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HomeMy WebLinkAboutR-77-0224R`C/rb 3/9/77 RESOLUTION NO. 77-224 A RESOLUTION APPROVING THE INTERNATIONAL CITY MANAGEMENT ASSOCIATION (ICMA) RETIREMENT CORPORATION PLAN AS A PUBLIC TRUST FUND, AS PROVIDED FOR IN ORDINANCE NO. 8610, ADOPTED JANUARY 27, 1977, WHICH ESTABLISHED THE CRITERIA FOR PARTICIPATION IN A SEPARATE RETIREMENT PROGRAM BY THOSE EMPLOYEES HOLDING CERTAIN POSITIONS WHICH OFFER LIMITED RETIRE- MENT SECURITY; PROVIDING THAT SUCH APPROVAL AS IT RELATES TO DEFERMENT OF INCOME TAX ON EMPLOYEE CONTRIBUTIONS TO SAID ICMA RETIRE- MENT CORPORATION PLAN BE SUBJECT TO FURTHER APPROVAL BY THE U.S. DEPARTMENT OF TREASURY, INTERNAL REVENUE SERVICE, AND BY THE STATE BOARD OF ADMINISTRATION AND THE STATE TREASURER OF THE STATE OF FLORIDA, PURSUANT TO FLORIDA STATUTES 112.215; FURTHER AUTHORIZING THE CITY MANAGER TO EXECUTE THE NECESSARY TRUST AGREEMENT AS WELL AS ALL NECESSARY SEPARATE AGREEMENTS WITH THOSE QUALIFIED EMPLOYEES AND THE INTERNATIONAL CITY MANAGEMENT ASSOCIATION RETIREMENT CORPORATION. "SUPPORTIVE J O t y t1. ' '4DOCUMENT INDEX ITEM NO COMMISSION MEETING OF MARIS 1977 WHER1A8t the City Commission through Ordinance No. 8610 (adopted January 27, 1977) established a separate retirement program, administered through approved public trust funds, for those of its employees holding jobs which offer little retirement Security; and wHEREA8# the City Commission is required to express its approval or disapproval of any public trust fund suggested by City etployees who are eligible for participation in the afore- said program; and WHEREAS, some of the City employees who are qualified to participate in the aforesaid retirement program have requested that the City Commission approve the International City Management Association (ICMA) Retirement Corporation Plan; and WHEREAS, the requirements of Ordinance No. 8610 are met by the ICMA Retirement Corporation Plan which also apparently fulfills Federal Income Tax requirements for deferring income tax on employee pension contributions to said ICMA Retirement Corpora- tion Plan; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. A. The International City Management Association (ICMA) Retirement Corporation Plan, as evidenced by Exhibit A attached hereto and made a part hereof, consisting of Part I (Deferred Compensation Employment Agreement) and Part II (Master Trust Agreement) is hereby approved as a public trust fund which may hereinafter be named by individual employees who are qualified under the terms of Ordinance No. 8610, adopted January 27, 1977, for participation in a retirement program. B. The herein approval of Part I (Deferred Compen- sation Agreement) of the aforesaid ICMA Retirement Corporation Plan is subject to approval by the U.S. Department of Treasury, Internal Revenue Service. and by the State Board of Administration "SUPPDri ,„ ,r7rrii/ r" e") - and the State treasufor of the state +f piorida, pursuant to tlorida Statutes 112.21S. 8eetiofi 2. A. Upon timely receipt by the City Manager of a Designated Agreeint trm (Exhibit B hereto), duly exeouted by an individual employee qualified under Ordinance No. 8610, designating the ICMA Retirement Corporation plan as that memberis preferred pudic trust fund, the City Manager is hereby authorized and directed to execute a trust agreement between the City of Miami and the International City Management Association Corporation, which agreement shall contain all of the provisions set forth in the trust agreement attached hereto as Exhibit A. B. The City Manager is hereby authorized and directed to thereafter execute separate agreements, as necessary, with qualified employees and the International City Management Association Retirement Corporation in each instance where said ICMA Retirement Corporation Plan is designated as the public trust fund as pro- vided in Ordinance No. 8610. PASSED AND ADOPTED this 16th day of March, 1977. ATTEST: c?..*.,t2,;6 C;2' RALPH G. ONGIE CITY CLERK PREPARED AND APPROVED BY: dE7e144 /24/' ROBERT F . CLARK ASSISTANT CITY ATTORNEY ED AS TO FORM AND CORCTNESS: 34- GEORGE . .J. KNOX, _ .I CITY A' RNEY lj .'fit ;. PfELttvtiNARY STATEMENT ESTABLISHMENT OF THE PLAN AMENDMENTS The tnternationat city Managerlient Association Retirernant Corporation, hereinaftef the Retitensent Corporation br iC�.1i4•RC, IS a nonprofit Delaware Corporation. $t has been classified as a tae,exerthpt brganitation under the provisions of Section 501(0t3/ Of the Internal Revenue Code. As an aid in the iriip►ovement of state Ord Municipal adeninisttation in general, the Retirement Corpora. titan it ornixed "lot the purpose of receiving and investin3 deferred Eottipansation funds Of State and local governments and their related and Controlled public interest btg3nizations vrhich are tare exempt Under Section 501 of the internal Revenue Code, hereinafter referred to as "Employers"; tie act as trustee and/or agent for the eoflection and reinvestment of the income therefrom; and to act as egent for suth Employers and at their explicit direction for the distribution of the funds and assets of their att:ounts to their participating Employees in accordance with options provided in this Internatienai City Management Association Retirement Corporation Deferred Compensation flan, hereinafter referred to as the "Nan", or the "ICMA•RC Plan", The ICMA•RC Plan is set out below in two parts: I, The Deferred Compensation Employment Agreement; and IL The Masts `trust Agreement. As set but below, the Employer adopts this plan as its agreement with the participating Employees and 1CMA•RC, and the Employees shall participate in the Plan through the execution of a Joinder Agreement, which by its terms incorporates all of the provisions of the Plan. A copy of the Plan Shall be supplied to each Employee for hit study and understanding prior to his execution of the Joinder Agreement. The Employers, through their participation in the Plan, express their desire to have the benefit of the continued loyalty, service and counsel of their Employees and to assist them in providing for the continsencies of old ase dependency. disability, and death. This Plan may be amended from time to time for purposes of assuring its conformance to the requirements of any applicable taw or rule or regulation pursuant thereto, and to preserve the tax•exempt status of the Plan and the Retirement Corporation. No amendment may either directly or indirectly operate to deprive any Participating Employer of its beneficial interest in the Trust as it is then constituted. The Retirement Corporation will notify the participating Employers of any amendment to this Plan no later than sixty days prior to its effective date. Any such amendment will become effective after the expiration of that period of time, except to those Employers as may file an objection. No amendment proposed by participating Employers shall be effective unless agreed to by the ICMA Retirement Corporation over the signature of an Of f icer. PART I. DEFERRED COMPENSATION EMPLOYMENT AGREEMENT 1. Deferred Compensation —initial Decision —Future Changes 1.1 There is no limit on the amount or percentage of the total compensation of the Employee which may be deferred by the Employer under this Plan. 1.2 For the purpose of this Plan the following definitions apply: a. "Total compensation" is the total of compensation to be paid by the Employer for the services of the Employee, regardless of the terms used for its components, as, for example, "base pay,' "in addition to base pay," "employer's contributions,' etc.; b. "Deferred compensation" is that amount or percentage of the total compensation of the Employee which the Employer currently defers from the payment to the Irmployee, and, instead, deposits same into a Deferred Compensation Account with the Retirement Corporation under the terms of this Plan. Deferred compensation may include amounts from br percentages of both ''base pay" end "ernptoyeti contributions" br it May include artiouhtt tram bt percentages of only titre of these 001106n6MS; E. "Cuttent compensation" it that portion tii the Erfiptoyee't total compensation which is hot deferred tOMPerrtati6n as deterred compensation is defined herein;end d. "Base pay" is the Stated salary Of_ the Erfiployee, 1.3 The determination ot the initial &haunt be pereentagsend of any future change in amount or percentage ot deferred compensation must be trade before the beginning of the period of service tor which the eortipzrstation Is payable. 1.4 The amount of total compensation may be adjusted 'irons time to tulle Without altering the terns! Of this Plan. Nawever, the percentage or arnount 61 deferred Compensation eriay be adjusted in accordance with 1.3 above. Any such adjustment of the percentage or Meant of deferred compensation shall be communicated tb the Employer's agent, the Retirement Corporation, and the deposits In the adjusted percentages or arralents, if changed from the prior existing percentages or amounts, Shall thereafter be triads by the Employer into its Retirement 'Corporation Account. 2. Deferred Compensation Account, Under this Plan, deferred Compensation shall be Credited and paid into the Trust established and maintained with the International City Management Association Retirement Corporation as Trustee. The Retirement Corporation is a honprofit Corporation formed for the specific purpose of investing and otherwise administering the funds of said Trust. The Trust may be revoked at any time by the Employer, and upon revocation of said Trust, all of the assets thereat shall return to and revert to the Employer. The Employer shall keep accurate books and records with respect to the Employee's total compensation or other earned income and with respect to amounts paid into said Trust. 3. Ownership of Funds. Neither the Employee nor any beneficiary thereof shall have any interest whatsoever in the funds paid into the Deferred Compensation Account or in the accumulations or any increments on such funds, which shall at all times remain as en asset of the Employer, subject to its absolute dominion, control, and right of withdrawal until such time as the funds or assets of the Account ore are distributed to the Employee in accordance with the provisions of this Plan. The obligations of the •Employer to pay deferred compensation is contractual only, the Employee having no preferred or special interest or claim, by way of trust, annuity, or otherwise, in and to the specific funds and assets held in the Deferred Compensatio;>► Account. The contractual obligations of the Employer to pay the funds and assets in its Deferred Compensation Account to the Employee or his beneficiary on the applicable distribution date shall be a continuing obligation upon the Employer, and shall not be relieved by any agreement between the Employer and any other party. except as provided in Section 2 of Paragraph 12 of this Plan, and shall not be affected in any manner by amendment or revocation of the Trust referred to in Pargraph 2 herein or by reversion of the Trust Funds to the Employer. The provisions of this Paragraph shall supersede and control any other provision of this Plan which could be interpreted to be in conflict therewith. 4. Administration of Funds. The funds deposited in the Deferred Compensation Account shall be invested and reinvested by the Retirement corporation,, as provided for in ;ha Trust Fund described in Part 11 of this Plan, in any manner which in its sole discretion it deems desirable, without regard at any lime to any legal (imitation governing the investment of such funds. The Account shall also reflect the pain or toss resulting from the investment and reinvestment thereof, This Trust Fund may be commingled with Others estabhstmpd by the Trustee with other Employers under this Plan. QuPP0 ^tJ ty 1� 5, t)esienation bf Invettmente. Each participating Employer, trine advised of the preference of, and for the benefit oI etch of its participating Employees, shad designate the percentage of the deferred tompensation involved which tha►1 be invested in the respective types Of investment funds (accounts) of the fietirement Corporation, such as the Equity (Variabte) (rune( or the Pored -Income Pund, uhtess the (aces bt the appiicebte state or local government require otherwise, in Which care those laves shell govern. Puttee elections to thange the percentage to be invested in each type of kind tray only lY made prior to and for the next succeeding annuel period of service for which the compensation is Payable 'by filing tvritten notice thereof Leith the Retirement Corporation. Such notice will not be effective until received by the F1etirentent Corporation. 6. Payment of beferred I onipensation. The ►words "designated age", as used in this Paragraph and in Paragraph 9 of this Plan, shall mean The designated age which appears in the Joinder Agreement executed by the participating Employee. These words, as used in this Paragraph, in Paragraph 9, and in the Joinder Agreement, shall also include the following. without repetition therein: "or later, in the cote distretioh Of the Employer, at the end of his employment agreement, if Employee tontinues in the employ of the Employer otter he attains the designated age." At such time as the Employee teethes the designated age, becomes permanently disabled, or dies, whithever otcurs first, he, or his beneficiary or beneficiaries, nominee or estate is/ate entitled to receive payment in the Deferred Compensation Account outstanding on the date on which one of the foregoing occurs. Payments occasioned by the Employee having Leached the designated age. becoming permanently disabled, or by his death shall be made in accordance with the provisions of Paragraph 7 hereof as follows: a. Payments in monthly. quarterly, semiannual, or annual payments over the period of life expectancy of the Employee in accordance with the following procedure: Upon reaching the designated age, or becoming permanently disabled from permanent full-time employment, whichever first occurs, the Employee's fife expectancy shall be determined by reference to Standard U.S. Mortality Tables: the amounts of assets and accumulations in the Deferred Compensation Account shall be computed together with a reasonable rate of return on said assets, less the amount of expected monthly distribution, over the life expectancy of the Employee; and a monthly amount shall then be mathematically determined, the payment of which, in equal monthly installments over the period of the life expectancy of the Employee, shall completely deplete the said Account at the end of the last year of fife expectancy; or b. Payments in monthly. quarterly. semi-annual, or annual payments in accordance with the following procedure: Unless the Employee's employment terminates prior to the time he attains the designated age, amounts equal to the benefits received by the Employer, under retirement annuity policies, shall be paid to the Employee, at such time as he attains the designated age; or, in the case of death, payment to his beneficiary or beneficiaries, nominee or estate pursuant to the procedures provided in said policies and Paragraphs 7 and 8 of this Plan; or c. Payments in monthly, quarterly, semi•annuat, or annual installments over a period of not exceeding ten (10) years, said payments to include a reasonable return an the :funds, assets and accurnul,tious in the Deferred Compensation Account, .less the amount of expected monthly, quarterly, semi•annuat, or annual distribution. over She said ten (10) year period; or d. Qne lump sun) payment. 7, Selection of Method of Payment, The method of payment shell be selected by the Employer, acting through the •Hetirernant ti Corporation as its duly authorised egtint, due consideration beirm given to health, finenctel tircumstancet and Smile obligation; ,er the Employee, In this regard, the Employee tniy be tonisutted. however, he shall have ho voice in the decision teethed, 8. Payments in the Event of heath, a. During the Period of Distribution. in the event of the Ernptoyee's death eluting the period of distribution, the Employee's beneficiary shall be entitled to receive (iiyinentt ire accordance with the payment method teeing ertiployed at the time of the Employee's death. With the tonsent of the Employer, acting through the fletirenient Corporation as itt duly authorized agent, said beneficiary enay elect tto teeeivs lump -sum in lieu of installment payments. b. Prior to b;stribution. In the event Of the death of the Employee prior to the distribution, the funds and assets of the Deferred Compensation Account Shah be paid in accordance with one of the methods described in subparagraphs a, b, c, or d of Paragraph 6 hereof. The selection Of Said tnethod theft be Made by the Employer acting thrcugh the Retirement. Corporation as its duly authorized agent. 9. Payment bates. Payrnents shall commence on the first day of the month, following the attainment of the designated age, or later, on the first day of the month utter the end of his employment agreement, it Employee continues in the employ of the -Employer after he attains the designated age, or likewise following permanent disability, or death; and, in the case of installment payments, shall be made continuously thereafter on the first day of each succeeding month, or, in the event quarterly. semiannual, or annual payment installment periods are applied, then continuously thereafter on the first day of each succeeding month v.hich begins the time period (quarterly, etc.) involved until such time as the Deferred Compensation Account is clapeeted in its entirety. 10. Disbursing Agent. The Fletirement Corporation shall act as agent of the lmployer for putposes of disbursing payments. The ultimate obligation for Snaking such payments, however, shalt remain with the Icrnployer. 11. Accumulation During the Distribution Period. During the period of distribution, the Cmptoyee or his beneficiary or beneficiaries, nominee or estate, es the case may be, shall continue to be credited tvith all the interest, accumulations, and Increments on the undistributed funds and assets in the Deferred Compensation Account, until such Account is depleted in its entirety. 12. Section 1. Termination of Employment. Upon termination of the Employee's services, for any reason other than death, the funds, assets, and accumulations in the Deferred Compensation Account shall not be transferred to an account with a new employer of the Employee, and, instead, they shall remain in the original Account as assets of the old Employer until such time as they are distributed in accordance with the provisions of this Plan, except as provided in Section 2 of this Paragraph. Section 2, Transfer of Employment with Consideration Setwesn Employers —Tripartite Agreement, In the event the Employee accepts employment with new employer participating in the ICMA•f1C Deferred Compensation Plan, then, it the past Employer find, that it has no present or future need of the funds, assets, and accumulations in the said Account for the payment of its general creditors or for any other purpose whatsoever, in consideration of its desire to avoid the continuing expense of maintaining record;, and leceiving, examining. verifying and filirog annual reports cif ;the Retirement Corporation, and in consideration of avoiding the possihte future erspases of litigation of Employee's continuing contractual rights to payment of deferred compensation on bis retirement as herein provided in the event of any poisiblvfuture revocation and withdrewel by the past Employer of the funds, ass.'te, and accusnut,ttions in the>aid Account, the past P P (C R T t Y. E !',rnEi YTS _. 1•,, r7 f t Employer May, tit its discretion, authorize the Retirement orporation, as its agent, to teropose to the heel tmployer that the fends, assets, and accurnutatibnt Of the said Account be. transferred to the ownership, totifrot, died tight of withdrawal of the new 1_itiployet, and to do so to the event the hew Employer, in Consideration of the increased value of the Employee's services by reason of the experience gained while lei past trreiployrnent, agree to teeept game, and the respective Employers and the Etnployee sign en appropriate forth of Agreement in which the new Ernptoyer eso agrees tei assume the c6ntieuing Contractual liability to pay deferred Cornpensatibn to transferred Upon tetiternent ot the Ereeployee and the Ernployea teteases the past Ettrployet from said Continuing obligation to do3arns. 13. Losses. The Ertiptoyet shall hot be tesponsibte for any loss due to investment oe failure of iiwestrhent of funds and assets in said Deferred Compensation Account nor shall the Employer be required to teptace any loss whatsbever which may result from said investments. 14. Nonassignability Of Deferred Compensation. The Employee during his lifetime shall not be entitled to commute, encumber, sell or otherwise dispose of hit rights to receive deferred compensation payments provided tot herein, and the right thereto shall be honassignabte and nontransferable. In the event of any attempted assignment or transfer thereof, the Employer shall have no further liability under this Agreerneht. 15. Participation in Whet Employee Benefit Plans. Nothing herein contained shall in any manner modify, impair, or affect the existing or future tights or shall in any manner modify, impair, or affect the existing or tuture rights or interest of the Employee la) 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 tights and interests of the Employee to any employee benefits or as a participant or beneficiary in or under any or all such plans respectively shall continue in full force and effect unimpaired, and the Employee shall have the right at any time hereafter to become a beneficiary under or pursuant to any and all such plans. 16. Definitions. The meaning of any term or terms, phrase, clause. or sentence used in this Agreement, which is also used in the By -Laws of the Retirement Corporation, shall be defined as these are defined in ARTICLE 11, Section 2 of the By -Laws. Masculine pronouns, whenever used herein, include the feminine pronouns, and the singular includes the plural unless the context requires another meaning. 17. Validity of Agreement. This Agreement shall not be valid or enforceable unless signed by an officer of Employer, authorized, by the governing body of the Employer, as, for example, the City Council, and unless this Agreement is implemented by the execution of the Joinder Agreement. PART IL MASTER TRUST AGREEMENT AGREEMENT made by and between the aforenamed Employer and the International City Management Association Retirement Corporation (hereinafter the "Trustee" or "Retirement Corporation"), a nonprofit corporation organized and existing under the laws of the Siete of Delaware, for the purpose of investing end otherwise administering the funds set aside by Employers in connection with Deferred Compensation Agreements with Employees. WHEREAS, The Employer desires to enter into agreements with its Employees whereby its Employee; agree to defer payments of specified .percentages of or arnounts from their total compensation as "deferred compensation" is defined in said agreements until the occurence of certain events; WHEREAS, in order that there will be sufficient funds available to diseherr,e the foregoing contractual obligations, the Employer fi desires to set aside, periodic amounts equal to the pe t ehtege br emoted of total periodic tornpensation deferred; WHEREAT, the funds set aside, together with bey aired ell investriients thereto, are to be eitctusivety within the dothihibe, tontrot, and ownership bt the tnployer, and subjatt to the Emptoyer,s absolute tight of withdrarvel, the employee having no interest rihatsoevet therein; NOW, THERE poFte, this Agreement svitnesseth that (a) the Employer will pay monies to the Trustee to be plated ie deferred compensation accounts for the Employer; (b) the 'trustee tovenants that it Will hold said suers, and any other funds which it M y receive hereunder, in trust for the uses and purposes attd upon the tetras and conditions hereinafter stated; end It) the parties hereto agree as folloM: ARTICLE 1, Cenetal buries of the Parties. Section 1.1 General Duty of the Employer. The bi ployer shah Make regular periodic paytrtents equal to the percentages ot Or amounts fibre its participating Employees` total 'peribdit tompensations which are deferred in accordance with the terms and Conditions of Deferred Compensation Employment Agreements with such Employees, et With any subsequent modification thereof. Section 1.2. General Duties of the Trustee. The Trustee shall hold all funds received by it hereunder, which, together, with the income therefrom, shall constitute the Trust Funds. It shall administer the Trust Funds, collect the income thereof, and make payments therefrom, all as hereinafte► provided. The Trustee shall also hold all Trust Funds which are transferred to it as successor Trustee by the Employer from existing deferred compensation arrangements with its Employees which meet the same Internal Revenue Code requirements which govern the ICMA•11C Deferred Compensation Plan. Such Trust Funds shall be subject to all of the terms and provisions of this Agreement. ARTICLE 11. Powers and Duties of the Trustee in Investment, Administration, and Disbursement of the Trust Fund. Section 2.1 Investment Powers and Duties of the Trustee. 1 he Trustee shall have the power in its discretion to invest and reinvest the principal and income of the Trust Fund and keep the Trust Fund invested, without distinction between principal and income, in such securities or in other property, real or personal, wherever situated, as the Trustee shall deem advisable, including, but not limited to, stocks, common or preferred, bonds, retirement annuity and insurance policies, mortgages, and other evidences of indebtedness or ownership, and in common trust funds of approved financial or investment institutions. with such institutions acting as Trustee of such common trust funds, or separate and dif ierent types of funds (accounts) including equity, fixed -income, and those which fulfill requirements of state and local governmental laws, established with such approved financial or investment institutions. For these purposes, this Trust Fund may be commingled with others established by the Trustee under this form of agreement with other Employers. In making such investments, the Trustee shall not be Subject at any time to any legal limitation governing the investment of such funds. Investment powers and investment discretion vested in the Trustee by this Section may be delegated by the Trustee to any bank, insurance or trust company, or any investment advisor, manager or agent selected by it. Section 2.2. Administrative Powers of the Trustee. The Trustee shall have the power in its discretion: la) To purchase, or subscribe for, any securities or other property and to retain ;he same in trust. (b) To sell, exchange, convey, transfer or othenyise dispose of any securities or other property held by it, by private pontract, or at public auction, No person dealing with the Trustee shall be bound to see the ppphration of the purchase 1 s•F.fvieerril: eeees_,!iM r1 way iru '.T' .. ,t •'i• 'SUPPORTIVE OOP Money or to inquire into the velvety, expediency, or propriety of any such SMe or other disposition. tc) to vote upon any stocks, bonds, or'othet securities; to p g;ve general or special proxies ot powers of ettorney with of without power of Substitution; to exercise any conversion privileges, subscription Fights, or other options, and to snake any pay"rnents incidental thereto; to oppose, or to consent to, or otherwise particireite in, Corporate teorganiialions or other changes affecting corporate securities, and to dttegste discretionery preteens, and to pay any assessments or charges in connection therewith; and generally to exercise any of the powers of an owner with respect to stocks, bonds, Securities or other property held as Part of the Trust Funds. (d) To cause any securities or other property held as part of the Trust Funds to be tegisteted in its own name, and to hold any investments in bearet loans, but the books and records of the Trustee shall at all times show that all such investments are a part of the Trust Funds. te) To borrow of raise money for the purpose of the Trust in such amount, and upon such terms and conditions, as the Trustee shall deem advisable; and, for any sum so'borrowede to issue its promissory note as Trustee, and to secure the fepayment thereof by pledging all, or any part, of the Trust Funds. No person lending money tb the Trustee shall be bound to see the application of the money lent or to inquire into its validity, expediency or propriety of any such borrowing. (f1 To keep such portion of the Trust Funds in tash or cash balances as the Trustee, from time to time, may deem to be in the best interests of the Trust created hereby, without liability for interest thereon. (g) To accept and retain for such time. as it may deem advisable any securities or other property received or acquired by it as Trustee hereunder, whether or not such securities or other property would normally be purchased as investments hereunder. 1h1 To make, execute, acknowtedee, and deliver any and all documents of transfer and conveyance and any and all other instruments that may be necessary or appropriate to carry out the powers herein granted. (i) To settle, compromise, or submit to arbitration any claims, debts, or damages due or owing to or from the Trust Funds; to commence or defend suits or legal or administrative proceedings; and to represent the Trust Funds in all suits and legal and administrative proceedings. (j) To do all such acts. take all such proceedings, and exercise all such rights and privileges, although not specifically mentioned herein, as the Trustee may deem necessary to administer the Trust Fund, and to carry out the purposes of this Trust. Section 2.3. Distributions from the Trust Funds. The Employer hereby appoints the Trustee as its agent for purposes of selecting the method by which distributions from the Trust Funds are to be made, as well as for purposes of snaking such distributions. In this regard the terms and conditions set forth in the Agreements to be executed between the Employer and its Employees, and any subsequent modnccetions thereof, are to ouicle and control the Trustees poiser. Section 2.4. Valuation of Trust Fund;. At least once a year a of Valuation Dates designated by the Trustees, the Trustee shall determine the value of the Trust Funcle. At:ets of the Trust Func.b shall be valued at their merD.ret values at the cloy: of business oir the Valuation )ate, or, in the atr,::nce of reedily ascertainable rn;uket values as the Trustee shall determine, in accordance with methods Consistently followed d and uniformly epplieq., e,e)eel 1.. 1 ^t 1.7 i t ARTICLE 1I1. For Frotection of Trustee. Section 3.i. Evidence of Action by tmployet, The Trustee may trey upon any tertificate, notice or direction purporting to heed been signed on behalf of the Eteptoyer which the Trustee beiievet ter have been signed by a duly designsted official of the Eniployat. No tomrnunication shaft be binding upon 7ny of the trust. Funds Ot Trustee unfit they are received by the Trustee. Section 3.2. Advice of Counsel. The Trustee may cortsutt with any legal counsel with tespect to the construction of thil Agreement, its duties hereunder, or any act, which it proposes to take or omit, and shall not be liable for any action takers or otflitted in good faith pursuant to such advice. Section 3.3. Miscellaneous. The Trustee shall use ordinary rate and reasonable diligence, but Shall not be liable for any mistake 01 judgment or other action taken in good faith. The Trustee shall not be liable for any loss sustained by the Trust Funds by reason of any investment made in good faith and in aecordanee with the provisions ot this Agreement. The Trustee's duties and obligations shall be lirnited to those expressly imposed upon it by this agreement, notwithstanding any reference of the Plan. ARTICLE IV. Taxes, Expanses and Compensation of trustee. Section 4.1 Taxes. The Trustee shall deduct from and charge against the Trust Funds any taxes on the Trust Funds or the income thereof or which the Trustee is required to pay with tespect to the interest of any person therein. Section 4.2. Expenses. The Trustee shall deduct from any charge against the Trust funds all reasonable expenses incurred by the Trustee in the administration of the Trust Funds, inciuteng Counsel, agenty and other necessary fees. ARTICLE V. Settlement ot Accounts. The trustee shall keep accurate and detailed accounts of all investments, receipts, disbursements, and other transactions hereunder. Within 90 dines after the close of each fiscal year, the Trustee shall render in duplicate 10 the hmployer an account of its acts and transactions as Trustee hereunder. If any part of the Trust Fund shall be invested through the medium of any common, collective or commingled Trust Funds, the last annual report of such Trust Funds shall be submitted with and incorporated in the account. 1f within 90 days after the mailing of the account or any amended account the Employer has not filed with the Trustee notice of any objection to any act or transaction of the Trustee, the account or amended account shall become an account stated. If any objection has been filed, and if the Employer is satisfied that it should be withdrawn or if the account is adjusted to the Employer's satisfaction, the Employer shall in writing filed with the Trustee signify approval of the account and it shall become an account stated. When an account becomes an account stated, such account shall be finally settled, and the Trustee shall be completely discharged and released, as if such account had bean settled and allowed by a judgment or decree of a court of competent jurisdiction in action or proceeding in which the Trustee and the Employer yvere parties. The Trustee shall have the right to apply at any time to a court of competent jurisdiction for the judicial settlement of its account. ARTICLE VI. Resignation and Removal of Trustee. Section 6.1. Resignation of Trustee. The Trustee may resign et any time by biting with the Employer its written resignation, Such resienatioe shell take ref feet GO drys from the date of such filing and upon eePointment of a successor pursuant to Section 6.3, whichever shall first occur. Section 6.2. Removal of Trustee. The Employer may remove i t uctee at any time by delivering to the Trustee a svritten notice Of its temovat and an appointrent of a successor pursuant to Section+ 6.3. Such temovat shad not take effect prior to 66 days horn such delivery unless the Trustee agrees to an earlier effective date. Section 6.3. Appointment of Successor Trustee. The appointment of a successor to the Trustee shall take effect upon the delivery to the Trustee (a) an instrument in writing executed by the Ernptoyer appointing such successor, and exonerating such Successor front liability for the acts and omissions of its predecessor, and (b1 an acteptance in writing, executed by such successor. All of the provisions set forth herein with respect to the Trustee Shall telate to each successol with the sariie force and effect as if +such successor had been originally named at Trustee hereunder. If a successor it hot appointed within 60 days after the Trustee giver Notice of its resignation pursuant to Section 6.), the Trustee tray apply to any court of Competent jurisdiction for appointment Of a 3uceessor. Section 6.4 Transfer of Funds to Successor. Upon the resignation or removal of the Trustee and appointment of a successor, and after the final account of the Trustee has been properly settled, the Trustee shall transfer and deliver any of the Trust runds involved to such successor. ARTICLE VII. Duration and Revocation of Trust Agreement, Section 7.1. Duration and Revocation. This trust shall continue for such time as may be netessa►y to accomplish the purpose for which it was created but may be terminated or revoked et any time by the Employer as it relates to any and/or all related participating Employees. Written notice of such termination or revocation shall be given to the Trustee by the Employer. Upon termination or Pevocation of this trust, all of the assets ttieteof shaft Muth to end Levert to the I:rmptoyet. Termination Of thin Trust Shall not, however, relieve the Employer of the Employer's tbntihuing Obligation to pay deferred compensation Upon the appticable distribution date to any and/or each EYrlpfoyee with svhotti the Employer has entered into a belched Compensation Ernpioytnent Agreement. Section 7.2. Arn ndrnent. The Employe shall have the tight to emend this Agreement in whole and in part but Only With the Trustee's written consent. Any such aimerldriient Shall become effective upon (a) delivery to the Trustee of a written itisthiment of attlendment, and (b) the endorsement by the Trustee on Such instrument of its consent thereto. ARTICLE V I I I. Miscellaneous. Section 8.1. Laws of the State of Delaware to Govern. This agreement and the Trust hereby created shall be construed and regulated by the laws of the State of Delaware. Section B.Z. Successor Employers. The term "i mptoyer"shall include any person who succeeds the Employer and who adopts the Deferred Compensation Plan of the Retirement Corporation and becomes a party to this agreement with the consent of the Trustee. Section 8.3. Withdrawals. The Employer may, at any time, and from time to time, withdraw a portion or all of the Trust Punds created by this Agreement and related Deferred Compensation Employment Agreements. Section 8,4. Definitions. Definitions in the bylaws of terms, phrases, etc., used herein apply to the same herein. The masculine includes the feminine and the singular includes the plural unless the context requires another meaning. D ,'c31GNAT].rDN AGREEMENT Date: Tot CITY CO:1NISSION City of Miami, Florida. 1. The undersigned (employee's name and position enumerated in Ordinance No. 3610) pursuant to the provisions of Ordinance :;o. 9610, adopted January 27, 1977, hereby submits for approval by the City Commission the attached trust agreement form (Attachment tl) issued by International City Management Association Retirement Corporaticn, consisting of Part I, also referred to as the Deferred Compensation EmployTent Agreement, and Part II, also referred to as the Master Trust Agreement; it being agreed that any approval hereof by the City Commission will be subject to the continuing approval of the U.S. De:)ar-:rent: of Treasury, Internal Revenue Service, and by film State i33ard of Administration and the State Treosurcr cif the State of Florida, pursuant to Florida Statutes 112.215. 2. The undersigned hereby acknowlceiees and agreou that the heroin subelission constitutes a reject^icn o: membership in the Miamni. City General lnopl.oyees' Retirement Pl.ae, which rejection is a condition precedent to eligibility for participation ticipat.i.on in the retirement program established by Ordinance No. 3610; further, the undersigned agrees: (a) that the contribution by the City of Miami to the International City Management Association Retirement Corporation as Trustee shall be 3% of the undersigned's annual salary; and (b) that the contribution by the undersigned to the International City Management Association Retirement Corporation as Trustee shall be not less than 5" of the ..n-.4rsigned's annual salary and That no contribution will ba .r.a: e by either the City of Miami or the undersigned to the Miami City ('ever_ al Employees' Retirement Plan on behalf of the unders : g ne . 3. The undersigned, in further r uco:;r i.tion that acceptance of all terms and conditions of Ordinance 2:e. 8610 is a condition precedent: for participation in the reti C ent program e tabla.sh d by said Ordinance, hereby submits for approval by the City Commission an executed Joinder AgreementJ'or.rn.1/ Sworn to and subscribed before me this day of Not .ar y Pu7. [c { cjaia ur` of Esc "SUPPORTIVE DOCUMENTS 'To) r4+ 1/ i s4mp7.e of said form is attached hereto • os ,' t.t=achment 1'2, EXHHI 3IT B I1e-ct Or i New ,A jreemerit Amendrribht of Previous Agree, lerlt • Ch Inge or Beneficiary Only Tt5• Print Name of Employer Ms. D.) Mrs. Ei Miss From!: Full Name First �Ji I bEFl ACAEEMEN1` To the ICMA Retirertieht Corporation bef0#01 Cornpensatit tl Platt. Middle Last rho utidctsigrari hereby applies for tjarticipation in the ICMA Retirement Corporation Deferred Compensation flan es establi;,Ned by My efliployer. 1 understand my participation is subject to my employer's agreement below and will be goverhed by the plan docurnent, its arhehdthents, and this agree: rrent, includ.ng the general provisions appearing on the reverse. AMOUNT OE DEFERRED COMPENSATION Effective on the payday shown below, I desire to be paid, in the form of deferred compensation as follows: d.lethnr! of Oesianating Dot.rred Cur-o4,aaAon (Use Only 0,4; tEMOloyee's Coroributionl Base Day shrill be reduced by rEmDloyer s Con'r,bubonl Ba3e Day shall bA added to by Total (11 Percentage Method % % 121 Collar Method 3 3 $ Payday on which plan is to begin. Mo. Day Yr. My current salary is S -- per 1 am paid every (2 weeks, month, 15 days, etc.): ALLOCATION TO INVESTMENT FUNDS 1 request that the total amounts of deferred coftiper►satiorn be applied to the available 'investment funds in the following petterntages (See pamphlet for discussion of funds): Fund Whole Percentages Variable Fund 46 Fired Incor•^e Fund 96 Total 100 96 I understand that where state or local law restricts the nature of the investment of these funds that it will be necessary to restrict the invest- ment choices to those available under the law. ESSENTIAL EMPLOYEE INFORMATION Sex: ❑ M F Date of Birth Mo. Day Y Title Social Security Number Department ttit,tiiinrJ Address . No. Street City f i Zip State DESIGNATION OF BENEFICIARY (See Instructions) ,:ote: When amending your agreement do not complete this section unless you wish to change beneficiaries. To whom shall the proceeds be payable in case of your death? Give first name, middle initial and last name: Mary A. Smith (not Mrs. John Smith). For your children, you may simply use the term "My Ch.!dren" and htu : e the Date of Birth and Relationship columns blank. This term will provide equal treatment among your chi:dren—present and future —born of any and all marriages and any children legally adopted at any time. P•imary Benefieiarylies) (Class I): Contingent Beneficiaryfies) Class II) if any: ri;ht to change beneficiaries is reserved to me. t;JT':! 1' no P.',mery Bent#ici;,rr' (Class t) is living at time of your death, the proceeds are payable to the Cc^tiny _nt Benr:fi•:iary". st (Class II). If a Class includes mme than one person, the proceed., are d;vi erl ceuilly anto,rrg the living beneficiaries of the Class. Date of Birth Mo. Day Year Relationship to you, i.e., wife, son, daughter. (If none, state whether friend, creditor, etc.) S:JPPLEV..ENTA» P;;r?VIS(ONS Erno:r)yee Signature `; rf c .r.:rt C Py ATTAc U- NT # 2 To - Employer Approvel and Agrpament Date Signature of A,,'nr rized Official Date Pr,nt Name and T ele of Official "SUPPORTIVE *:,{ ,)f 1 .ti .• DOCUMENTS FOLLOW" ,w..:. e... t ^ •nr,IFIr.,VIIIR •.t . i.... .ta?fa+i'HF.; ..z,... .y:• 'F IAH. r/r:".11'.;A • IN t1Fi(: . • • i / / TC): Mt, Joseph fl Gra.5sie City Manager "OM= Robert C,' Tioznan' Admin AS t March 9, 197/ VILE"; AlternatiVe Pension Plahs Ord, 8610 When Ordinance 8610, Allowing certain individuals to choose alternative penSion plans, became effective on March 13, 1977, it was then possible for any of these individuals to proceed with the necessary requirements that would enable them to make a Selection of the plan they desired, Several of the individuals named in Ordinance 8610 have communicated to Me a desire to participate in the Deferred Cornnensation Plan offered by the International City Management Association -.Retirement Corporation. tiefore any of these individuals can sign a Joinder Agreement with the City and the ICMA-RC, it is necessary that the City Commission adopt a resonation establishing the Plan. That proposed resolution is attached, along with a summary of the Plan itself. The Commission's approval of this Pesolnti-)n involvos no additionAl ob- ligations on the part of the City, nor (1.0 it involvo any commit=nt of additional funds beyond thosu cmmitments ride in Ordinanco F610. This particular deferred compensation plan is sily a convenienee to the employee who chooss it, since it invciva5 a clferral of tax ob- ligations until retirem.?nt and compleLc: ix...Iftability of this retiromont plan sh,.)10(3 the employer.: seek future empleyn: elsowhro.