp.r fc:nds which it may receive hereunder, in trust for
the uses and purposes and upon the terms and conditions herelraitar st3led; and \Cl the parti-3s herAIl) agree as bllows:
ARTICLE 1. Gener.' Dutie. of the Parties.
Section 1.1 General Duty of the Employer The Employer shall maxe reql..iar periOdiC payments equal to ~he percentages of or amounts from
Its participating Emoloyees' total pef'iodic compensations which are de/erred i;-r accordance with the terms and condllions of Deferred Compensation
Employment Agreements with such Employees or with a,'y subsequent modification thereof.
Section 1.2. General Duties of the Trustee, The Trustee shall nold all funds received by it hereu~der wh:ch, te-Get!"':",r with the inCvme therefrom,
shall constitute the Trust Funds, It Mall administer the T";51 Funds ~c')l ~cl t!1e incorno:;! ~herecf .'j~d ;:1a~e ~al''1enls ~.'1ers~rom, all 3:> :-.areinaft:H
provided. The Trustee shall also hold all Trust Funds 'Nhlcn are transierrea to it as SUcr.;3ssor TflJstee by t~~ Empioyer f~om dxisting c:eferrad
compensation arrangements with its Employees which meet the same InlE-mal Ae'tenue Code requiremen:s which gO'lern the ICMA-FlC Deferred
Compensation Plan, Such Trust Funds shall be subject to all of the terms and proviSions of thi3 Agreement.
ARTICLE II. Powers .nd OuU.. of the TruMee in Investment, Administration, and Disbursement of the Trust Fund.
Saction 2.1 Inv8stment Powers and Duties or L1a Trustee. The Trustee sMall halle th", i>~',\tRr in ,;s '~'<;n'~:!on to invest and reinvest the
oflr.ci~al and income of the Trust Funds and keep the Trust Funds invested, Without dist;nction b~tween princ;oai and income, in such securitie8 or
in other property, real or personal, wherever situated, as tne Trustee shall deem advisable, including, but not I;.-r:i!ed 10, S10Cks, common or preferred,
bonds, retirement annuity policies. mortgages, and olher e"'ldances of indeb!('cness or ownershio Cl.nd in common lrust funds of appro'ted financial
or investment institutions, with such institutions acting 83 T~ustee 01 such C0mmon ~'ust lur;cs. ;::or these purposes, these Trust Funds may b.:t
commingled with others established by the Truslee under This form of 2greement with other Employer~l. In making such investments, t~e Trustee
3hall not be subject at any time 10 any legal limitation governing the in'testment of such funds.
Section 2.2. Administr<ltiv8 Powers of the Trustee. The Trustee shall have tt'te Dower in 'Is discr:lion
la) To purchase. or 'Subscribe for, !lny securifies or ")1~'H oroperty anc to 9taln Ihe same in t,t;st
(b) To sell, 9xehangs. convey. transfer or otherwi"l9 dispose of any securities or othSf property held o'j it, by private contract, or at pUblic
auction, No person dealing with the Trustee shall be bound to see the apollcation 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 sec'.Jrities; to give genera! or special prOXies or powers of attorney with or without power ot
substitution; to exercise any conversion privileges. subscription fights, or other options, and to make any Dayments incidental thereto; to
oppose, or to consent to, or otherwise participate in, corporate reorganizations .,r other changes aHecting corporate secuntles and to
delegate discretionary powers, and to pay any assessments or charges in connection lherewith; and generally to exercise any of the pow4rs
of an owner with rsspect 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 Dart of the Trust Funds.
(e) To borrow or r!lise money for the purpose of the Trust in such amount and upon such terms and conditions, as the Trustee shall deem
ad'tisable; and. for any sum so borrowed, to issue i!s promissory ."otS:iS Trustee, and to secure the reoayment thereof by pledging all, or
any part, of the Trust Funds. No person lending money to the Trustee shall be bound to see to the aoplication of the money lent or to inquire
into its validity, expediency or prooriety of any such borrOWing.
(1) To keep su'Ch portion of the Trust F'Jnds in c.!Sh <V C;Jsh balances ''is :ne Trustee, from Ume to time, may c~em to !;)e in the best interests
of the Trust created hereby, without liability Tor interest tt"lereon.
(g) To acceot and relain for such time as it may deem adVIsable any secunties or ot~er property received or acquired by it as Trustee
hereunder whether or not such securitie! or oth~r property would nor~ally ,)8 purchased .~s investments hereunder
(h) To make, execute. acknowledge. and deliver .)ny and ail documents at transfer Olnd conveyance ,md any and all other instrument! that
may be necessary or appropriate to carry out H~e ;Jowers herein gr3~I~d.
(i) To settle, compromIse. or submit to arbitration 1ny claims, d3bts )r damaqes dUd ,")r owing to or f~:)'1"l t~e Trust Funds; to commence or
::efend Sl.OllS or legal or aomlnlstra.tlve proceec:inqs; and :0 represent :l"le T'ust Fund:; ir"1 311 3\..it3 and legal and 3C'1'1it"fistrati'te proceedings,
(!) To do all such acts, take all such procee.:inGs, and ~:(ercise 311 such rights and 'J~:vii"'ges, aithough not s~ecdlcally men~ioned herein, as
the Trustee may deem necessary to adminIster !re Trt~5t Funr.3 and to carry out the pU';)03eS or this Trust
S,ecli9n ~.3. Distributions from the Trust F'..:nds, ;:"9 ~:r1:::"J'1>'!r hqr.::.b'l 3:::~QI,..,ts the T'us:e'=! '1S i:s agent hr o::urpOS8S of selecting the :-net hod by
, j:stributlons trom the Trust Funds ".Ire to be madd,l5 .'I~ i as hr ::'.Hooses a' ma/<:irg 3u(;n 8str:buticns. in tris regard ,he terms ana conditions
r~r'h In !he ~greemef'ts to te ~xecu(ed betw~en ~'"'.::. =~C'10'f<;!r 3.,,1 :> '::,'--''1ioyees 3"d 3,";'1 scbsequent :-:"iodlfica;~vns 'h9rsof, ar'3 to gUide 3nd
~- '''2i ":'13 Trustee 5 power
:r 2.~ \tJiuatlon of Trust ':"'j -",. ;"t I~ast :,n.-:... 2 , ~
..~~ T~31 =LlnC3. Assets of t!-.e Tr:Jsl F'..:~d5 ~!'1.1'i""1-" l'c...-oQ.l(
,;1 -e"lc::iv "'lscertalnable ~ar!<"e{ values CiS :,lo " 5r~8 ,:1,,1,
,'.~'..ia:jQ" Cates --Je,><~' l~C 'Y, ::-9 T,:':Slee. 'h-'! -. 'stee .shall dE"teimirHt lne
:"-"; '~.v".et 11iLr':S 1: ';I:)S~ of ~t.:s,r-2'';<; '~;l L",a '..liuation Oate, ar in :he
':~,:'n,:> ::1 :::.C~O~~!;'.,~~ ....:', metr,o'-~s :Jr'slstsnily followed and uniformly
~,l"':CL2 !If. ror protection of Truslee.
J!l ~ 1 C"/I'~e"r::e 'If .\,-t:on '2'/ :::f":Ji,),,~r ~~'" - ,,;t,:>~ "1-3'1 ,-;O!iV -,C.;0 ~~"":y se~!r:cat~ .~"Jt:':3 or ~irec!!on cu.-;:>crtlrq to have been SIgned on
;"'::ioY'3r ,...r~'::-1 ',.,.., T ;S:~A S~II~V"'S ) -'}"<;I ,;>-,~n ",;n8.j :'1 ,I c~'Ji'f ~e<;ir::ra!3d '~'ci11 of '"" ::.....otoyer No communicatIon sM.a!: be
~O,l ,11'11 -:;1 :~e TrusT -'ln8S ,r ~ 'J5!~<:! ,nt,1 '~-3,! ]~e 1'~~~'I"'d 0( .~'=' T ;31~a
~'",>] -iI "~'~I",>.-'!! "';'"",..;) ,rt;.,rea -,'I
. ~ ,"Y ~',",:pi
un.,el ,',"M '~'i:),:",;: 'J 1'~ ~~..,<;tr\lcticn of this Agreement its duties
'c;r af\Y .1('::i01". ;,,'~n 'f "':-"i""~ :1 ;ood ~alth oursuant to such advi...d.
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"'IIi '~.)t ,":." Jbla :or 1r'V 'Tllstako) of :'J~gmel"t or
,1 r'.rre, -:"1 -,"=,'150n -;/ ;f'!Y ;nve8tr(l~t :nace in
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;<1 41 t.U8'3. ~7 T;',,:~' <! ndl! ~.~-~r..::t ',.:7-, ,.t:-;d C~\iHgl:t ::;;C>inst ,~e Ir\.JS, ;~J:>
.\-.} T,Jsie", ~ r'-'Liu',,:,,C:') ~cil Nlth r8Spt3ct to the Jntere:3t of any p~;.,on ti'lsrein.
n\o6 r, tne "i 11JS\ i-"u:1ds or lne 'lncome thereof or
-,~
'r ..! 2. t <>-,"'>>) ~:;o.i'jo snail Ci:'~,;ct trf'1m 3nd char',;cl -:qainst ~,"€' TnJS\ F :n,js
-:::n:slr:'ltion of tne Trusi F:.mds, irccJuding ::OI..I1Sdl, ,lfjfH1CV and C!.l;?r ,f:ce5sary ''''''<:;
'''ilS.Jr;C!c e 2-x:JeI1SeS incurred by the Trustee in
;T!CLZ'./ Settlemenl 0' ~ccounts.
'1n-sactions neraunocr
The Trustee shall keep accurals Bnd::'-!JiIEld ilCe" ",nts (jf -lil ::-l'lestiTI-Ci\\3. receipts disbursements, and
'~'n ;0 dayg atter t~E1 r.los~ of each ~isc'll year t~e T,'Jsle~ ~,rltlj :'?ncer ,1 dljpii'~,lte !') ~ii,., E:nnjc;y",r 311 account of its act3 and transactions
23 ,. ;'2~ "-araunder : r Jny part of the Trust Fund shalt be in'Jested throuqh :h", ;'7lp,r!ium of allY common, co!lectivA or commingled Trust Funds,
:'1.,l ! '!5t ~nnual reoort of :>uch Trust Funds shall O~ "",ubmilted Wi1h and Inr.orporated In tne account.
,;;"i"! SO d3VS aft!;!r t~8 ("1,"lijing of thE' ,,,cccunt or ar,.( 8.me(1'~"'d 3c::::-cnt t"."" c""'r:~(~.~,,,-,~ -,~" ~",;>ti ",i!l, thf, Tr~Jstee nntica of Jny objection
,c: or transactio,., of :!'!~ rustaS', :he accouni or 3r!lended J:cc.''Jun! snClij G ~~!;1~ 20 ai:;,; 0'-, r;t wt1~,,/;. I f any uo,ection has been filed, and if
:r:a ;::,:"!Jloyer is satisfied that it should be withdrawn or if the account is adi'lsted to the Empl<"lyer's ~a\isiacllon the Employer shall in writing filed
':ld Trustee signily aporoval of ,h.., account and it shalllJecOMe an ~ccou,.,t staled.
br-en an account becomes an acc:cunt stated ~ij(;h account shail be finA.!!/ settied 'lnd th~ T':Js~e(. sh,"ll: be como!'3te!y discharged and
r~ ea.sed, as if such account had been settled and allowed by a judgment or decree of a court 01 comO'3tenturisdiction in an liction or pn,c8-eoing
''';:~ the Trus~"''''' ':\nd the Emplo'jM we-re parties.
T:-'e Trustee shan have the right to apply at any time to a court of competent !urisd;-::~ion icr ';'9' jucicial settlement of its Rccount.
A,4TICLE VL ; 'i~natlor> ana RemOYlfl of Th,'t!.""
Section 0.1 p( ~!~r'!',\io'" (If Tru~tee>. The T 'Jstee may r9S:on at 3ny lime by l:l:r .v,,' '!"."'. ( :."I~,(OV~f ;\:'; ..UittClf) f')siq(la1iorl. SUCI\ rasignation shall
t;:~e ~itect 60 days .'l':I'''' ~"'e date of such filing and upon appointment of -"l successor p irsuant to Section 6,3, whichever shall first occur
]
Section 6.2. R~mr:!'4~\ of ifU!.t~O. The Employ~r may reme',€- !t'e T
::!nd 3n appoinlrr.ef,t r':t :] successor pUfl$uar;t k Section 5.3 Slid,
T,:..;st~.,. 3greeS to dn earlier eftective date.
Clste"? at "''lie !;;<r,e by ::'oliverirIQ ~'J tMa T~ustee a written notice of its removal
,1,\,)'1,.1 Sh3i! ia~.e "Ret pric, to L,U days from such delivery unless the
Sect:on 6.3. A~poinlment of Successor Trustee. The appointment of a suc.,. '%0\ to \:--'e Truste8 shan 'ake eltect upon the. delivery to the
Trustee (a) ,!n instrument in writing exe<:uted by the Employer BPpointing such successor and exoneUltir'1g such successor from liability for the
act3 and omissions of Its predecessor, and (b) an acceptance in writing. executed by such successor
Nl of the prOVisions set forth herein Wttt', n:;~pect to H'Il'; TriJstl"5 shall relate: to each ~uccesso' with the same force and effect a~ if such
o.'.,C':<:!S'3N had b~ of19ioally named as Trustee hereunder
If a successor is not appointed within 60 days after the Trustee gives no~ice of Its resignal'lon pursuant to Section 8.1 the Trustee may aoply 10
any court of competent Jurisdiction for appointment of a successor
S.:>c!ion 6.4. Transf!!'! (,~ FUr!d~ tv SUCe8M:l.:< 11.~nr. titl':' '<:"siqr:,;; ~;..-. .,- (.:.or'l'" '>i~ Tr. .;>e :>r:d '\~~~,,'r.tmp.nt of a succeSSI)f and afte~ O',e
::~t1f account of tHe Trustee h1uI been properly settled, the Trustee shall transfli!r "Ino deliver a'1Y of t~te Tr'lst F>':l",ds Involved to such successor
ANT:ClE VII. Ouratiol'i 30-: Atwtteatitm 0: il'U~t A~u'cHtT1Hmt
Saction 71 Duration and Revocation. This Trust shall continue lor such lime as may be necessary to accomplish the purpose for which It was
o::rea~~d but m<\'j be tefm\1'l1lt~':i or rsw,\o(en at any tim~ by the Emp1cyer 35 it relate,' ~o any ::mellor all related part'ci:::ating Employees. \'1rit~en notice
of slIch terminaiion or revocatl!HI shall be !:Jlven to the Trusfe€ by the EmploYG-: !Joor, terr--ir.atian o~ ravocation of thiS Trust. all of the assets
thl1reot shall returl" to and revsrt to the Emp\oY>$r. TerminatIon of lhis Trust sh'3l! no~, how.;!'Ier relieve the Employer of the Employer's continuing
Obligation to pay de1er~d compensation upon the applicable distribution date to any and/or each Employee with whom th~ Employer has entered into
a Deferred Compensation Employment Agreement.
Section 7.2, Amendment. The Employer shall have the right to amend this A.qreement in whole and in part but only with the Trustge's written
consent. Any such amendment shall become effective upon (a) delivery to the Trustee of a written instrument of amendment. and (b) the endorsement
by tf'le rrustee on such instrument of Its consent thereto.
AIUfCtE VIIL Ml-sclirHaneGu$..
SectIon 6.1 Laws of Ihe State of Delaware to Gov8m. This agrF~6ment and the Trust hereby created shall be construed. and regulated by the
laws ot lhe State of Delaware.
S~ction 8,2. Sucee~or Emp\oY1l"", The term "Employer" shall include any person who succeeds the Employer and who adopts the Deferred
Compensation Plan 01 the R!-tlrement Corporation and become, a party to this agreement with the consent of the Trustee.
Section 8.3, Withdraws. The Employer may, at any time and from time to time, withdraw a portion or all of the Trust Funds created by this
Agreement and related Deferred Compensation Employment Agreements.
Section 8.4. Definitions. Deflnitlon, In the BY....aws of terms, phrases, etc., used herein apply to the same herein. Thlt masculine Includes the
feminine and the singular includes the plural unless the context requres another meaning.
IN 'NITNESS WHEREOF, By the authority of its governing body. the Employer has executed this Agreement and the Retirement CorporatJon
has caused this Agreement to be executed bY ils authorized officer and its Seal to be hereunto affixed, ail as of the day and yesr first abolle written,
Employer
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S;gnature
::,U;....':):;;lIZ::D OTFtcfAL
--'"ir;t name and tItle
(Sc.o\L)
,4,:>::><:/,:",'::J is TO FORM
:.'.'~:::::J"IATl0,"'i},,1 TY ~.IA,"'AGE\A~NT
:,c;SCCIA.T10N -. ?:::M-::NT CORP
,;--=".:1\j5:,( ~OR THE !::MPLOY:::R
SV'~
:-.T7:::37 'Q~l!r'ement CorQor~ticn\
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-~"""!nt Coror:or:Pi)(I
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[\JTERNATIONAL
CITY
MANAG EM E,\iT
ASSOCIAT'ON
RETiREMENT
CORPORATION
DEfERRED
COJl,!PENSATJON
EMPLOYMENT
AGREE~lENT
~~,
Resolution No. 280
Pags 3.
AGREiE:MENT entered into this
_ cay 01
10
_, bet'Nt:!"lI1_
(hereinafter relened to &~ \h8 "Employer") having IlS principal oHice at
and.
(~greinafter referred to as the "Employee"), residing 3t
WHEREAS, the Employee is and will be renderif'lg valuable services to the Em pi oyer in his capacity as
; and
WHEREAS, it is the desire of the Employer to have the benefit of his continued loyalty 5er'IICe and counsel and also to assist the Employee in
providing for 1he contingencies of old age dependency, disability, and death.
IT IS THEREFORE AGREED:
1. Deferred Compensation. There Is no limit on the amount or percenlag9 01 the total compensation of the Employee wMich may be deferr&d by
the Employer under the terms of this Agreement. For the purpose of this A,greefTlent and the Trust Agreement the following definitions apply:
8. "Total compensation" is the total at ccmpensation to be paid by tr.e Employer for the services of the Employee regardless of the terms
used for its components, as, for 9l(ample, "base pay," "in addition to ~3se pay," elc,;
b, "Oeferr8d comp8neatton" is that amount or percentage of t~e la~al comoensation of the Employee which the Employer cum~l"\tty dehH'S
from the paym&Ot to tne Employee, and in!lfead, deposits sarrle liil0 .] d~ferred cOl"1pen~;'f~icn aCcoul"'t with the Retirement CO';Joratlon under
the terms of this Agresment and the aforesaid Trust Agreement; and
C, "Current compensation" is that portion of the Empioyee's total compensalion which is not deferred compensation 3S deterred compensation
is defIned herein.
The amount of total compensation may be adjusted from time to timB without allering the terms of this Agreement. In the event of an ad(ustm.nt
at the total compensation at any time dUring the Ide af this Agreem~nl !he perGen~agRs ~nd/or :he p~oDortionai amounts betwe>an t'"'em 3S to the
total comoensation as stated below in this Paragraph, may at the discretion of the parties, remain U'e same; or they may be adjusted otherwise by
the parties, However the percentage or amount of total compensation agreed upon ~y the parties as defer~ed com~ensalion through the use of this
procedure will be controlled by the terms of tl'lis Agreement.
As of . 19_, the Employer will commence to pay the Employee in the 10rm of both current and deferred
compen-sation, as these terms are defined here and speCified in the parag raph checked and completed below'
: ~urrent comoensaUon will be $
o Deferred compensation shall be S
o
Current compenSAtion shall be S_~__ ; ::p.ferrer:t compensation shall be in addition to current compensation in the amount of
% ot current compensation.
o iotal compensation shaH be $
o
0/0 01 which shall be deterred compensation.
Any future adjustment ot the percentage or amount ot deferred compensation shall be communicated to the Employer's agent, the Retirement
Corporation, and the deposits In the adjusted percenlages andlor amounts if changed from the prior existing percentages or proportional amounts to
total compensation, or, it such remain the same percentag9s or proportional amounts to current or lotal compensation, shall thereafter be made by
the Employer into its RetIrement COfl)oration Acoount.
2. 04lifern!ld COmP4MaU01\ Account. Deterred compenMtion shall be credited and paid into a Trust to be established and maintained with the
International City Management Association Retirement Corporation (herein referred to as the "!1ef;rement Corporation"), as Trustee. The Retir"ment
Corporation is a non..profit corporation formed ~or the specific pur?C5e o~ ';nv8sting and otherwise administering the funds of said Trust. The Trust
may be revohd at any time by Ihe Employer, and upon revocation of said Trust, all of the assets thereof shall return to and revert to the Employer.
The Employer shall keep accurate books and records witn respect to the Employee's total compensatIon or other earned income and wit!'! respect to
amounts paid into said Trust.
3. Ownership of Funds. Neither the Employee nor any beneHci~ry thereof shalt have any interest whatsoever in the funds paid into the Deferred
Compensation Account or in the accumulations or any mcrements on such funds., IN/'li~h shalt at :)\1 tim~s ram!'lin ~$ an asset of tl1e Employer subJect
fO its absolute dominion, control, and right ot withdrawal until such time 3S the funds or assets of the Account ars distributed to the Emj:lloyee in
accordance with the provisions of thi! Agreement. The obligation of tM~ Er.'1oloyer to pay dBferred cOlTloe!'sR.\ion is contractual only, the Employee
h3'Iing no preferred or special interest or claim, by way of trust. annui:y nr otherwise. in 2nd ~o the sp~cdic tClnd, and assets held In the Deferred
Compensation Account. The contractual obligations of the ::mployer t~ pay deferred COmpArlSa!lon 10 Ire E;Tlployee or his beneliciary on tt-.e-
1:poliCable distribution date snail be a continuinq obligation 'Joon th~ Emoloyer and shall ;'lot b", re1reved bv an" "lgreement between the Employer
,'lpd any olher party, 9x~eot as provided in Section 2 at ?~r;:JgraRh 11 of ,!-lis Agre~fT!ent. and s,,~11 not be atf~dad in any manner by amendment or
re'/cci1tion 0; the irust referr9d to in P::u~gr3ch 2 l'1er~in or ~y ,~\'ersion d tC)<'! Trust F'Jn~s r~ ':"1<! cr""p'oyer The provi,!,"I ; of this Parago'!oh shall
$'.;pArsp.d.., and control any other ,=,rOVI~lon of this Agreement 'Nhlch could t:e intery<:!:ed to be in conlilct th9r~Wlth
1. Administration of Funds. TI'-e f'Jl"lds deoClsited in the Cle1erred C::1T'pensalion Acco:.!nl shall be ;nv~5tp,d :ind reinvested by the Retirement
::;'-~r"J'Jqt-o~ '.n any manner which in '.'s sola di'Scr~1.i':ln it deeJ"1"ls d~sinbje, .'I;~hot..lt regard 3t any time to any leqal limitation goveming the investment
or ;UC('l !ur1ds. The Acc-ount shall 31so reflect the gain NIess r9su"',--.? ',~m ~he invest;nent 3nd reinv<<'stment lhen~of. This Trust Fund may be
'jm;-:'\rngl~d with otn~rg esUbUshed by the Tru'St~e \;(1d~r '";<,0; ~(H"'" Dt 3.q(eBm~l1t 'Nlth o\h'!lt EJ'T'IOloyers
;. :)ly'Th;,,,t of Defer(1!d Como@nsalion, At <;uch time as the E:nployee react'les age EO or \ate~ 3\ ~!"1B end :)t hi, employment 3.greement, If
-_:+:,..~ c:-:nfinlJAS in :he emOloy of !he E~pioyer after h"l altai,.!'! the 3'de of 50 year"!. become, r)fOrrTl'mp.ntty ji'!labled, or dies, whichever occurs
'? cr "is oeneficiary or benefici:u!es. ~om!np... ar estate is/are e(1tI~le'" t~ rf;!cei'/q payment l"1 tr1~ D@tl-!mad C:;mCef\sat\on Account out3tanding on
~.j ~1''3 Jr1 ',..-h'r:n ')!'le of fhe i')r~~ol('lg occurs. ?C!YMent3 cC::C3sioned b'l ;:"'? E:':'1ployel! having ;~ached ~he age of 60 y..ar'! or later at the &nd of his
__ >,...."q..: )I:;r~'-!mAf1t. if :::TIplo'f"H> e-;~r'lI:Mue~ i('l n'", ~mplo'~ 0f the >:;mok:'/<H dr~er he atl::!lng ~i">e ~G'e Of c;O y~ars, or ~ecomes permfloently <11'!8bleti.
~.., ,....~II ')/3 mad9 In ~ccordance ,...,t~ it'1o:! ;:rovl"llons .:;1 P1r:'Jgraph 5 h"r~f)I'l.S 1i,I,,'W3:
::: "<I';: "n''3 .'"l "TIN'.thly QU3r+?r'Y SAmi-.:innu<11 or 1I"n'1~l oayment't OVp'r thF3 period of lil'1 ",x~ectancy :)f !t'l~ Em9\O~" in accordance with
'8W'ro" '}r"cedlJr~.
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If l;!!3 ':!.,.,s ov~e!"lt 1qre~!l"P-nt d:""! ':::;nolay~e ~emam~ In the em'Plo)l of 1'he Smployer
'~I">'\J '"-:-m c~r"'''lrw'H ~~ ,:,""~lovmenT. .....niot'ev@r f'r.,f ,1r':.::ur~. the
.,.,,~;~ \,; ~1~--;8r'~ I.) 3. '.'ort:1.. y T ~.Ii'o;; :~p. afTlcunls ')f dssets and acc'.Ht'I.H<ltio('\S in
~C;f:llner w,'''' 1 r'nson<'lol~ r:'!!F'} '.If r.:>!urn :)r'I ,a',1 .~ssp.ts_ less the amcunt at ~-.:pect8d
:~C.Ui'l "'~lqe ')t -':0 (H-!r<; )r at~r 1t (he ...<"1.1
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'_",'~(.''l' -'J ,l~ ," ~ ~ 1',,,... ~ 1 ;[ In . ,ir;~w:J't d,1 tren ::-~ matt';emattC31ly r:e!"H,"7Hr.ed, the payment
1;1s!.J;ir:-k:l;", over thO::! ;:;e :;u ,,1 ,I:B t.!x..;ec:ancy 0i Ill.,. U71~10itH:l, ",hall complOlt81y depll3te th13 said Account at the
-;-~_H:\~Y CI3 Cy,;!(
ot ,...hich, i,-) "'...;t1':rr ;-nonl."l;'!
Bnd of tha last year of life expectancy; or
iJ. Payment3 In monthly, quarterly semi-annual, :)r 3nnual ;J3yments in accordance .....ith the following procedure'
U;1I~33 the S;r,plovee 3 emplovment ~arrn'f1ales pr:Qr J 'h~ ~.'ne It-:! 3.ttaln" 'h,;! ,,':.j'} el 60 ;;;'](3. amounis ~qual to the benefits received by the
!:~p1oy",r, under retir'3ment annUlty policies. shaiJ be paid to the Errlployee 2.~ S'.,C.1 1.:;"f'B ::J.:; he analns the 8ge or 60 years, or laler, at the end
of his employment agreement, 11 the Employee continues 'n ihp. empioy at :M~ CmplO....':Olr ,l!'ter h8 J,lt3in3 the <.lge of GO jears; or in the case ot
~,:>3th, paymflnl '0 hi3 beneficiary or benefir::arles, "orr:'rl,",'" "r :'st'l.!e pusuan~ r - :~'o' pc::,. ,ras prov',~ed ill s<lid pOlicies and Paragraphs 6 and
7 of t~is Agreement; or
~. Payments in monthly quarterly sl3mi.aflnual or annual 'nstallm~nts over "1 r:,Bf,od 01 pet e,,:cgedinq t~n (10) years, said payments :0 include
], r:!'asonable return on :he funds. a:35ets and 3CC:Jmu!a!I'Jn3 :n t~e De("!rr",j :'0mOl:!il<;,atloll Accounl, [~ss the Jmounl of expected monthly,
quarterly, 3ami-annual, or annual distribution. over the fJi\ld ,en (101 year periOd, Gr
d. One lump sum payment.
O. 3-aleclion of Method of Pavm~nl. The method of ;lavment _,haii be .3elected L;j th!:l i=n,clo]''::lr acting t~r,)u9h the Retirement Cor;Joration as 115
.... ! 3uthorized agent. due consideration being gIven 10 the health. finanCial circumstances .and family obligations I)f the Employee. In this regard, the
:::,-:-,.:ioyae may be consulted; howev~r, he shall ha....e no "oice in the cecision reached
P3yments in the event of Dealt,.
a. During the Period of Distribution, In the event at the Employee's death durinQ the pBrlod of distribution, Ihe Employee 9 beneficiary shall
be entitle'.; :0 receive payments in accordance w,ll-' !~e paym'O!nt method ~El'f1g 2r:1plnyed at thg time of the Employee's r1eath. With the
consent of the Employer, acting through the Retirement Corooration as its duly authon::ed agent said beneliclary may elect to receive a
lump-sun, ,0. ,eu of installment payments.
b. Prior to ("~,~"8ution. In the event of ~h6 death of ~~.E! ;;:~'[)loy"'e orior tc ~~c~ ::istributioP the -'''')(1" .1:-':(" :->.SSf'ts :)f the Deferr~d Compensation
Account Sf!;]!: paid in accordan;;e wJ/r, one or :'.,~ -n"':",- ~s de:-;cr:bed e:,;!Jpar.:h;r":\:ln:l a, b, ';, ',( d uf P.)('3qr::iph 5 "H"Ul. fhe selectIon
ot said metr('!.-' ~hall be made by the Employer aC:ing :hrC::'0t1 :h0 RA-'Iremen\' rooral'on as its lluly iwtbor:zed agent.
8. Payment 0.-,--",':1:. Payment, shall commence on the lirgt day of the month fo!lowing the attainment of age 60, or later, on the firgt day of the
rr10nlh after the e:1'1 )1 hi, employment agreement, if Emcoloyee continues in the ~1mploy af if-a Employer alter he attains the age of 60 years, or
!i:(~wise followir;.c ';.'1",1,:.nent dls2bHity, or dl?Bth; and, in ~~'e ;J""" 01 i~st<-l1l11Ient 'I 'm~nt'). _';:1 be made <Jr:Tinuously thoreafter ....n thO !irs! day of
each succeeding :, ,,,,,.n, or in the event quarterly, semia~,i,ua\ or .,jlnual payment istallmant penods arl'j appi;ed, then continUOUSly thereafter on the
l1rst day of each ,ucc~Htding month which begins the tilT'e period (quarterly, etc.) invQlved until such time .:JS the Deferred Compensation Account is
o;e;:lleled in its entlr&ly,
9. Disbursing Agent. The Retirement Corporation shall act as agent of the Employer for purposes of disbursing payments, The ultimate obligation
for 'n'!king such paym8nts, however, :shall remain with the Employer
10. Accumulation During the Ol.tributien Period_ DUring the periOd of distributl0rl. the Em;}loyee or his b~;'{)eiiciary or beneficiaries, nominee or
<::':ilate as the case may be, shall continue to be credited with aJl the interest, aCCijffii.;lations and increment:. nn ihe undistributed funds and assets
i:1 the Deferred Compensation Account, until such Account j.!l depleted In its antii"Sity,
11. Section 1, Terminaliof'l of Em",JoYM4t;lt Upon tem.\nation of the Employee ~
,_h;';lInu!ations in the Of!'t~rl'ed Comp/j-n~Hon !,~collnt s;"lall (\,,1 [8 tran5r,,~tB:d to
~r~y snall remain in the original Ac~ount a3 a5sets of the Emc;uyer until such
s Agreement, exce~ ag provided in S.c:tion 2 of this P~r::;graoh.
,<)r.,ncas f_ if:y re,'!son other l1"130 ce :+h H',ll funds. assets, and
ar'-c.unt illtr, a !:ew !:~~l;!oyt.!r If tt-,$ Er,:~,i ;'/~'~ and, in3teOld,
'11$ dS they afc cistr:bur .i j{) aCCorCant:e wiii: trle proYision3 ot
3ection 2. Transfer of EmptoymtHi! with ConsidtHation i3et'Nee""1 2rnployers--Tripsn:le Agreement
In lne event the Employee accepts employment Nlth another Employer hal,'i~19 a Trust Agreement Wlal the Retirement Corporation, and a
;t';r'''1',~ Compens;JI,::r. Employmor'!' A<:CHcEn"\'t.fmt with the ".~i;~ ::,.,.." ,,,..'~. i~ 'i, If tn. - ',lV"I,' , .1 i: ,,:,,,t ,J~I,. i of the ltH1d~,
~,,;.)\~. a:.,~~ accunl",,!'" <.;ns. in the :!.z;c. !l..' ~!,",-. f( r,.. ._~,,;r ' ye,'i!";..;: r:H,dj~(' "" ":1, ,rj LCj:'; 'I:" .;1 (,f lr'vc:':\:':~ its
r.gMt 10 revoke this- Trust for the paymllnt ot its ganeral vecltor<;; or for any other ourp,-,se .....'1,,;tsoeVi-:':1 'rl c0f1sider31ion Df it~ df!sire to avoid the
continuing expense of maintaining records, and receIving, examir,ing, verifying and filing annual repo~s of the Retirement Corporation, and in
consideration of avoiding the pOSSible future expenses of litigation af Employee's conllnuing contractual rights to payment of deferred compensation
on his retirement as herein provided in the event of any possiole future revocation and withdrawal by the Employer of the funds assets, and
accumulations in t"e said Account, It may, at Its discretion. authorize the Retirement Corporalion, as its agent, to propose to the new Employer that
the funds, assets, and accumulations 01 the said Account be transferred to the ownership, control. and right of withdrawal of the new Employer, and
to do so in the eyent the new Employer in consideration of the increase in the value to that Employer of Employee's future services by reason of the
p.-tperience which that Emoloyee gained while in the err:ploy of tne pdS! Empfo}'l,'f agreeii to accept same and the resper::tlv~ t:'1,ptoyers and the
c-nployee sign arr apprapnate form of Agreement In WhIC~ tr'le r'r'W Emple-yer also .';rEl€'S to ,H hlme the contir'IJirrg -r)ntnctual liat>i!ihf to pav deferred
comoensation so tran~1erl'ed upon rellrement ot the Employee ar,d :he Employee rl"!"1as~s the past Employcl from said conlinuin~ obligation to do
same.
12. Losa... The Employer shall not be responsible for any loss due to inve9tment or failure of investm(jnt of funds and assets in said Deferred
C:Jmpensation Account nor shalf t". Employer be- fsquired to replace any loss wi"tatsoe...e( which may result from ~ald investments.
13. HO""'~.tqn8biHty of C.ferred COmpensation. The Employee during his lifetinlC shall not be entitled t(, commute, encumber sell or ather..vise
dispose of his rights 10 receive Deferred Compensation P3yments provided for herein and the right thereto shall be non-assignaoie 3nd non-transfer-
able. In the eyent of any attempted assignment or transfer thereof, the Employer shall have no further liability under this Agreement.
14. Partlclpatfon in other Employee-Benefit Plana. Nothing herein contained shall in any manner modify impair, or affect the exi!ting or tuture
right! or interest at 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 It'le Employee to any employee-benefits or as a partiCipant or beneficiary in or under
3r.y or all such plans rasoectively shall continue in full force and effect unimpaired, and the Employee shall have the ri9"t at any time hereafter to
become a beneficiary under or pUl'$uant to any and all such plans.
1'5. Definitions. Ths ~$anjng of any term or t.;,>fllS, pnn13p., clause O~ ~H'~,tenCft lJsf!d in !:,,~ ':"')~eement. which i~_ l!SO used in H;I' 8y-l~ws 01 tile
R':'Itirement Corporation, shall be deUned as these are defined in ARTICLE II, Section 2 of the BY-Laws, Masculine pronouns, whcntlvtl:r used herain,
inctude lhe feminine pronouns, and the singular includes the plural unless the context requires anot"er meaning.
16. Validity of Agreement. This Agreement shall not ~e valid or ef1forceable un!f'ss signed by an oHicer 01 Employer, authorized to sign It by the
governing body 01 the Employer, as, for example, the City Council. etc.
~ "l WITNESS WHEREOF, by the authority of the governing body of the Employer ihe Agre~n:ent has been executed on the date first written above,
StGNED___
~ Ti::3T
EM PLOYER
BY
~_L7I--'CRI-iEO OFFIC1AL--
PiJSI7F'~
(SEAL)
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:\.IPLOYEE
'0:-'1'=0 AS TO FORM
:';-;--:PNEY FOR THE EMPLOYER
,='.I-l. ,J,:,' ~E1AENT ::-RP'JR~T'ON
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E'VI?LOYEE:
INFORMATION
FORM
Resolution No. 280 - Page 4.
EMPLOYER:
Please complete the following blanks,
Full Name (City of, County of, etc,)
Tine or Official to whom correspondence and reports are to be mailed, (not namei
Add,ess (Include zip code)
Employer's Federal Tax Identification Number' _"
EMPLOYEE:
Please complete the following blanks:
Name as it appears on agreements:
Current Address (include zip code) _______
Date of Birth' Month
___ Year__..u__~__
,_Day ,_
Social Security Number: _~__, ___,_
To which of the organizations sponsoring this plan do you belong?
DESIGNATION OF BENEFICIARY (Complete this portion only if you have not previously designated a beneficiary when
entering the plan with a previous employer or it you wish to change beneficiaries)
To whom sh~1I the dej9rred compensation tun,_:3, assets and ac~umulations in the leMA.;.,C 3e. ;:ount be payable in case
of your deatn? In the statement below, give first name, middle Initial and last name, Example Mary A, Smith Inot 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 compensation funds, assets and
accumulations, to a charity or institution, specify its complete legal name and address.
I, the undersigned, being a participant in the ICMA-RC Deferred Compensation Plan and thus having the sole right
to designate, change, and successively change the person, persons, or institutions designated as beneficiary or bene-
!ic1ar:es, do her~by direct that any and all ceferred compensation funds, assets, and accumulations held for my
retirement benefit by the ICMA Retirement Coraoratton (or any successor thereto) as Trustee for al\ 01 my past,
present and future participating Employers, be payaoie as follows if living at the time of my death
NAME
(Please type or print)
ADDRESS
SHARE
In the event of the death of 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 lollowing person, persons, or institutions
if living at the time of my death'
ADDRESS
SHARE
NAME
(Please type or print)
(To be used for special provisions the Employee may choose to include),
In acdition to any conditions stated above, I direct the following (please print or type)
I understand that if the bene/its are patd to me under 1n option requiring the purchase of an annuity for my benefit,
tr.3t m'l jesignation or redesignation of a ~eneticiary or beneficiaries may have to be re?eat~d at that time. in
?scorja.,lc<:J "lith the requirements of the 3nnuitor 1 iurther understand that tl1e last dated designation of a beneficiary
::;: l:-?n8T!c:arres filed with ICMA4RC as Tn~stee hr 3ny participating employer, shall. in the event of my death prior to
:'~!I ::i'3:~'butlon to me after my retirement, control the 3ct:ons of leMA-Reo as Trustee in the distribution of the
.--:::~f?r~'?tj ::o;T'!pensat:on funds. assets and accumulations in the relevant ICMA-RC Account or Accounts.
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h.structionS. . ,'..: " ,,', p ',wrent comperlsab",.. shall be $14,260.00; deferred ,
The enclosed pages contarn:a\t-()f the forms necessary to' - ~j>, compensation shall be in addition .to current com-- P
implement'the"Deterred Compensation Plan. The Plo-' ,'t" !.., r pensalion' irUhe amount of 10,5%.ot current com- ,',
cedures 'iue not difficult but'the instructions should be"::" pensation. ---,-,
carefully adhered ~u '0 that an account may be immedi-
ately established 11' I receipt of ~h(:o ?g(f::r'rj(~r.t~ by till ' The tUlr{ mett-,od statct> 0Cl\Trerl ('".N'flPe~'S'?'1ion as :-~ pcr~
Retirement Corpc, J.tlvil. , ;, j . c(:ntClg~::: of fOWl comperlsatJo!1. It is not advisable tv 1.:S8
The materials wh en ".ust be'folW8ued to'ti,e. Retilement ;)nJes~ tlie lotal conlpen;c>t1c,;; (current plus deferred) is
. Corporation-are: ,,;;' :';" 'f,,::"O--, , ,i" ',' stated irr a salary ordnance or schedule Of' ill some other
"1 T' , . type of ,legal document. It is most appropriately used
:~". wo"executec ~~Ples of.' the'. D~l~rr~d CoO'P8fi$~tion"'; '., 'I II f tl . I d ,.
i Employment I'. " 'mcnt. ' . ' , W 181: ~ 0 Ie G'"",,rm (;(1[..penr,."flon IS being taken
2 F 'T nut 01 nl~ employer 's b(~('0 s?dc".ry' or whelt:t the employee
'. ';,' . our'popie~ c' tn", Masle~ ,r~st Agreement signed by. ~:,:." .,' has. negotiated 'a total compensation' package.., This: "
, ,,',' , an apP,ropnale otf';.Jal of th; employer. ,',', ";"-,',,.' rr,ct!lrry also elimin~fes 1I,,', necd 10 amend the agreement '.
. ~ 3. One ,coPY~f t~r c..~jlploye~''''cmr,oyes Inforrn2:,t'on ~Form~ \\Iher, thHre is a ChArlg(: Ire tIle employee's compcns()tio
,-<,j;,1- One, <;opy 'Of)h6' !esoIUI'?Il,. oruflance, leglslatron, or ':. ' -' Usinr" tite- third ,methoci" th" agreement wClulci. be, (:"
, i,,,': ?ther'autl1oiity ,whIch a~t"ollzes the employer-.to enter . pleted as follows:'",):", " " ,~,:: j"",:" I. ),U
"," IOto the:.Master Trust' A~reem'-'nl and the Oeterred . ,;'P' 'j.. :) . (:"'\' .l-.- ": .,:, "",
f" ~" C0",pensation EmpIQYrIlentAgr<:c,,"ents, ' -': U ,Totid compolisalibil c"all be $15,750.00; 9.5')"
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'1Won", COp!\ofP,eaC!I: a!'iree~~l)lf,~"'~ "Of"ttl,~f:rripJoy"r- ~, ' which shall lor' d'~f~m,~ cC1mpensetio', "L :~
~;(;, Empioyee, tnfo!matJon ,f?FI1) !~j1, ':lVIded h~, e,n., A sug"., .' ;" 'n,,-, fuurth method or: aile. ..ative' contains saver:!\r bJ;,nk
':.;';' gested re,so!ut~~~ for a' Ct~ or eou~ty, coun~:!,?ppea~ on, ,'lines ir, the .event any'of 1"( three f:'tevIOU~ lT1ethod~ <"e :;:;(,'
t~e"", ba:fr o.t.th. ... page~ 1,~~ SU9. ge~~c.,:,;~:'o! H~~ull"r~?!,. !l_~t r...,,1t ,t;.f ~'i'{)pfla1e. Thi~ m::-~) ~11~(1 be llsnd fe./, srecia~ (lr..t),dt ~
b...,."pp,opnatp.-fClruser) ~P6c.al(Jj-, !"}"s. 11 ,g,:!l~I('~. Cl:rr.l.~' -'""es",!'I(' {!(' t~,'tl" -~nt f "".,~
bH - ~ '. h ". . .... ".,1\. II.. f...., ..JI "J. r-. ,t...... '-r..,r~,( ,,'10rl may d,-!.,-.,j,f,.
..!;~:'pr4 pu." c~servl,:~.orgaOl.l.cltiOns v :L.lugr~t e:- IfJfOnnatlon /"1'.;.:'., '~gesL~ .'..' "'~' . ' .~"';J' ,,~. ~ -~':~.i'~;'
, "contamed.therelO maycbs.'helpfu' 'il' prep:"l>lg, wh11.t"ver '1'''''' . " ' '. ' : , ''ii,',
, '''-~~documents may.pe necessary to ~tabl!s~ tiljs.3:fIthorj~v',> .1' '. "~'_I.,E.'.f,n ,the ev~rlt the ('~lt'!-'yee J~ c,lrf.:t'oy par1ICJ,I'':-',ng ;,- ~
\!':....,.:t"C tl of"';"D f' , ~ (-: W: a Ct .uTed conl~'['!esatlon FI~m H01 spom.:ored "" the-, ' I-
\<?" oi1lple on, ,"""", e "rrsd'CP!l1Pehl..atTonErllplol'menL :"t' P' "Heiren/ent Corpolall'on ~ \' I't 'IS d~s'r d th, Ith : d'" '('
;..I'f'$.:"f".gre m nt.....~'.l .-",>' ~"-"'~~ji'~'''''' , ~...~.{ '," .t' ~{r.:;. '.> ~." I ,olU 0;;-18 a eselLln S\,J*.,
_:';~:~.t:-: e e. "'r>,,~H!~1t'~ ..,' ':...~"~rt:;:~'l\~~t':.;'I";\;f-,tl'$:r-\"~ ?-,.,..~~>,~ ..-:J1/(;'.,._ be tr&n~ferred .to.~the Rf>"iti~mp.nt Cnr!",'1ratk1n 8f ~'JC-. ~".
.l-~T:r.ctvff.Jrred'C'HW ''',::,t''(J"j.t',,'!r(_.[!l'':n~'J''\'''.1\'llt 't f'" "'~E" 'ndj' '.1" '(," 'r: 'e "
, t..tl ~"_ tl1 ~" {. ~,+.. ',I . . _ '- ."'~"" ': "\ '..."C'-.:)""~ ile ~I'. 'Q,
_ , u J,16".~"'i ,e' ?..J P.(. 1... " O~, .~OJ;l~!t:.), 3.,p '!. \;. .. ~ j~ '. c)' ';!! IB.,I ,> ,I ) au ~!\OU~'.> wnh_ \. !. l- \lst''{eill~n'l ('orpo; '\..ill 'j', I'
,~,.,;;:;.,defer.ro-j ~Y,' ,th~ e,n;PIOWl~al1d, pJaced inta, t,~US' /'.lltir iI!e',"l',~, . "",for in/o/matior" and' YOtl should no, t ('um',PI€tc .1 Dek: ,ea ,F,' , ".'
c >,,!{.empfoyee s"r~~~ment" Several~.blanks< 10' ItS', pleamb!e :\,\i,~!~":' Compensation Employment Agreement' until lurther ill>-"~~ 'I
>t;:;.~,must be',ffiled"!rs Th~se' a~e :5QU-explan.atory. Howcvf!r, ,~;,:'f"t >I:.:', structlo,,,s,ale,recelved,, , .. ",-'" \ II "';"'j ," :'\i"'" I
"",\'IParagraph:1'i whiCh. I~ ent,'t1el1, Deferred> Compensallon" , ;,' ,,'v,\:, .Cop'Ge of the T A ' ts ';"" , ',; \f~ '"i~ '" ,l
,J',;'.:care ,should,be.,taken.,ll,' ,rtant"that"deferred,com~~~~!f:"_" I , WO, greefr1en " "'", "l,,'" ',,' ,:i;,U
,i~iPensatio*,:pr6P!3rlr.-sla ' l!:!at!!it;i,s',not ,sho,wn' 011' tf~~ l:.t~ F,?ur. copies of, eacH: 9-~ these !>No, agr~ments are needed:t"'it,
:\~~'the lecordS,of the, ,empl as:::taxabledncoma paid 'tal' ,",~" ," To.'slmpltfy the' procedure C'ne copy,s provided herein.' 1;;,' <
.,~,~,. trw}emoloye&~ I f '4~"~ '''h,~'' t~ ~..,. ~ .,~~\-~~, ' .,o;,.~.1' FiII':Qut each and- mrlke jll l~'copies. Have ~r)e oriOln8l " r
:\{<:f.~,Tfle fo.~owing ilf~13tfat...; how. r::lfagraph"'1~ can he corn~ ~ ~~- and an .thm: /'opie~~ in<:'rl""jua\ly sig:r.ed. [;:strib~lt8~ the. , , t'
.'\;,~: pleted' lO,lj1&',case where an employee presently rece\ves~ 'I'll' ':i!.~ur,r;:tlPies f- .ollows_ , ., .1, ,,,.- " ,\,," ''''~(.\i;'' I";:;;,:;:
'~$15,OO(),'ln', bas&;'pay.. and',1he' empl~yef' agrees to' add" <:~': r'~~i:rhe"Oefened COmpensatIon Employment Agreement:~ 1 't;:' .'
~~ $150. 01" 5'j(t,fot: rdiremen!" and "emllts file' employee to t,,' ,~,,~ -' One' copy for the employer, Dna- for the employee, t"10,-f "
~"t'-ddefer'ti'oml"is::.basG'pay )In. additional ~750:dn this ex. ;';;.":~':~' for the Retiremeot' COlPOI "lion. ,','0, tir~ J. i;\'&t .1 J' 'I"
3:q!a",ple.,tolf1l'~rop,ensalio,,4~.$15.75o. The amount tc> be .':";~; J,!,--, ~lie Mas~er TrusrAgreemont: All ~our,to the Rf!lirem€'ntl.~' ,'.:,'
, '~d('ferredl,!,nlll;retJremlll'lt.'l9!"$1.fi{\(! (the p!<lcc,nt ta~be':'"' :\;.;:i:"Corporatlon' which. af'e' executing. thorn, vIIIl relum,,{, i .
defEfryed"f~",~\9~~j-~f~'total, s~tio~ ~"Cu oon ~tMl~,~rr:?,toth. 5-e~~I~~er;,:.., "i-"~~ii.~,~f~ >,.... t ;{.;"'~.f{ ~ '\.;"'.
,!,l'IP~~~, '>,,~~~ ',,~pl~\lo~~!i,lh,e:~~,pIO!er'Empl,oY~J~fo~lI8UonFo .' .
~~gra " . ,!8'~fo~.- ' '. ' ls-formf\must 'fi8"lecelVedbefor!flthe''\RetJrement,Cl;I ,
c;;,ry,fIKt' '-t "amol!ntSid,.. 'Or;ret'{".et, 'oratioOeaJT!eslabI1slT.;an <iccollntLto,ffi'tIl&,employer:' '"
:"g, ,,~',\ ""t:i#J.-~/!Tit;~~R/XPrij.elecr.~~~\.~~, .efit,': The1iform(i$.';selkxplanator;t:':<3lTd' eontsjns'a.~.}, I i.
f' you 11 ~,tlrst'l'AAlhod':'uslng.,the'exampla\1a "1~eslgnatJon::of"belfElfjclary statement'..ror')he .emPloyeet,l\t" ',r"','"
he,statemarrtWould ,til,{ci:liiJnI~cd'3S fo!lo",s::- I, ,"~:;;'; , tl,ifo 'completetiCopfe~' ~ay be, made fOr',the employer. ,ancr~ " " ,,', );~1
c;\["","'" _ /'~"'~:'l1li-'HI'.:' ."',, ,~-h~, '" ", 'T' '~, 'i~~,.:t it.' employeG,bul;an,orlglllallys'gned,copy,must.be'recelved;~~." . i ;1, c'"
~:\'l~L r n~~~' t?efe"rr~SOiTlrU~n$a1.1~n' srrdU be '~1.Sf}!).n~:, currCm , '"~ ,t,i. :Jy' Ut. t~ .,~:l ~:n€nt Corporatij , " ~,.' ~ ~t,.~,~.., .~ .~. ""::1r~" . h
,', ;\"," 'lib $i4~5'OO ,.,' ".- ".,,", .," ,,' .' ',' .-'''', ,"
'. :-'.~iY;,~ i;~:~ ~7..~i:, :~~~~'. '~:'~~r ~ ~j.~i~rj1{~}:,~~9~e,o}'lietit~~lentiM.tl~."'J~,~:~-!~~~t~~1~~':<~~~;"Jl~' "~~
The'\SO df'stales' defene~d"corripe s a'~~r>li" ,!', ")1ju 'deferred compel)satlon agreement: spec:ties I
parCentage~of,;ciJfrent compen:>atlon'.-Nol&' that,defel .,' ,of;:retiremel)l:al'60,lyears of ag"', As, explained. ,
: is; l~ddffb.~,.t9.iCurJ:!lntlfas'>!\lhe;:pilirr;:O~!currenttand, okletith~~,g~:I1),*be specified':~:any'age- a!lo~e;
':, iid'fiCql!liiliijsat!blt\~:'eq4a~"\~bt,alll!:oiilpensatlo',r.;;;'This e \54i"Thlstage~mar' bee, cha~ge~;f~thal,a Pl?eafln!', ,
, ",:" '1"{'llhod:e!!r.l!riate,s1he need t(Yiunend ,the .agreemenf."each- , the ag"'f!m~M' btll'\be~ore' domg so:..~l) cllScusslon, ,of lhe i'
" ";",, t1lile.,th~, ii>:all!~lncr~,",;;o',in ,:!l. ,ali'fY:U.l)lessit, h~~e~irect" ,effecl (,I dO,lOg ~o.!\~hICh arpt'al.S, 1O~lh,~ bookJe~'shbuld.
\~" thaf,J.t1ee;:~eentace -,c'Jl;hanged",J;bIS\fmethod'lst;most:' ,be',reacl, If,you'-.desllB' 10 chang~:, f 'r~tlte(lle.
. 'h:}iappr ", Yi~~-v;h"'n-~d'ef.~fT3~cqmPe~satio~~p~e'~~1?)!O.~.i!,Ilrp'~~c~l!rj>:~tt
''"{ on,th,~Jillsa sala1f.'as~'a~"~d~~on:itlii!il111Yf:C~f11 M~ki:o!l~cme':iiOrng~Ij,.'';'6.Q.."~ , ' '. ,
h pens' e,emp:'J',.",e' lS~'~arnll'\g;'pnor to completl , 'deferred'compensatlon\ agreementl"an jnse[t",a~foOt
'the agr~enf~>Ne....e:theless., it ,calli pe ,'used fOf'an,e ;; ';~\'"Inote symbor:next to it, (O).:fhis appear~ at ~ places in,
, ,: ample<;.~~\caIC;lllaling .he,>~rc~ntage':that. d.eferredi\ ; ~!',<i#: para9raph"~(a):an~ (b): and~ ',m2'tplaces 10 paragraph ai, '
:i-'~ pensatlon.;'U.500), 's, of clJmmt compensat'on~($14;250}.~ ,,:; ,~, "'At the' bottom of each' side' of ' the' deferred eompens /,
t.J;' ;rIIi$;iSI~l1'.s"k,~;.u~!ng 1r.e' second, method" the. agreement ",,~, " ,!'jt lion agreement,place tl1e footnote ~itl:l}he age,~e~ired;\~~;,
,wo ,r~ted ,~:;fol~ow{s:_~' ~'L~\C' t!~J;U';:-. ;~~",,~?. .,.,~';t:~I7C?rexam~I.~:H""5 ~.-'9r~'.65.l> ~ '. ;~f~f"<-- ~. d......_
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MiliLag:reemenls',
"""leMA Retirement CorporatJ
< 1140,Conneclicut Ave;, N.
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,~. "1.;.;!.:y, hone: 202J29$-220~""~
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