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HomeMy WebLinkAboutResolution-1984-0920 RESOLUTION NO. 920 Series of 1984 TITLE: RESOLUTION AUTHORIZING ICMA RETIREMENT TRUST WHEREAS, the City of Wheat Ridge maintains a deferred compensation plan for its employees which is administered by the ICMA Retirement Corporation (the "Administrator"); and WHEREAS, other public employers have joined together to estab- lish the ICMA Retirement Trust for the purpose of representing the interests of the participating employers with respect to the collective investment of funds held under their deferred compensation plans; and WHEREAS, said Trust is a salutary development which further advances the quality of administration for plans administered by the ICMA Retirement Corporation: NOW, THEREFORE, BE IT RESOLVED that the Employer executes the ICMA Retirement Trust, attached hereto; 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. SIGNED BY THE MAYOR this 20th day of November, 1984. ~-</ ~ . . _ ~a 1/ .6.. . ~ Frank Stites, Mayor ATTEST: I 9/~?l-6i,j , Wanda Sang, City ICMA Retirement Corporation THE DECLARATION OF TRUST FOR THE ICMA RETIREMENT TRUST: SUMMARY The ICMA Retirement Trust is a new feature of our organizational structure. We currently have a direct Retirement Trust relation- ship with you which will continue. The new trust establishes a Board of Trustees selected by participating employees, thus giving the employers ultimate control over the management of funds. Included in the Trustees' responsibilities are oversight of our performance, appointment of auditors, and monitoring of investment goals and objectives. The Retirement Trust was created by a Founders Committee of persons representative of the participants in the RC program. The first elections were held in November 1983. Nine Trustees were elected: five at-large members represent RC participating employers, two represent the RC Board of Directors, and two represent the ICMA Executive Board. Public employers that adopted the trust partici- pated in that election. The next election will be held in spring 1985. All investments made on your behalf currently are held under the ICMA Retirement Trust. However, unless you adopt the Declaration of Trust, investment will not be held thereunder following a transitional period. Therefore, while failure to adopt the Declaration of Trust will not directly affect your plan or have any immediate effect on the investment of your funds, it is required for your full and continuing participation in the Retirement Trust. These changes improve and enhance the program. The addition of the ICMA Retirement Trust is done in the spirit of our long-standing objective of serving the best interests of our participants. If you need additional information, please call our office toll-free at 800-424-9249. As always, we are prepared to assist you. 8/84 ~ APPENDIX B ~~-- DECLARATION OF TRUST of leMA RETIREMENT TRUST ARTICLE L Name and Definitions SECTION 1 1 Name The Name of the Trust created hereby IS fhe leMA Retirement Trust SECTION 12 Definitions Wherever they are usod herem. the following terms shall have the following respective meanings (3) By-Laws_ The By Laws referred to In Section 4 1 hereof as amended from time to time (b) Deferred Compensation Plan. A deferred compensaflon plan established and maintained by a Public Employer for the purpose of providing retirement income and other deferred benefits to its employpps In accordance with the pruvislOns of section 457 of the Internal Rf-~venue Code of 1954 as amerldpd (c) Guaranteed lnvestmpnt Contract A contract entered mtu by the Retirement Trust with Insurance companies that prOVides fur a guaranteed rate of return on Investments made pursuant to such contract (d) ICMA. The International City Management ASSOCiation. (el ICMA.RC Trustees Those Trustees elected by the PubliC Employers who in accordance with the provISions of Section 31 (al hereot 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 Pruperty (g) Employer Trust. A trust created pursuant to an agreement between RC and a PubliC Employer for the purpose of Investing and administenng the funds set aSide by such employer in connection with its deferred compensation agreements With its employees (hi PortfoliOS The POltfollos 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 (al hpreof are full~tlnle employees of PubliC Employers Ij) 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 ()) Retllernent Trust The Trust Cleated by this DeclaratIOn of Trust (m) Trust Propprty The amounts hpld In the Rptlrement Trust on behalf of the PubliC Ernployprs The Trust Pr-operty shallmclude any Income resulting from the Investment of the amounts so held (nJ 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 ot 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 participating PubliC Employers SECTION 22 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 rpcommended by the Investment AdViser under the supervision of the Board of Trustees SECTION 2 3 Ownership of Trust Property The Trustees shall have legal IItle to the Trust Property The PubliC Employers shall be the bnneflcial owners of thp Trust Property ARTICLE III. Trustees SECTION 3 1 Number and Ouallflcatlon of Trustees !a) The Soald of Tr-ustees shall consist of nine Trustees Five of the Tlustees shall be full-time employees of a PubliC Employer dhe PubliC Employee Trusteesl who are authorized by such PubliC Employer to serve as Trustee The remaining fOUl Trustees shall consist of two persons who at the time of election to the Board of Tr-ustp-8s, are members of the Board of Directors of ICMA and two persons who, at the time of election, are members of the Board of Drrectors of RC (the ICMA RC Trusteesl 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 I bl No pp.rson may serve as a Trustee for more than one term In any ten-year per lod SECTION 3.2 Election and Term (a) Except for the Trustees apPointed to fill vacanCies pursuant to Secllon 3 5 hereof the Trustees shall be elected by a vote of a majority of the Puhllc Employers In accordance With the procedures set forth in the By-Laws {b) At the first election of Trustees three Trustees shall be electerJ for a teml of three years three Trustees shall hp elected for a term of two years and three Tlustees shall be elected for a term of one year At each subsequent election. three Trustees shall be elected for a term of three years and until hiS 01- her successor- is elected and qualified SECTION 33 Nominations The TrlJc;tpps who alP flJl1 timl:" employees of PubliC Employprs shall serve as the Nominating Committee tor the PubliC Employee Trustees The Nomlnaflng Committee shall choose candidates for PubliC Employee Trustees In accordance With the procedures set torth In the By Laws SECTION 34 ReSignation and Removal lal Ally Trustcp may Il'slgn as Tlustee \without need for prior or subsequent 3CCOLJrltlngl bv 3n InstrUrTWrlt In wrltlllg Signed by the TrusteR rind delivered to the other Trustees and such resignation shall be effectlvf' upon such delivery or at a later datp according