88-63
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Rt-ct"I-V-rp
NOV 2 8 1988
FINANCE DEPT.
e
,..
APPENDIX A
("EM PLOYER")
DEFERRED COMPENSATION PLAN
I. INTRODUCTION
The Employer hereby establishes Ihe Employer's Deferred
Compensation Plan. herelnelter referred to as tho "Plan," The Plen
consists of tho provisions set forlh In this document.
The primary purpose of this Plan Is to provide rellrementlncome
and other deferred benehts to the Employees of the Employer in
accordance with the provisions 01 secllon 457 of the Internel
Revenue Code 011954, as amended.
This Plan shall be an agreement solely between the Employer
and partlclpatlng Employees.
II. DEFINITIONS
2.01 Account: The bookkeeping account maintained lor each
ParticIpant reflectlng 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 Parllclpant's
Deferred Compensation, and further rellectlng any distribu-
tions to the ParticIpant or the Participanh Beneficiary and
any lees or expenses charged against such Participant's
Deferred Compensation.
2.02 Admlnlltr.lor: The person or persons named to carry out
certain nondiscretionary admJnlstrallve lunclions under the
Plan, as hereinafter described. The Employer may remove
any person as Administrator upon 60 days advance notice in
wrlllng 10 such person. In which case the Employer shall
name another person or persons to aclas Administrator, The
Administrator may resign upon 60 days advance nollce In
writing to Ihe Employer, In which the case the Employer shall
name another person or persons to act as Adminlslrator.
2.03 B.n.flcl'll: The person or persons designated by the
Participant In hIs Joinder Agreement who shall receive any
benellls payable hereunder In the event 01 the Parllclpant's
death.
2.04 D.f.rr.d CompenllUon: The amount 01 Normal Compensa-
tion otherwise payable to the ParticIpant which the
ParticIpant and the Employer mutually agree to deler
hereunder, any amount credited tosPartlclpant's Account by
reason 01 s transler under SecUon 6,03, or any other amount
whIch the Employer agrees to credit to a Parllclpant's
Account.
2.0$ Employee: Any Ir'divldual who provides services for the
Employer. whether as an employee 01 the Employer or as an
I ndependent co ntractor, and who has been des Ignated by the
Employer as eligible to partlclpale In the Plan.
2.011 Incluclbl. Compenl.Uon: The amount 01 an Employee',
companaoUon from tha Employer lor a taxable year that Is
aUrlbutable to aervlces perlormed for the Employer and that
I' Includible In the Employee's gron Income for the laxsble
year for federal Income tax purpoles; auch term doal not
Include any amount eXcludable from gross Income under this
Plan or any other plan described In section 457(b) 01 the
Internal Revenue Code, any amount excludable from gross
Income under section 403[b) of the Internal Revenue Code,
or any other amounl excludable from gross Income for
federal income lax purposes, Includible Compensallon shall
be determined without regard to any community property
laws,
2.07 JoInder Agreement: An agreement entered Inlo between an
Employee and the Employer, Including any amendments or
modlficaUons thereof. Such agreement shallllx the amount
01 Delerred Compensation, specify a preference among the
Inveslment alternallves deslgneted by the Employer.
designate the Employee's Benellclary or Banellclarles. and
Incorporate the terms. conditions. and provisions olthe Plen
by reloronco.
2.0B Normlll Compenllltlon: The amount 01 compensation which
would be payable to a Participant by the Employer lor a
texeble year if no Joinder Agreement were In effect to deler
compensation under Ihls Plan,
2.09 Normal RoUrement Age: Age 70, unless the Parllcipant has
elected en el1ernate Normal Retirement Age by wrlllen
Instrument delivered to the Administrator prior to Separation
Irom Service, A Participant's Normal ReUrement Age
determines (a) the latest time when benellts may commenco
under this Plan (unless the ParticIpant continues employ-
ment alter Normel RetlrementAge), and (b) the periOd during
which a Partlclpant may utilize the catch-Up IimUatlon of
Sectlon 5,02 hereunder, Once a Participant has to any extent
utilized the catch-up IImllatlon 01 Section 5.02, hIs Normal
Retirement Aga may not be changed,
A ParUClpant's alternate Normal Retirement Age may not
be earlier than the earliest date that the Participant will
become eligible 10 retire and receive unreduced reUremenl
benelUI under the Employer's basic rellrement plan coverIng
the ParUclpant and may not be later than the date the
Parllclpant allslns age 70. II a Parllcipant continuos
employment alter ollalnlng age 70. not having previously
elected an alternate Normal Retirement Age. the Participant',
alternate Normsl Retirement Age shall nol be later Ihan the
mandatory rellrement age, II any. established by the
Employor, or the age at which the Participant Iictually
separatas from service II the Employer hilS no mandatory
relirementage, If the Participant will not become allglblrt to
receive boneUts under a basic reUremenl plan maintained by
the Employer, the Participant's allernllto Normal Retirement
Age may not be earlier than aUalnmenl olage 55 and may not
be later than allalnment 01 age 70.
2.10 P.rtlclpanl: Any Employee who has/olned the Plan pursuant
to Ihe roqulroments 01 Article IV,
2.11 Plln Y..r. The calendar year.
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.., 'if).;.~ 2.12 Retlremenl: The Ilrsl date upon which both 01 Ihe lollowlng plan), For purposos 01 this SecHon 5,02, a Parllclpanl's ;ii:L):r~:t.~~t"YJf,t"~):;,,,t
};.:;'i shall have occurred with respecl to a Parllclpanl: Separation Includible Compensetion lor Ihecurrenllaxable yearshall be '. ';5,;f,~I,!A;~'r~i~".~(:h\
',>. 'l~:;J" A deemed to Include any Delerred Componsallon lor the :~ ;~"',"l;:<'''rt.'\''~'' '",t
;~,;Pf}:,:},< Irom Service and aUalnment 01 Normal Rellremenl ge, y,-:g;W.\~,'L'i.V,,<I'l'~
l',i"V,I".': r:: tallable year In ellcess 01 lhe amounl permilled under the 'flof"p.:',f,~..
'JiY'*1.<:.:.>;,il; 2.13 ~p.r.llan Iram Service: Severance 01 Ihe Parllclpanl's Normal L1mllatlon, and Ihe Pflrllclpant's Includible Campen- ~3~~
. "~"'~~:r. ' employmenl wlth the Employer. A Parllclpanl shall be sallon lor any prior taxable year shall be deemed to exclude ';:~:,~'\' H .
f.~Wt,; doemed 10 have severed his employment with tho Employar eny amount lhal could have been delerred under the Normal f1Jifi'.
W~J for purposes 01 this Plan when. In accordance with the Llmltallon for such prior taxable year, t:.;,.~'
,,,:,,t~;. established practices of the Employer, the employmenl .jl"J
, "'1'1. relallonslilp Is considered to have actually terminated, In Ihe 5,03 Section 403(b) Annullllll: For purposes 01 Sections 5,01 and -~~~\:
case 010 Participant who Is an Independent contractor ollhe 5.02, amounts contributed by the Employer on behall 01 a~il~\
Employer, Separation Irom Service shall be deemed 10 have Parllclpant lor Ihe purchase 01 an annuity contract described ~~~
occurred when the Parllclpanl's contract under which In saellon 403(b) 01 Ihe Internal Revenue Code shall be ;'~J'f ~
services are perlormed has completely expired and trealed as II such amounts conslltuled Deferred Compensa- it,
termlneted. there Is no loreseeable possibility that the tlon under this Plan for Ihe laxable year In which the
Employer wlll renew the contract or enter Inlo a new conlract conlributlon wall made and shall thereby reduce the
lor Ihe Parllclpanrs services. and It Is not anticipated Ihal the malllmum amount that may be delerred tor sUCh taxable year.
Participant wUl become an Employee ollhe Employer.
..
~
~!
I.
Ill, ADMINISTRATION
3.01 Dutln ar Empla~er: Tho Employer shall have the authority to
make all dlscrellonary decisions allectlng Iho rights or
benellts of Parllclpanls which may be required In the
admInistration 01 this Plan.
3,02 Dulllll or Admlnl.lratar: The Administrator, as agent for Ihe
Employer. shall perlorm nondiscretionary admlnlslratlve
lunctlons In connection with the Plan. Including the
maintenance 01 Partlclpanls' Accounts, the provision 01
parlodJc reports 01 the status 01 each Account and the
disbursement 01 boneflts on behall or the Employer In
accordance wllh the provisions 01 this Plan,
IV, PARTtCIPATION IN THE PLAN
4.01 Inlllal Par1lclpIIUon: An Employee may become a Participant
by entering Into a Joinder AlOreement prior to the beginning
of the calendar month In whlc'lthe Joinder Agreement 15 to
become ellectlve to deler compensation not yet earned,
4,02 Amendment 01 Jolndllr Agreement: A Participant may amend
an executed Joinder Agreement to change Ihe amount 01
compensation not yet earned which Is to be deferred
(Including the reduction 01 such luturcdeferrals tozero) or to
change his Investment prelerenca (subject to such restric-
tions as may result Irom tho natureorterms 01 any Invastment
mado by the Employer). Such amendment shall become
elfecllve as 01 the beginning ot the calendar month
commencing after the dete the emendment Is executed, A
Participant may at eny lime amend his Joinder Agreement 10
chango the doslgnated Benellclary and such amendment
shall become ellecllve Immediately,
V. LIMITATIONS ON DEFERRALS
5.01 Norm.1 UmltzUon: Except as provided in Section 5.02, the
maximum amount 01 Delerred Compensation lor any
Parllclpantlol ony taxable year shall not exceed Ihe lesser 01
$7,500,00 or 33 1/3 percent 01 tho Participant's Includible
Compensation lor the taxable year. This limitation will
ordinarily be equlvalant to the lesser 01 $7.500,00 or 25
percent 01 the Partlclpanl'l Normal Compensallon.
5.02 C.lch-up L1mlletlon: For each or the last Ihree (3) taxable
yaars 01 a Parllcl po nl ending belora his allalnm an t 01 Normal
Retirement Age, the maximum amount or Delerred
Compensation shall be the lesser or: (11 $t5,ooo or (2) the
sum 01 (I) the Normal LImitation lor Ihe lax able year, and (II)
that portion of the Normal Limitation lor each 01 the prior
taxllble year. 01 Ihe Participant commencing aller 1978
during which the Plan was In exlslence and Ihe Participant
was etlglble to participate In Ihe Plsn (or in any other plan
eslabllshecl under Iscllon 457 01 the Internal Revenue Coda
by an employer within tha sam" Stato as the Employer) less
Ihe amount of Oelsrred Compensation lor each luch prior
luable year (Including amounts delerred under luch other
VI. INVESTMENTS AND ACCOUNT VALUES
6.01 Inve.tmen' of Delerred Compen.atlan: All Investmants 01
Participants' Defured Compensation made by the Employer,
Including all property and rights purchased with such
amo unls on d all In co m e aUrlbutablo the relo. shall be the sote
property of the Employer and shall nol be held In Irust lor
Partlclpanls or es collaleralsecurlty lor the lullillment 01 tho
Employer's obligations under Ihe Plan, Such property shall
be subjeclto the claims Of general creditors 01 the Employer.
and no Parllclpant or Beneficiary shall have any vesled
Interest or secured or preterred posiUon wilh respect to such
property or have any claim against tho Employer oxcept as fl
general creditor,
6,02 Credlllng 01 Account.: Tho Partlclpanl's Accounlshall ralloct
the amount and value of tho Invelltments or other property
obtained by the Employer Ihrough the Investmenl 01 the
Parllclpant's Deterred Compensation. It III anticipated that
the Employer's Investments with respect to B Participant will
conlorm to the Investment proferonco specified In the
Participant's Joinder Agreement. bul nothing herein shall be
construed to require Ihe Employer to make any p-artlcular
Investment 01 a Participant's Deferred Compensation. Each
Partlclpont shall receive porlodic reports. not less frequently
than annually. showing Ihe Ihen-currenl value of his
Account.
6,03 Acceptance of Tran.larl: Pursuanllo an appropriate wrlllan
agreement, the Employer may accept and credll to a
Partlclpant's Account amounts translerred Irom anothar
employer within the same State representing amounts held
by such other employer under an eligible Slate delerred
compansallon plan described In secllon 45701 the Internal
Revenue Code. Any such transrerred amount shall not be
trealed as a delarral subject 10 the limitations of Article V,
provided however. lhat the IIctual amount 01 any delefTal
under Ihe plan Irom which the transler Is made shall be takan
Into account In computing the catch-up limitation under
Section 5,02,
6.04 Emplay., Liability: In no event &hall the Employer'sllablllty to
pay benollls to Il Participant undar Article VI exceed the value
oJ the amounts credited 10 the ParUclpant's Accounl; the
Employer shall not be liable lor losses arising from
depreciation or shrlnkago In the value or any Investments
acqulrod under lhls Plan,
VIt, BENEFITS
7.01 Retirement Benem. .nd Election an Sepel.lIon Irom
Servlco: Excepl e$ olharwlse provided In this Article VII, the
dlstrlbullon 01 a Partlclpant's Account shall commonce
during the second calendflr month after tha closo olthe Plan
Year of Ihe Participant's ROllrement. and the distribution 01
uuch Rollremenl benellts shall be mode In accordance with
one 01 Ihe payment options described In Socllon 7.02,
Not'Nl1hslandlng the loregolng. Ule Particlpanl may Irrovo-
2
"
cably olecl within 60 days lollowing SeperaUon from Service
to have the distribution of benefUs commencoon a date other
than that described In the preceding senlence which is at
foast 60 days alter lhe dale such eleclion Is dellvored In
writing to the Employer and lorwarded 10 the AdmlnlSlrolor
but not later than 60 days alter the close 01 tho Plan Year 01
the Participant's Rellrement,
7.02 Payment Option.: As provided In Socllons 7,01.7.05 end 7,06,
a Parllclpant may elect to have the value 01 his Account
distributed In accordance with one 01 the lollowlng payment
opllons, provided thai such opllon Is consistent with the
flmltaUons set lorth In Secllon 7.03:
(a) Equal monthly. quarlerly, semi-annual or annual
payments In an amount chosen by Ihe Participant,
conllnulng until his Accounl Is exhausted;
(b) One lump sum paymenl:
(c) Approximately equal monthly, quarterly. seml.annual
or annual payments, calculeted to conllnue lor a period
certaIn chosen by the Parllcipanl;
(d) Payments equal to payments made by the Issuer 01 a
rellrement annuity potlcy acquired by the Employer;
(e) Any other payment opllon elected by the Parllclpent
and agreed 10 by the Employer,
A PartIcipant's elecllon 01 B payment opllon must be made at
least 30 days belore the payment 01 benellts Is tocommonce.
If a Parllclpant lails to meke 0 IImely elecllon 01 a payment
opllon, beneflts shall be peld monthly under option (c) above
lor a period of five years.
7.03 LfmllalJon on Option.: No paymenl option may be solected
by the Participant underSecllon 7.02unless the present value
01 the payments to the Parllclpanl, determined as 01 the date
benelits commence, exceeds 50 percenl 01 the value 01 the
Participant's Account as 01 the date benellls commence,
Present value determinations under this Secllon shall be
made by the Admlnlslrolor In accordance with the expecled
return multfples set forth In section 1,72-9 01 the Federal
Income Tax Regulations (or any successor provision to such
regulallons).
7.04 Po.t-retlrement Dellth Benefit.: Should Ihe Parllcipant die
aller he has begun to receive benefits under a payment
optfon, the remaining payments, II any, under the payment
option shall be payeble 10 Ihe Participant's Benel/clary
commencing within 60 days aller the Admlnlstralor receives
prool 01 the Parllcipant's daalh, unless Ihe Beneflciary elecls
paymenl under e dlflerent paymenl opllon at least 30 days
prior to Ihe date that the first payment becomes payable to
the Beneficiary, In no event shall the Employer or
Admlnlslralor be lIeble to the Beneficiary lor the amounl of
any payment made In the name 01 the Participant belore fhe
Administrator receives prool of death 01 the Pnrllclpallt.
NOlwlthstandlng the loregolng, payments 10 a Beneliclary
shall not extend over a period longer than (I) the Beneficiary's
Ille expectancy II Ihe Benel/clary is the Parllclpnnl's spouGe
or (II) IIIteen (15) years If the Beneficiary Is not Ihe
Partlcipant's spouse, If no Beneficiary Is deslgnaled In Ih..
Joinder Agreement, or If the designated Beneficiary does not
survive the Parllclpanl lor a period 01 IWeen (15) days, then
the commuted value of any remaining payments under thl!
payment opllon shall be paid In a lump sum to the estate 01
the Participant. If the designated Bonollclary survive, tho
Participant lor D perIod 01 filteen (15) days, but d005 not
contlnue to live for the remaining period of payments under
tho payment option las modlfled, If necessary, In conlOlmily
wllh the third sentence of this sectionl, then the commuled
value 01 any remaining payments under ll1e payment option
shall be paid In a lump sum to the estale 01 the Beneficiary.
7.05 Pre-rellrement Duth Benelll.: Should the Parllclpant die
, belore he has begun to receive the benellts provided by
. ., ..,
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V
Sections 7.01 or 7.06, a dealh benellt equal to Ihevalue 01 the
Participant's Account shall be payable to the Benel/clary
commencing no laler than 60 days aller the close 01 the Plan
Year In which the Participant would have allalned Normal
Retirement Age. Such death benellt shall be paid In a lump
sum unless the Beneficiary elecls a dlflerent payment option
within 90 days 01 the Participant's death, A Beneficiary who
may elect a payment opllon pursuant to the provisions 01 the
preceding senlence s hall be I realed as II he were a Parllcl pe nl
lor purposes 01 determining the payment opllons available
under Section 7.02; provided, however, that the payment
opllon chosen by Ihe Beneficiary must provide lor payments
to the Benellclary over 0 period no longer than the life
expectancy 01 the BeneUclary II the Beneficiary Is the
Partfclpant's spouse and must provide lor payments over a
period not In excess of fifteen (15) years if the Benellclary Is
not the PartiCipant's spouse,
7.06 Ol.ablllty: In the evenl II ParticIpant becomes disabled bolore
the commencement of Retiremenl beneflls under Section
7,01, the Parllclpant may eleclto commence benefll'i under
one of the paymenl options described In Secllon 7.020n the
last day 01 the month following a determination 01 dlsabJlUy
by the Employer, The Participant's request lor such
determination must be mode wllhln a reasonable time alter
the impairment which constitutes the dlsablllly occurs. A
Pnrtlclpnnl shall be considered disabled lor purposes of this
Plan II he Is unablo to engage In any substantial galnlul
Ilctivily by reason 01 any medically determinable physical or
mental Impairment whIch can be expected to result In death
or be 01 long.conllnued end Indellnlte durallon. The
dlsnblllly 01 any Participant shall be determined In
accordance with unllolm principles conslstenlly applied and
upon the basis 01 sucll modlcal evidence as the Employer
deems necessary and deslreble.
7.07 Unloreleeable Emergencle.: In the evont an unloreseeable
emergency occurs, a Participant may apply to the Employer
to receive that part 01 the value of his account Ihat Is
reasonably needed to satlsly the emergency need. If such an
application is approved by Ihe Employor.the Participant shall
be paid only such emount as the Employer deems necessary
to meet the emergency need, but paymenl shall not be made
to the extent Ihat the financial hardship may be relieved
through cessation 01 deferral under Ihe Plan, insurance or
other reImbursement, or liquIdation 01 other aS5els 10 the
Ilxtent such liquidation would not II sell cause savere flnanclal
hardship. An unloreseeable emergency shell be deemed to
Involve only clrcumstences 01 severe financial hardship to Ihe
Parllclpantlesultlng Irom asudden and unexpected illness 01
accident 01 the Parllclpant or 01 a dependent (as defined in
section 152(al of the Internal Revenue Code) of the
Parllclpant, Joss ollha Parllclpant's property duelQCaSuaUy,
or olher similar and extraordinary unforeseeable circum-
stences arising as a result of events beyond Iha control olthe
Parliclpant. The need 10 send a Participant's child to college
or 10 purchase a new home shall not be considered
unloreseeable emergencle~. The determination as to
whether such an unforeseeable emergency exisls shall be
based on lhe merlls 01 each Individual case,
V/II. NON-ASSIGNABIl.ITY
No Parllclpant or Beneficiary shall have any dghlto commulo,
soli, usslgn, pledge. Iransler or otherwise conveyor encumber the
right to receive any puymenls hereunder, whiCh paymenls and
rIghts are exprossly declared to be non.asslgnable and non-
translerable,
IX. RELATIONSHIP TO OTHER Pl.ANS AND EMPLOYMENT
AGREEMENTS
This Plan serves In addU ion 10 any olher reUrement, pension, or
benelU plan or syslem presently in existence or hereinafter
established lor Ihe \.Ieneflt 01 Ihe Employer's employees, and
parllclpallon hereunder shall not aftocl benoflts receivable undar
3
@
any such plan or system, Nothing contained In this Plan shall be
deemed to constitute an employment contract or agreement
between any Participant and the Employer or to give eny
Parllclpantthe right to be retained In the employ ollhe Employer,
Nor shall anything herein bL construed to modlly the terms 01 any
employment contract or agreement between a Parliclpantand the
Employer,
X. AMENDMENT OR TERMINATION OF PLAN
The Employer may 01 any lime amend this Plan provided thai It
Iransmlts such amendmenlln wrlllng to Ihe Admlnlstralor at least
30 days prior to Ihe eflecllve date olthe amendment. The consent
01 the Administrator shall not be required In order lor such
amendment to become ellectlve, bullhe AdmInistrator shall be
under no obUgal/on to conlinueactlng asAdmlnlslrator hereunder
If It disapproves 01 such amendment. The Employer may at any
lime terminate this Plan. ,
The Admlnlslralor may at any time propose an amendment to
the Plan by an Instrument In wrlllng Iransmllted to Ihe Employer at
least 30 days belore the eflectlve dete of Ihe amendmenl, Such
amendment shall become efleclive unless. wllhln such 30-day
, '.
'"
period, tho Employer notlllos Ihe Administrator In writing that It
disapproves such amendment, In which case such amendment
sholl not become eflecllve, In the evenl otsuch disapproval, the
Administrator shall be undor no obllgallon to conllnue acting os
Admlnlslralor hereunder.
No amendment or lermlnallon of Ihe Plan shall divest any
Participant of any rights with respeclto compansaHon dolerred
bofore the dale of the amendment or lermlnaHon.
XI. APPLICABLE LAW
This Plan shall be construed under the laws of the slale where
Ihe Employer Is located and Is eSlabllshod with tho Intonllhatll
meet the requirements 01 an "eligible State deferred compensation
plan" under seel/on 457 of the Internal Ravenue Code of 1954. as
amon ded. Th e provls 10 ns of thl s Plan sha II be Inlerpreted wherever
pOssible In conformity with the requirements of that secllon.
XII. GENDER AND NUMBER
The masculine pronoun, whenoverused herein, shall Include the
feminine pronoun, and Ihe singular shalllncludo the plural, except
where the contexl requires otherwise. '
"
4
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(b) f>J Iho first election of Trustees, Ihrao Trustees shall bo eloctcd for a lerm
of throe yoars, three Trustees shall bo e1octod for a torm 01 two yoars and three
Tr1.Isloes shall bo oIocted lor a tarm of one yoar. f>J each subsequent eleclion,
throo Trustees shall bo eleclcd ror a lerm or three yoarn and until his or her
succassor Is elecled and qualified,
Soctlon 3.3 Nomlnatlonl: The Tr1.Istees who are lull,time employees of Public
Employers shall SOIVO as Ihe NomlnaUng Commilloa lor tho Public Employee
Tr1.Istoos. Tha Nominating Commiltoo shall choose candidetes for Public Employee
Truslees In accordance wilh the procodures sotlorth in the By. Laws.
SOctlon 3.4 ROllgnatlon lInd Removal.
(a) ArT'f Tr1.Isteo may resign as Trustee (without need for prior or subsequenl
accounllng) by an Instrumont in writing signed by tho Trusteo and dollvered
to tho exher Tr1.Istoos and such rosignatioo shall be effectivo upon such delivery,
or al a lator dato according 10 the terms of the instr1.lmonl. ArT'f 01 Ihe Trustees
may bo romovod for cause, by a vole 01 a majority of the Public Employers.
(b) Each Public Employee Tr1.Istee shall resign his or her position as Trusloe
within sixty days 01 tho dalo on which he or she coasos to be a lul'.time employee
01 a Public Employer,
SOctlon 3.5 Vecanclol: The lorm 01 office 01 a Tr1.Istee shalt lerminate and
a vacancy shalt occur In the event of the dealh, resignation, removal, adjudi.
calod Incompetence or othor Incapacity to porform tho duties 01 the office 01
a Tr1.Isloo. In the case 01 a vacancy, Ihe remaining Tr1.Istees shell appoint such
person as they In their discration shall soo frt (subjoct to thlllimitaUons sol lorth
In this Section), to selVO for the unexplrod portion otthe term oIlho Tr1.Istee
who has resigned or otherwise ceased 10 bo a Trustoe. The appolnlment shall
bo made by a written Instrument slgnod by a majorily 01 the Tr1.Isteos, The per,
son appoinled must bo tho samo type or Trustee Q,o., Public Employee Trus.
too or ICMNRC Trustee) a9 tho person who has ceasod to be a Trustee. An
appoinlment 01 a Trustee may be made In anUcipaUon 01 a vacancy to occur
at a later date by reason 01 roliRJlTleA: or resignation, prcMdod thal such appoint.
ment shall noI becomo effective prior to such retirement or mslgnation, Wherr
ever a vacancy in Iho number 01 Trustoes shall occur, unlil such vacancy 19
filled a9 prll'lided In thl9 SecUon 3.5, the Trustae9 In office, regardless of their
number, shall have all tho po.wfU granted to the Trustees and shall discharge
all the duties Imposed upon tha Tr1.IstOO9 by this DeclaraUon, A wrillen Instru-
ment certifylng the exlslence 01 such vacancy slgned by a majority 01 tho
Trustees shall be conclusivo evidonce 01 tho oxlstenco or such vacancy,
Section 3.e 1hJatool Sorvo In Ropreaentatlvo Capacity: By eltllCuling
this Declaration, each Public EmplCl'/llr agroos that the Public Employee Trustees
elocted by the Public Employers ore authorized 10 act as egents and represen-
tatives 01 the Public Employers colloctivefy,
ARTICLE IV. POWERS OF TRUSTEES
Section 4.1 Genlral Powol'l: Tho Truslees shall hIM! the power 10 conduct
the business a1!he Trust and to carry on Its operations. Such ~ shaJllnclude,
but shall not bo limiled to, the po.YCr 10:
(a) roceive the Trust Property from tho Public Employers, Public Employer
Trustees Of other liustea of al1)l EmplO'/Or Trust;
(b) enter Into a conlract with an Investmont Adviser providing, among other
things, for tho establishmont and operation 01 the Portfolios, soloction of the
Guarantoed Investment Controcls In which tho Trust Property may be invosled,
lIOIoction d other IrMlStnlOnts lor the 1iusl Proporly and tha paymOnl d roasona.
ble lees to the Investmont Adviser and to arT'f sut>lnvestmenl advisor rolalnod
by the Inveslmont Advisor;
(c) review annually the perlcmnance 01 the Investment Advisor and approve
annually tho contract with such Investment Adviser;
(d) 1rMlS! and rolJM)Sl!he llust Properly In !he Portloiios, the GullrllJ'(OOd lA:erost
Conracb and In 81PI ahor illVOStmor1 rocommendod by tho fllVOStmeot kMSO(
but na Including 6OC\Iritios iSlUld by Public Employors. pfO'lided thalli a Public
Employer has directed that Ita monies be Invested In speclfied Portloli09 or
in 1I Guarantoed Investmont Contract, the TruBlOOll d the Rotiromont Trust shall
irMl1llUCh monica In accordance WIth !Iuch diroctJons:
(0) keep !Iuch porlloo 01 tho Trust Property In cash or cash balances as Iho
1ltJ&l80S. Irom limo to limo, may doom to bo In the bosllnlerost 01 Iho Retiro-
mont 'nuB! crealed horoby, wilhout liability lor interest theroon;
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(I) Ilccopt and relaln for such time as they may deom advisable al1)l securi,
tias or other proporty received or acquired by them as Tr1.Istoes herounder,
whOlher or not such securitia9 or othor property would normally bo purchased
as investments hereunder:
(g) causo arT'f scculllies or olher property hold as part ollhe Trust Property
to be regislered In the nomo ollho Retiroment Trust or In tho name of a noml,
neo. and 10 hold arT'f Investments In boarsr lorm, bu' the books and records
of tho Trusloos shall at all limos show thaI all such invostments are e part 01
the Trusl Property;
(h) mako, execute, acknowlodge, and d!!liver arT'f and all documents ot trans-
lor and conveyanco and arT'f and all other instruments thaI may bo necessary
or appropriate 10 carry oullhe powers horeln granted;
(i) '<tllo upon arT'f stock, bonds, or othor securities: give genom! or spocial proxies
or pa.vcrs of attorney wilh or wilhout po.wr 01 substitution; exercise arT'f con-
version privileges, subscriplion rights, or othor options, and mako arT'f pay-
ments Incldenlal Ihereto: oppose, or consenl to, or otherwise participate In.
corporale roorganiza'ions or other changes eIlecting corporate securities, and
delegate discretionary powers. and pay any assessments or charges In corr
nection therewith; and gonerally exercise any of the poIWlrs 01 an owner with
raspOC\ to stocks. bonds, secuntias or olhor property held a9 part 01 tho Tr1.Ist
Property;
(j) onler Into contrects or arrangaments lor good9 or servicell required In c0n-
nection with lhe oporallon of the Rotirement Trust, including, but noliimiled
to. con'racts with cuslodians and contracls lor the provision 01 administrative
services;
(k) borrow or raise monoy lor tho purposos of Ihe Rotiromenl Trust In such
amount, and upon such tonns and condltions, as the Tr1.Isteos shall deem edvls-
able, prDYldod Ihallhe IlQgregalo amounl 01 such borrowings shall noI oxcoed
30% 01 the value 01 the Trust Property, No person lending money to tho Trustees
shall be bound to llee the application 01 tho money iont or to Inquire tnlo illl
validily, expedioncy or propriety 01 arT'f such borrowing:
0) Incur reasonablo expen3!lS as required for Ule oparation of the RoIiroment
Trust and doduct such expensos from the Trust Property;
(m) pay expanses proporly allocable to the Trust Property incurrod In connoc.
lion wilh tho Deforred Componsation Plans, Cualified Plans, or tho EmplCl'/llr
Trust9 and deduct such expensos from that portion ot tho Tr1.Ist Property to
whom such expensos oro properly allocable;
(n) payout of the Trust Property 011 real and personal property tallos, Income
lIlxos and exher taxes 01 arT'f and all kinds which, In tho oplnlon d the TrustOO$,
ara pmporly IrNied, or nssessod under existing or future Ill'MI upon, or in respect
or, tho Trust Property and allocalo arT'f such taxes 10 tho appropriate accounts;
(0) adopt, amend and repeal tho By-Laws, providod that su~h By-Laws are
at alltimo9 consislont with tho tarms 01 this DeclaraUon 01 Trust;
(p) employ persons 10 make available Interosts In the Retlremen' Trust to
employers eligible to malnloln a Deferred Compensation Plan undar SectIon
457 or a Cualified Plan undor Soctlon 401 of the Internal Revenue Code, as
amended;
(q) issue the Annual Report or the Retiromant Trust, and the disclowre docu-
monts and other IIteraluro used by tho ROlirement Trust;
(rJ meko loans, Including tho purchose 01 debt obligations, provided lhat all
such loans shall boar In'erost at Ihe current markot relD:
(s) contract ror, and delegate arT'f po.wfU oronled heround"r to' such officers,
agents, omp/C1jOCs, aud40rs and attornoys as the Trustees mll'/ soled. pJOYkled
thellha Trustees may not delegato the poMlfS sat rorth In paragraphs (b), (e)
and (0) of this Scction 4,1 and may not delegale arT'f powers II such dologe.
tion would vlola'e Ihelr fiduclary dulios;
(I) prDYldo lor 'ha Indemnmcation 01 tho oIficers and liustees 01 the Rl'lIiromeA:
Trust and purchaSQ fiduciary Insurance:
(u) malnlaln books and records, including 6Oparalo I1ccountalor each Public
Employor, Public Employer Trustoo or Employer Tr1.Ist and such addilionalll8j>-
orato accounts as are roqulrod under, and consistont with, lhe Oeferrod Com'
ponsation or Cualified Plan or each PubliC Employer; and
(v) do all such acls, taka all such proceedings, and oxerciso all auch rights
and privileges, a1thouOh na spoclflCally mentioned herein, as tho Trustoos may
doom necossary or approprlale to odmlnlsIor tho Trust Properly and to carry
out tho purpolles ollho ROlirement Trust,
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-
Section 4.2 Dlltrtbutlon of 'Dult Property: Dislributions 01 tho Trust Prop.
erty sholl be made to. or on behalf 01, the Public Employer or Public Employer
Trustee, In accordance with the terms 01 the Deferred Compensation Plans,
QllllUfled Pl3n~ Of Employer Trusts. The Trus\ees 01 tho Relirement "Trust shall
be fully protected In making payments In accordance with the dlroctions of
the Publ"lC Emplo,>ers, Public Employer Trustoos or other Trustee 01 tho Emplatllr
Trusts without ascartalnlng whether &uch paymonts are In compliance with the
provlslons 01 the Deferred Compensation or Qualified Plans, or the agreements
creating Ihe Emplcyar Tiusts.
Section 4.3 Execution 01 Inltruments: The Trusteos may unanimously
designate any one or more of thrl Truslees to exocute any Inslrument or docu.
ment on behalf of all, Including but not f1mifad to Ihe signing or endorsemant
of al1J chock and Ihe signing of env applications, Insurance and olher con.
lracts, and the action of such designated Trustee or Trustocs shall have the
samo forca and effect as if blu,," by ell the Trustees.
ARTICLE V. DUTY OF CARE AND LIABILITY OF TRUSTEES
Section 6.1 Duty of Care: In exercislng the powers hereinbefore granted 10
the TnJctees, the Trustees shall perform all acts wil~ln thalr authority for tho
exclusive purpose of providing benefits for the Public Employers fn connec.
tion with Deferred Compensation Plans and Public Employer Trustees pursuanl
10 Qualified Plans, and shall perform such acts with Iho care, sklll, prudence
and diligonco In tho cliC\lms\ancoslhen provailinglhala pnJdent pelSon act.
Ing In a like capacny and familiar with such manors would ~'so In the conduct
of an enlerpriso 01 a like characler end with like alms.
Sec:t/on 6.2 U~llIty: Tho Trustees shall not be flablo lor any mistake of ludg-
monl or other actlon tal<on 1n good faith, and tor any 1IC1I0n taken or omilled
In reliance in good fIIlth upon the books 01 accounl or other rocords otlM
Retirement Trust, upon Iho oplnlon of counael. or upon reports mede to tho
Rellremenl Trust by any ollis officors, omployees or agents or by tho Invest-
mont Advisar or any sub-Investment edviser.llccounlanla, appraisers Or other
exports or consultants eclocIed wilh reasonable care by the Trusloos, officors
or employees of the ReUremenl Trust. The Trustoos shall also not be liable lor
any foss IlUslaInod by the Trust Property by reason 01 any Investment made
In 000d fahh and In oa:ordanc:e with the standard 01 caro sot forth In Section 5.1.
Se<:tlon 6.3 Bond: No Truslllll shall be obligaled 10 give any bond or other
securily for the performance of any of his or her duties hereunder.
.'
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ARTICLE VI. ANNUAL REPORT TO SHAREHOLDERS
Thll Trustees shllll ennually submit to the Public Employers end Public Employor
Trustees e written report 01 tho tranooc:lions of tho R~romon\ Trust,lrdllding liMn--
clal statements WhIch shall be cortified by Indopendent public accountants chcr
sen by Ihe Trustees.
ARTICLE VII. DURATION OR AMENDMENT OF RETIREMENT TRUST
SllCUon 7.1 Wllhdrn'lll: A Publ'tc Employor or Public Employer Truslee may.
at any time, wi\hdraw from this Retiroment Trust by delivering 10 Ihe Board 01
Trustoos a written statement of withdraWal. In lIuch statoment, Iho Public
Employer or Public Employer Trustee shall acknCPNIedge that Iho Trust Prop-
erty allocable 10 the Public Employer Is derived from componsafion deferrod
by employees olllUch Public Emplayor pursuant 10 Its Deferred Compensa-
tion Plan or from contribution~ to the eccounts of Employees pursuBnllo a
QueJifiad Plan, and shall designalethe financlallllSlitullonlo which such property
shall be trans/erred by the Trusteos 01 the ReUrement Trust or by the Trustee
01 the Employer Trust,
Section 7.2 Duration: The Retirement Trust Mall continue unlll terminated
by the VOle 01 a mejority 01 the Public Employers. each casting one VOla. Upon
,ermlnation, all of lhe Trust Property shall be paid cuI 10 tho Public Employers,
Public Employer Trustees or the Trustoos a the Emplayer Trusts, as appropriate.
SectIon 7.3 Amendment: The Retirement Trul;t may be amended by \he \'Ole
01 a majority oIlhe Public Employers, each casting onll \'010.
Section 7.4 Procedure: A resolullon to terminate or amend the Retirement
Trust or to remove a Trusloo shllll be S\lbmltted \0 a YOle of the Public Employers
If: Q) e majori'y of the TrusfeBll so dlroct. or; M a petlllon requesting a vote,
8Ignod by no\ loss than 25% 01 the Public Emplayers, Is submi1led 10 tho
1h1stees.
ARTICLE VIII. MISCELLANEOUS
Section 8.1 Govornlng Law: Except as otherwise required by state or local
law, Ihls Dee/arallon 01 Trus! and the Retirement Trust hereby crealed shall be
construed and regulated by tho laws ollhe District of Columbia,
SectIon 8.2 Counterp.lU: This Declaration may be OlUlCUled by \he Public
Employers ond Trustees In two or more counterparts, each of which shall bo
doomed an orlgioal bill all of wh\cl\ \ooeIhel tohall ccnslltu\e one and \he same
Instrumen!.