134-International City Mgmt February 1, 1988
MEMORANDUM TO EMPLOYERS
RE: AMENDMENT OF DE~ERRED COMPENSATION P~AN
The Tax Reform Act of 1986 amended section 457 of the
Internal Revenue Code to permit the transfer of deferred amounts
between eligible deferred compensation plans of different employers.
IRS regulations previously permitted such transfers only between
employers in the same state.
In or~e~ ~o take'ad~'nt~e of this change, we are proposing
the enclosed amendment to your deferred compensation plan. This
amendment will automatically become part of your plan unless you
notify us before March 1, 1988, that you disapprove of it.
Under the amendment, a new employee who has an account in
an eligible deferred compensation plan ection 457 plan) of another
employer may have his or her account balance transferred into your
plan, if the other plan also permits such transfers. Similarly, a
former employee may have his or her account balance transferred from
your plan into his or her new employer's eligible deferred
compensation plan, if the other plan also permits such transfers.
If one of your. current or former employees wishes to
transfer an account into or out of your plan, the employee and both
employers must execute a written agreement. Upon your request, ICMA
Retirement Corporation will provide you with a form of a tripartite
agreement for this purpose.
If you have any questions about the amendment or if you wish to make
a transfer either out of or into your plan, please contact
the Participant Services department at ICMA Retirement Corporation,
at (800) 424-9249.
ICMA
RETIREMENT
CORPORATION
ICMA Retirement Corporation hereby proposes that each Deferred
Cempensation Plan of which it is the Administrator (the "Plan") be amended ss
followe. Pursuant to Article X of the Plan, this amendment shall become
effective unless before March 1, 1988, the Employer m~ntaining the Plan
notifies ICMA Retirement Corporation that it disapproves such amendment, in
~nich ease the amendment shall not beceme effective.
Section 6.03 of the Plan is hereby amended in its entirety to read es
follows: .............
w6.03 Transfers:
"(a) Inceming Transfers: A transfer msy be accepted frem an
eligible deferred cempensation plsn maintained by another
employer and credited to a P~rticipent's Account under this Plan
if (i) the Participant has separated from service with that
employer end become an Employee of the Employer, and (ii) the
other employer's plan provides that such transfer will be m~e.
The Employer may require such documentation from the predecessor
plan es it deems necessary to effectuate the transfer, to
confirm that such plan is an eligible deferred cc~pensation plan
within the meaning of section 457 of the Internal Revenue Code,
and to ~ssure that transfers are provided for under such plan.
The Employer may refuse to accept a transfer in the form of
assets that are impossible or impracticable for the Employer or
Administrator to hold or ~aminister. Ar~ such transferred
amount shall not be treated as a deferral subject to the
limitations of Article V, except that, for purposes of applying
the limitations of Sections 5.O1 and 5.02, an amount deferred
during any tsxable year under the plan from which the transfer
is accepted shall be treated as if it has been deferred under
this Plan during such taxable year end compensation paid by the
transferor employer shall be treated es if it had been paid by
the Employer.
"(b) Outgoing Transfers: An amount may be transferred to an
eligible deferred compensation plan maintained by another
employer, and charged to a Participant's Account under this
Plan, if (i) the Participant has separated from service with the
Employer and become an employee of the other employer, and (ii)
the other employer's plan provides that such trsnsfer will be
made. The Employer may require such documentation from the
other plan as it deems necessary to effectuate the transfer, to
confirm that such plan is an eligible deferred compensation plan
within the meaning of section 457 of the Internal Revenue Cede,
and to assure that transfers are provided for under such plan."
" ~"'~' ~', ICMA
RETIREMENT
CORPORATION
ICMA RETIREMENT CORPORATION
TRIPARTITE AGREEMENT
Parties to this Agreement:
Employer A:
Employer B:
Employee:
AGREEMENT, made and entered into this day of
, 19 , by and among Employers A and B and
Employee.
WHEREAS~Employer A has established and maintai~ an "elig'~ble
deferred compensation plan," within the meaning of section 457(b) of
the Internal Revenue Code of 1986 ("Plan A"), and has entered into a
deferred compensation agreement with Employee pursuant to Plan A
("Deferred Compensation Agreement A"); and
WHEREAS, Employer B has established and maintains an "eligible
deferred compensation plan," within the meaning of section 457(b) of
the Internal Revenue Code of 1986 ("Plan B"), and has entered into a
deferred compensation agreement with Employee pursuant to Plan B
("Deferred Compensation Agreement B"); and
WHEREAS, Employee has terminated his/her employment with
Employer A, and is now employed by Employer B; and
WHEREAS, Employee desires to have his/her interest in Plan A
transferred to Plan B, and to substitute Employer B for Employer A as
the party obligated to pay his/her deferred compensation accrued
under Plan A; and
WHEREAS, Employers A and B desire to transfer Employee's
interest in Plan A to Plan B, and to have Employer B assume Employer
A's obligation to pay Employee's deferred compensation accrued under
Plan A;
NOW, THEREFORE, in consideration of the above, the parties
hereto agree as follows:
1. Employer A shall transfer an amount equal to the entire
value of Employee's interest in Plan A, to Employer B. In order to
accomplish this, Employer A hereby directs
, which holds the assets
of Employer A related to its obligations under Plan A, to transfer
the amount stated in the preceding sentence, to
, which holds the assets
of Employer B related to its obligations under Plan B. The amount so
transferred shall be charged to the account held under Plan A for the
benefit of Employee, and credited to the account held under Plan B
for the benefit of Employee.
2. Employee releases Employer A from all of its obligations to
Employee under Plan A.
3. Employer B shall assume the obligation of Employer A to pay
benefits to Employee or his/her beneficiary under Plan A. Employer B
shall fulfill this obligation by accepting the amount transferred in
accordance with paragraph 1, above, and crediting such amount to the
account held under Plan B for the benefit of Employee. Employee's
rights with respect to amounts transferred under this Agreement shall
be determined in accordance with Plan B and Deferred Compensation
Agreement B.
4. Employee shall have no further rights under Plan A or
Deferred Compensation Agreement A.
5- Nothing contained in this Agreement shall create or modify
any right of the Employee to the amount transferred in accordance
with paragraph 1, above, or to any assets of Employer A or Employer
B, except as specifically provided in Plan B or Deferred Compensation
Agreement B.
6. The parties shall take all actions necessary to carry out
the intent of this Agreement, including, but not limited to,
notifying and directing any persons holding funds under PLan A or
Plan B to make or accept the required transfers.
7. This Agreement shall be binding upon the parties, and their
beneficiaries, successors, assigns, and heirs.
IN WITNESS WHEREOF, the parties hereto have set forth their
signatures and affixed their seals on the day and year first written
above.
EMPLOYER A
BY: TITLE
ATTEST: TITLE
EMPLOYER B
BY: TITLE
ATTEST: TITLE
EM PL 0 YE E:
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TO- CITY OF SANFORD
ATTENTION- CITY CLERK
SUBJECT- EMPLOYER YEAR-END STATEMENT OF ACCOUNT FOR THE
ICMA RETIREMENT CORPORATION DEFERRED COMPENSATION RETIREMENT PLAN
THE FOLLOWING IS YOUR EMPLOYER CONSOLIDATED REPORT FOR THE ICMA
RETIREMENT CORPORATION DEFERRED COMPENSATION RETIREMENT PLAN.
THIS REPORT COVERS THE YEAR ENDING DECEMBER 31, 1978.~
THE REPORT CONTAINS A STATEMENT OF ACCOUNT FOR EACH EMPLOYEE
PARTICIPATING IN THE PLAN, AS WELL AS A TOTAL ACCOUNT STATUS
FOR ALL EMPLOYEES. GENERALLY SPEAKING, THE REPORT SHOULD MEET
ALL ACCOUNTING NEEDS. IT PROVIDES YOU WITH A STATEMEN~ OF CCNTRI-
BUTIONS RECEIVED DURING THE YEAR AND THE 3~ ADMINISTRATIVE FEE
CHARGED ON THOSE CONTRIBUTIONS. LIKEWISE IT REFLECTS THE TOTAL
OF EACH INDIVIDUAL ACCOUNT AT THE BEGINNING OF THE YEAR,
CONTRIBUTIONS, APPROPIATE ADJUSTMENTS, EARNINGS, AND THE BALANCE AT
THE END OF THE YEAR. FURTHER, THE BREAKDOWN TO THE VARIABLE, FIXED
INCOME, AND GOVERNMENT SECURITIES FUND FOR EACH EMPLOYEE IS SHOWN,
AS WELL AS THE TOTAL BREAKDOWN FOR ALL ACCOUNTS. THESE FUND
ALLOCATIONS ARE BASED ON EACH EMPLDYEE'S REQUEST WHEN ENROLLING IN
THE PLAN AND/OR THE REQUIREMENTS OF STATE LAW.
ADJUSTMENTS REFLECT THREE DIFFERENT OCCURENCES.
t- CORRECTIONS MADE BY THE RETIREMENT CORPORATION.
2. TRANSFERS TO OR FROM ANOTHER EMPLOYER AS A RESULT OF AN
EMPLOYEE CHANGING JOBS. THESE TRANSFERS ARE SUPPORTED BY A
TRIPARTITE AGREEMENT WHICH YOU ALREADY HAVE ON FILE,
3, WITHDRAWAL OF AN EMPLOYEE'S ACCOUNT WHICH YOU HAVE
AUTHORIZED FOR REASONS OTHER THAN PAYMENT OF NORMAL
PLAN BENEFITS.
ANY BENEFITS PAiD TO AN EMPLOYEE OR FORMER EMPLOYEE APPEAR IN THE
COLUMN LABELED BENEFIT PAYMENTS.
ANY CORRECTIONS WHICH HAVE, OR WILL COME TO OUR ATTEN!ION SUBSEQUENT
TO THE END OF THE YEAR WILL BE MADE AT THE TIME OF VERIFICATION
OF ERROR. CONTRIBUTIONS MAILED DURING THE LAST THREE WEEKS
OF DECEMBER, Ig78, MAY NOT BE REFLECTED IN THIS REPORT DUE TO
THEIR RECEIPT FOLLOWING THE CLOSE OF THE YEAR.
ALL OF YOUR PARTICIPATING EMPLOYEES WILL RECEIVE AN INDIVIDUAL
ACCOUNT REPORT. ADDITIONALLY, IN THE NEAR FUTURE YOU WILL RECEIVE
A COPY OF OUR ANNUAL REPORT CONTAINING ALL RELEVANT FINANCIAL
INFORMATION, INCLUDING INVESTMENT SCHEDULES, BALANCE SHEETS,
AND OUR AUDITOR'S REPORT.
{
RESOI/3TION NO. 13 7 8
A RESOLUTION OF THE CITY OF SANFORD, FLOPJDA,
AUTHORIZING THE EXECUTION OF THE IQ4A RET~
~RUST AND DESIGNATING THE CITY CLERK AS COORDINATOR
OF THE PROGRAM.
WHEREAS, the City of Sanford, Florida, maintains a deferred'
eation plan for its employees which is administered by the ICMA
Retirement Corporation (the "Administrator"); and
WHEREAS, other public employers have joined together to establish
the IC~A Retirement Trust for the purpose of representing the interests
of the participating employers with respect to the collective investment
of f~qds held under their deferred cc~pensation plan; and
WHEREAS, said Trust is a salutary develoUment which further
advances the quality of administratiun for plans administered by the ICMA
Retirement Corporation.
NOW, THEREFORE, BE IT RESOLVED BY THE PEOPLE OF THE CITY OF
SANFORD, FLORIDA:
SECTION 1: That the City of Sanford, Florida, is hereby authorized
to execute the ICMA Retireneat Trust, attached hereto; and
SECTION 2: That the City Clerk of the City of Sanford, Florida,
shall he the coordinator for this program and shall receive necessary
reports, notices, etc. frcm the ICMA Retirement Corporation as Administrator,
and shall cast, on behalf of the ~ployer, any req~]i red votes under the
program. Administrative duties to carry out the plan may he assigned to the
appropriate departments.
SECTION 3: That this Resolution shall become effective
innediately upon its passage and adoption.
PASSED AND ADOPi'm thisTent__h da~.../~r , A. D., 1984.
MAYOR
City of Sanford, Florida
I, H. N. ~AN~4, JR., City Clark of the City of Sanford, Florida,
do hereby certify that the following Resolution, proposed by
Commissioner Smith , was duly passed and adopted in the
City C~L~,~ssion meeting of the City of Sanford, Florida, at a regular
raeeting thereof assembled this Tenth day of September , A. D.,
1984, by'the following vote:
AYES: 5
NAYS: 0
ABSenT: 0
(SEAL) City'Cl~k'of 'th~ Ci~'cf~~
Sanford, Florida
" ICMA
you investment choices through a carefully choice of less risk than the Variable Fund,
chosen mix of quality stocks, bonds andbut with lesser growth. In this fund, your
RETIREMENT sec.ri,.es ,ha, sho.id p.ov,de yo. wi,heon,.ibu,iens a,e ,nve.,ed in ,op qua.i,y corpo.a,e
reasonable financial growth. bonds of companies like AT&T or Standard Oil
CORPORATION B.,,he ,,ok, ,ho.gb stun,i, is ,here. And ,hereas we,, as ,n gover. ment seeuri,,es. Tba Fixed
is always the chance that the fund will performIncome Fund is designed to avoid the sharp
less satisfactorily in some years than in others. ups and downs of the stock market and should
This is reflected in the charts which detail provide a rate of return better than "passbook"
the performance of the funds in 1977. The savings. It~ performance, however, should be
expectation is that the right mix of investments judged over a three to six year period.
will perform positively over the long' term. At "Fixed Income" is a bit of a misnomer for this
any one point in time, the market value of a fund, since it carries the risk of less-than-desired-
stock, bond or security may be less than its performance because it is affected to some
purchase price. This is called an "unrealized degree by market pressures. But, on the average,
loss." If your funds are invested in the Variable it should perform better than the return you
Fund, your statement will show an "unrealized can get through a savings account at your bank.
ices" for 1977. See the charts in this brochure.
The investor would realize the loss only if the RO also administers a Government Securities
investment was sold while its market value fund which is limited to those participants
was less. These "paper losses" or "unrealized who work in locations where they are forbidden
Earnings
fund's performance. When that happens, the securities. Instead, their funds must be invested
Summary
performance should be judged long-term. guaranteed by federal or state governments.
Untfi now, the amount of contributions in this
fund were relatively small, but recent
Fiscal Period Ending December 31, 1977 Two funds provide a choice developments in some states will considerably
Your statement shows the status of your deferred RC offers two ways you can invest your enlarge this fund where it will have more
compensation retirement account for the contribution: in a Variable Fund or a Fixed investment flexibility.
fiscal year ending December 31, 1977. Income Fund. While most participants spread The Government Securities fund is the safest
The performance of all three RC funds was their investment in both funds, you can put avenue for investment since return of the face
mixed in 1977. This brochure gives you some your entire contribution in either one. It all value is guaranteed by the government. But
background in the RC investment strategy, depends on your personal investment objective. the market value of these securities can change
due to pressures of the market. Your statement
performance charts and some observations on . THE VARIABLE FUND gives you the and the cha~s in this brochure show the adverse
the performance of each fund. opportunity 'to share in the growth of the effects of these market pressures in 1977.
Your statement is an unaudited report. When
economy by investing money in a balanced fund
our audit is completed, you'll receive a copy of of high quality stocks and corporate bonds.
the RC annual report which will provide Though the stock market's performance has Could a participant do as well
more detailed financial information. been poor recently, the Variable Fund's investing on his own?
performance should be judged on a long-term Yes, but it's doubtful that a personal investment
Reasonable growlh al a reasonable risk basis ~ over a five or more year period. The program could offer all the advantages of
Thoro's always an element of risk anytime you close to the historical level of the stock First, RC offers a tax shelter that would be
place your money in the different stocks, bonds or market which has averaged a 9.3% growth over
ETI~ENT securities available on the market. It all depends the last 75 years, including the years of difficult to duplicate. No taxes are paid on any
' on how much of a risk you're willing to live the Great Depression and several major portion of your invested income until you start
investments. significant ups and downs in the market, and Also RC gives you one agency to deal with
O Area Code 202 RC's prime objective is to invest your can lose significant amounts of money, it instead of several investment counselors and
~necticut 293-2200 contributions to provide a reasonable rate of offers a higher investment potential over the provides you with regular, consolidated financial
nue return while keeping the risk that the funds long range. reports that let you track the performance of
thwest your investment.
~hington DC
36
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I{1CTIRI:]MiCNT
C O1{ POR AT I0NT
1140 Area Code 202
Connecticut 293-2716
AveRue
Northwest
Washington OC
20036
September 23, 1977
Mr. Henry Tamm, Jr.
City Clerk of Sanford, Florida
300 N. Park Avenue
Sanford, FL 32771
Dear Mr~ Tamm:
Enclosed is your joinder agreement which I am returning for correction
of the employer approval signature.
Although you are authorized to sign all joinder agreements on behalf
of the City, we suggest that you have your Mayor sign for employer
approval on your personal agreement. This is due to IRS regulations
regarding deferred compensation which holds that signing for approval
on one's own joinder agreement implies control or "constructive
receipt" of the deferred compensation. Please have the signature
corrected and return the joinder to our office as soon as possible.
If you have any questions in this regard, please let me know.
Sincerely,
Assistant Manager
Enclosure
LC/tj
TIle ICMA Retirement Corporation is the administrator of a deferred compensation retirement plan for state and local Sovernment under the sponsorship of:
International City Management Association · National lnstdute of Municipal Law Officers · Municipal Finance Officers Association · International
Personnel Management Association · American Institute of Planners · American Society of PlanninS Officials · American Society for Pub][c
Administration · American Pubgc Power Assoc[alion · Building OIficials and Code Administrators ]nlemationa[, Inc. · Nation8~ Association el Counties ·
Check One JOINDER AGREEMENT
E~ ~ew ;~reement [] Amendr~A of Previous Agreemen'~ '1 ~e ICMA Retirement Corporation Deferred
[] Change of Beneficiary Only Compensation Plan,
To: City of Sanford, Florida
Print Name of Employer
~ Mr. [] Ms. [] Mrs. [] Miss First Middle Last
From: Full Name Henry Nicholas Tamre, Jr.
The undersigned hereby ~pplies for participation in the ICMA Retirement Corporation Deferred Compensation Plan as established by my employer.
I understand my participation is subject to my employer's agreement below and will be governed by the plan document, its amendments, and this agree-
ment, including the general provisions appearing on the reverse.
AMOUNT OF DEFERRED COMPENSATION ALLOCATION TO INVESTMENT FUNDS
Effective on the payday shown below, I desire to be paid, in the form I request that the total amounts of deferred compensation be applied
of deferred compensation as follows: to the available 'investment fuhds in the follow ng percentages (See
pamphlet for discussion of funds):
Method of Designating (EmDIoyee's (Emaloyer's
Deferred Compensation Contribution) Contribution) Total Whole
( Use Only One) Base pay shall be Base Day shall be Fund Percentages
reduced by added to by
Variable Fund %
{1) Percentage Method % %
(2) Dollar Method 825.00 s s 25.00 Fixed Income Fund 10t~
Payday on which plan is to begin AU.F.;ttS t 10 ~ 19 77 Total 100 %
Mo. Day Yr.
My current salary is $2 1,022. per arnica t 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-
I am paid every (2 weeks, month, 15 days, etc.): 2 Weeks ment choices to those available under the law.
ESSENTIAL EMPLOYEE (NFORMATIQN
Sex: ~ M m F Oateofeirth OCt. 11. 1920 Social Security Number F2'F~I'F~'3--ilIOISl 11
Mb. Day Yr.
Job Title Director of Finance/City Clerk Department Finance
Mailing Address Rt. 3, BOx 154 Sanford FL ~31217i7l 11
No. Street City State Zip
DESIGNATION OF BENEFICIARY (See Instructions)
Note: When amending your agreement do not complete this section unless you wish to change beneficiaries.
Towhomshall the proceeds be payable in case of your death? Give first name, middle initial and last name: Relationship to you,
Mary A. Smith (not Mrs. John Smith). For your children, you may sirgply use the term "My Children" and Date of Birth i.e., wife, son, daughter.
leave the Date of Birth and Relationship columns blank. This term will'provide equal treatment among your Mo. Day Year (If none, state whether
children--present and future--born of any and all marriages and any children legally adopted at any time. friend, creditor, etc.)
Primary Beneficiary(ies) (Class I):
Jeanne ~. Ta~un 6/25/30 wife
Contingent Beneficiary(ies) Class ll) if any:
a~y children
The right to change beneficiaries is reserved to me.
NOTE: If no Primary Beneficiary (Class I) is living at time of your death, the proceeds are payable to the
Contingent Beneficiary(ies) (Class II), if a Class includes more than one person, the proceeds are
divided equally areDung the living beneficiaries of the Class.
FOR SUPPLEMENTAL PROVISIONS
Employee Signature Employ.~r//,l~,'~!:~al and Agreement
,-.. ..
..-- ..:,, .- .,/.-::::,,,,. .:--~ , ~ !, ~
Signature / Date Signature of Authorized Official Date
EMPLOYE~ COPY Print Name and Title dFOfficial '"
RECEIVED BY
INTER~%IONAL CITY MANAGEMENT ASSOraTION
RETIREMENT CORPORATION dUN 2 0 1977
DEFERRED COMPENSATION PLAN
Amended as of June 28, 1974
THIS DEFERRED COMPENSATION PLAN, hereby established by CITY OF SANFORD, F] .OR~MA ' RC
bereinafter the Employer; by agreements with the International City Management Association Retirement Corporation and with the
employees, officers, and officials of said employer who become party to this agreement, by reason of a "Jolnder Agreement" signed
at this time, or at some time in the future.
WHEREAS, the Employer has certain employees rendering to it valuable services; and
WHEREAS, the Employer is able to provide its employees with certain benefits under this Plan which assure to those participating
employees reasonable retirement security; and
WH EREAS, the Employer receives benefits from this Plan by increasing its ability to attract and retain competent personnel and by
increasing its flexibility in personnel management.
NOW THEREFORE WITNESSETH that the Employer has established this International City Management Association Retirement
Corporation Deferred Compensation Plan and has caused it to be executed by the official affixing his signature on behalf of the
Employer's governing body.
Conversion Provision: Where an Employer has previously established the ICMA-RC deferred compensation plan for its employees,
this Plan shall supercede all previous documents and provisions thereof except that existing deferred compensation employment
agreements will continue in full force and effect in lieu of Part I of this plan, and as such, have the immediate force and effect of a
'Jolnder Agreement" to this Plan. If the Employer and Employee desire to amend the existing Deferred Compensation Employment
Agreement by substituting Part I of this Plan therefor, this may be done by execution of a "Joinder Agreement".
::r the
Attest for Employer: :
Signature of Authorized Official/Date
Sin ~" Au Print Name and Title
~d~d',~ff~ ___ _, Lee P. Moore, Mayor
H i
rkg N Tt
(Seal)
Approved as to Form:
Attorney for the Employer
C. Vernon Mize, Jr.
General Manager ~dilliam Eo Besuden, Secretary-Treasure?
SEE INSTRUCTIONS FOR IMPLEMENTATION PRIOR TO COMPLETING THIS SECTION
Complete the following prior to mailing this agreement to the Retirement Corporation
Full Name(City of, County of, etc.): City of Sanford, Florida
Title of Official to whom correspondence and reports are to be mailed:
(not name) CiC~Z Clerk
Address: (include zip code) City of Sanford, P. O. Box 1778, Sanford, FL 32771
Employers' Federal Tax Identification Number: 59-6000425 .ow O~TEN w,L~ You monthly
MAKE CONTRIBUTIONS
WHAT IS YOUR FIRST
Enter your amendment date here: 0ctoher 1 CONTRIBUTION DATE September is 1977
(h may be January 1 or the beginning date of your fiscal year)
Number of employees: 285 Number of employees eligible to participate: 285
PRELIMINARY STATEMENT or percentages of both "base pay" and "employers
ESTABLISHMENT OF THE PLAN contributions" or it may include amounts from or
AMENDMENTS percentages of only one of these components;
c. "Current compensation" is that portion of the Employee's
The International City Management Association Retirement
total compensation which is not deferred compensation as
Corporation, hareinafter the Retirement Corporation or ICMA-RC,
deferred compensation is defined herein; and
is a nonprofit Delaware Corporation. It has been classified as a
tax-exempt organization under the provisions of Section 501 (c)(3} d. "Base pay" is the stated salary of the Employee.
of the Internal Revenue Code. As an aid in the improvement of state 1.3 The determination of the initial amount or percentage and of
and municipal administration in general, the Retirement Corpora- any future change in amount or percentage of deferred
tion is organized for the purpose of receiving and investing deferred compensation must be made before the beginning of the
compensation funds of state and local governments and their related period of service for which the compensation is payable.
and controlled public interest organizations which are tax exempt 1.4 The amount of total compensation may be adjusted from
under Section 501 of the Internal Revenue Code, herelnafter time to time without altering the terms of this Ran.
referred to as "Employers"; to act as trustee and/or agent for the However, the percentage or amount of deferred
collection and reinvestment of the income therefrom; and to act as compensation may be adiusted in accordance with 1.3 above.
agent for such Employers and at their explicit direction for the Any such adjustment of the percentage or amount of
distribution of the funds and assets of their accounts to their deferred compensation shall ha communicated to the
participating Employees in accordance with options provided in this Employer's agent, the Retirement Corporation, and the
International City Management Association Retirement Corporation deposits in the adjusted percentages or amounts, if changed
Deferred Compensation Plan, hereinafter referred to as the "Plan", from the prior existing percentages or amounts, shall
Orthe"ICMA-RC Plan". thereafter be made by the Employer into its Retirement
The ICMA-RC Plan is set Out below in two parts: I. The
Corporation Account.
Deferred Compensation Employment Agreement; and II. The
Master Trust Agreement. As set out below, the Employer adopts 2. Deferred Compensation Account. Under this Plan, deferred
this plan as its agreement with the participating Employees and compensation shall be credited and paid into the Trust established
ICMA-RC, and the Employees shall participate in the Plan through and maintained with the International City Management Association
the execution of a Joinder Agreement, which by its terms Retirement Corporation as Trustee. The Retirement Corporation is
incorporates all of the provisions of the Plan. A copy of the Plan a hartprofit corporation formed for the specific purpose of investing
shall be supplied to each Employee for his study and understanding and otherwise administering the funds of said Trust. The Trust may
prior to his execution of the Joinder Agreement, The Employers, be revoked at any time by the Employer, and upon revocation of
through their participation in the Plan, express their desire to have said Trust, all of the assets thereof shall return to and revert to the
the benefit of the continued loyalty, service and counsel of their Employer, The Employer shall keep accurate books and records
Employees and to assist them in providing for the contingencies of with respect to the Employee's total compensation or other earned
old age dependency, disability, and death. income and with respect to amounts paid into said Trust.
This Plan may be amended from time to time for purposes of
3. Ownership of Funds. Neither the Employee nor any beneficiary
assuring its conformance to the requirements of any applicable law thereof shall have any interest whatsoever in the funds paid into the
or rule or regulation pursuant thereto, and to preserve the DeferFed Compensation Account or in the accumulations or any
tax-exempt status of the Plan and the Retirement Corporation. No
increments on such funds, which shall at all times remain as an asset
amendment may either directly or indirectly operate to deprive any of the Employer, subject to its absolute dominion, control, and
participating Employer of its beneficial interest in the Trust as it is right of withdrawal until such time as the funds or assets of the
then constituted. The Retirement Corporation will notify the
Account are are distrlbutad to the Employee in accordance with the
participating Employers of any amendment to this Plan no later
provisions of this Plan. The obligations of the Employer to pay
than sixty days prior to its effective date. Any such amendment will
deferred compensation is contractual only, the Employee having no
become effective after the expiration of that period of time, except preferred or special interest or claim, by way of trust, annuity, or
to those Employers as may file an objection. No amendment
otherwise, in and to the specific funds and assets held in the
proposed by participating Employers shall be effective unless agreed Deferred Compensation Account. The contractual obligations of the
to by the ICMA Retirement Corporation over the signature of an Employer to pay the funds and assets in its Deferred Compensation
Officer. Account to the Employee or his beneficiary on the applicable
PART I. DEFERRED COMPENSATION EMPLOYMENT distribution date shall be a continuing obligation upon the
AGREEMENT Employer, and shall not be relieved by any agreement between the
Employer and any other party, except as provided in Section 2 of
1. Deferred Compensation--Initial Decision--Future Changes Paragraph 12 of this Ran, and shall not be affected in any manner
1.1 There is no limit on the amount or percentage of the total by amendmeat or revocation of the Trust referred to in Pargraph 2
compensation of the Employee which may be deferred by herein or by reversion of the Trust Funds to the Employer. The
the Employer under this Plan. provisions of this Paragraph shall supersede and control any other
1.2 For the purpose of this Plan the following definitions apply: provision of this Plan which could be interpreted to be in conflict
a. "Total compensation" is the total of compensation to be therewith.
paid by the Employer for the services of the Employee, 4. Administration of Funds. The funds deposited in the Deferred
regardless of the terms used for its components, as, for
Compensation Account shall be invested and reinvested by the
example, "base pay," "in addition to base pay," 'emPl oyer's Retirement Corporation, as provided for in the Trust Fund
contributions," etc.; described in Part IId this Plan, in any manner which in its sole
b. "Deferred compensation" is that amount or percentage of discretion it deems desirable, without regard at any time to any legel
the total compensation of the Employee which the Employer limitation governing the investment of such funds. The Account
currently defers from the payment to the Employee, and, shall also reflect the gain or loss resulting from the investment and
instead, deposits same into a Deferred Compensation relnvestment thereof. This Trust Fund may be cammingled with
Account with the Retirement Corporation under the terms of others established by the Trustee With other Employers under this
this Plan. Deferred compensation may include amounts from Plan.
5. Designation of investments. Each participating Employer, being Corporation as its duly authorized agent, due consideration being
advised of the preferences of, and for the benefit of each of its given to heaith, flnancial circumstances and family obligations of
participating Employees, shah designate the percentage of the the Employee. In this regard, the Employee may be consulted;
deferred compensation involved which shall be invested in the however, he shag have no voice in the decision reached.
respective types of investment funds (accounts} of the Retirement 8. Payments in the Event of Death.
Corporation, such as the Equity (Varlable) Fund or the
Fixed-income Fund, unless the laws of the applicable state or local a. During the Period of Distribution. In the event of the
government require otherwise, in which case those laws shall govern. Employee's death during the period of distribution, the
Future elections to change the percentage to be invested in each Employee's beneficiary shag be entitled to receive payments in
type of Fund may only be made prior to and for the next accordance With the payment method being employed at the
succeeding annual period of service for which the compensation is time of the Employee's death. With the consent of the
payable by filing written notice thereof With the Retirement Employer, acting through the Retirement Corporation as lts duly
Corporation. Such notice will not be effective until received by the authorized agent, said beneficiary may elect to receive a
Retirement Corporation. lump-sum in lieu of installment payments.
6. Payment of Deferred Compensation. The words "designated b. Prior to Distribution. In the event of the death of the
age", as used in this Paragraph and in Paragraph 9 of this Plan, shall Employee prior to the distribution, the funds and assets of the
mean the designated age which appears in the Jolnder Agreement Deferred Compensation Account shall be paid in accordance
executed by the participating Employee. These words, as used in with one of the methods described in subparagraphs a, b, c, or d
this Paragraph, in Paragraph 9, and in the Joinder Agreement, shall of Paragraph 6 hereof. The selection of said method shall be
also include the following, without repetition therein: "or later, in made by the Employer acting through the Retirement
the sole discretion of the Employer, at the end of his employment Corporation as its duly authorized agent.
agreement, if Employee continues in the employ of the Employer 9. Payment Dates. Payments shall commence on the first day of the
after he attains the designated age." At such time as the Employee month, following the attainment of the designated age, or later, on
reaches the designated age, becomes permanently disabled, or dies, the first day of the month after the end of his employment
whichever occurs first, be, or his beneficiary or beneficiaries, agreement, if Employee continues in the employ of the Employer
nominee or estate is/are entitled to receive payment in the Deferred
after he attains the designated age, or likewise following permanent
Compensation Account outstanding on the date on which one of disability, or death; and, in the case of installment payments, shall
the foregoing occurs. Payments occasioned by the Employee having be made continuously thereafter on the first day of each succeeding
reached the designated age, becoming permanently disabled, or by month, or, in the event quarterly, semi-annual, or annual payment
his death shall be made in accordance with the provisions of installment periods are applied, then continuously thereafter on the
Paragraph 7 hereof as follows: first day of each succeeding month which begins the time period
a. Payments in monthly, quarterly, semi-annual, or annual (quarterly, etc.) involved until such time as the Deferred
payments over the period of life expectancy of the Employee in Compensation Account is depleted in its entirety.
accordance with the following procedure:
10, Disbursing Agent. The Retirement Corporation shall act as
Upon reaching the designated age, or becomln9 permanently
agent of the Employer for purposes of disbursing payments. The
disabled from permanent full-time employment, whichever ultimate obligation for making such payments, however, shall
first occurs, the Employee's life expectancy shall be remain with the Employer,
determined by reference to Standard U.S. Mortality Tables:
the amounts of assets and accumulations in the Deferred 11. Accumulation During the Distribution Period. During the
Compensation Account shall be computed together with a period of distribution, the Employee or his beneficiary or
reasonable rate of return on said assets, less the amount of beneficiaries, nominee or estate, as the case may be, shag continue
expected monthly distribution, over the life expectancy of to be credited with all the interest, accumulations, and increments
the Employee; and a monthly amount shall then be on the undistributed funds and assets in the Deferred Compensation
mathematically determined, the payment of which, in equal Account, until such Account is depleted in its entirety.
monthly installments over the period of the llfe expectancy 12. Section 1, Termination of Employment. Upon termination of
of the Employee, shall completely deplete the said Account the Employee's services, for any reason other than death, the funds,
at the end of the last year of life expectancy; or assets, and accumulations in the Deferred Compensation Account
b. Payments in monthly, quarterly, semi-annual, or annual shag not be transferred to an account with a new employer of the
payments in accordance with the following procedure: Employee, and, instead, they shall remain in the original Account as
assets of the old Employer until such time as they are distributed in
Unless the Employee's employment terminates prior to the
accordance with the provisions of this Plan, except as provided in
time he attains the designated age, amounts equal to the
Section 2 of this Paragraph.
benefits received by the Employer, under retirement annuity
policies, shall be paid to the Employee, at such time as he Section 2. Transfer of Employment with Consideration Between
attains the designated age; or, in the case of death, payment Employers--Tripartite Agreement.
to his beneficiary or beneficiaries, nominee or estate pursuant In the event the Employee accepts employment with a new employer
to the procedures provided in said policies and Paragraphs 7 participating in the ICMA-RC Deferred Compensation Plan, then, if
and 8 of this Ran; or the past Employer finds that it has no present or future need of the
c. Payments in monthly, quarterly, semi-~nnual, or annual funds, assets, and accumulations in the said Account for the
installments over a period of not exceeding ten (10) years, said payment of its general creditors or for any other purpose
payments to include a reasonable return on the funds, assets and whatsoever, in consideration of its desire to avoid the continuing
accumuEations in the Deferred Compensation Account, less the expense of maintaining records, and receiving, examining, verifying
amount of expected monthly, quarterly, semi-annual, or annual and filing annual reports of the Retirement Corporation, and in
distribution, over the said ten (10) year period; or consideration of avoiding the possible future exposes of litigation of
Employee's continuing contractual rights to payment of deferred
d. One lump sum payment. compensation on his retirement as herein provided in the event of
7. Selection of Method of Payment. The method of payment shall any possible future revocation and withdrawal by the past Employer
be selected by the Employer, acting through the Retirement of the funds, assets, and accumulations in the said Account, the pest
money or to inquire into the validity, expediency, or ARTICLE II1. For Protection of Trustee.
propriety of any such sale or other disposition. Section 3.1. Evidence of Action by Employer. The Trustee may
(c) To vote upon any stocks, bonds, or other securities; to rely upon any certificate, notice or direction purporting to have
give general or speciat proxies or powers of attorney with or been signed on behalf of the Employer which the Trustee believes to
without power of substitution; to exercise any conversion have been signed by a duly designated official of the Employer. No
privileges, subscription rights, or other options, and to make communication shall be binding upon any of the Trust Funds or
any payments incldental thereto; to oppose, or to consent to, Trustee until they are received by the Trustee.
or otherwise participate in, corporate reorganizations or Section 3.2. Advice of Counsel. The Trustee may consult with
other changes affecting corporate securities, and to delegate
any legal counsel with respect to the construction of this
discretionary powers, and to pay any assessments or charges Agreement, its duties hereunder, or any act, which it proposes to
in connection therewith; and ganeragy to exercise any of the take or omit, and shall not be liable for any action taken or omitted
powers of an owner with respect to stocks, bonds, securities in good faith pursuant to such advice.
or other property held as part of the Trust Funds.
Section 3.3. Misceganeous. The Trustee shall use ordinary care
(d) To cause any securities or other property held as part of
and reasonable dibgence, but shall not be liable for any mistake of
the Trust Funds to be registered in its own name, and to hold judgment or other action taken in good faith. The Trustee shall not
any investments in bearer form, but the books and records of
be liable for any loss sustained by the Trust Funds by reason of any
the Trustee shall at all times show that all such investments
investment made in good faith and in accordance With the
are a part of the Trust Funds.
provisions of this Agreement.
(e) To borrow or raise money for the purpose of the Trust in The Trustee's duties and obligations shall be limited to those
such amount, and upon such terms and conditions, as the expressly imposed upon it by this agreement, notwithstanding any
Trustee shall deem advisable; and, for any sum so borrowed, reference of the Plan.
to issue its promissory note as Trustee, and to secure the
repayment thereof by pledging all, or any part, of the Trust ARTICLE IV. Taxes, Expenses and Compensation of Trustee.
Funds. No person lending money to the Trustee shall be Section 4.1 Taxes. The Trustee shall deduct from and charge
bound to see the application of the money lent or to inquire against the Trust Funds any taxes on the Trust Funds or the income
into its validity, expediency or propriety of any such thereof or which the Trustee is required to pay with respect to the
borrowing. interest of any person therein,
(f) To keep such portion of the Trust Funds in cash or cash Section 4.2, Expenses, The Trustee shall deduct from any
balances as the Trustee, from time to time, may deem to be charge against the Trust funds all reasonable expenses incurred by
in the best interests of the Trust created hereby, without the Trustee in the administration of the Trust Funds, including
liability for interest thereon. counsel, agency and other necessary fees.
(g) To accept and retain for such time as it may deem ARTICLE V. Settlement of Accounts The trustee shall
advisable any securities or other property received or keep accurate and detailed accounts of all investments, receipts,
acquired bV it as Trustee hereunder, whether or not such disbursements, and other transactions hereunder.
securities or other property would normagy be purchased as Within 90 days after the close of each fiscal year, the Trustee
investments hereunder, shall render in duplicate to the Employer an account of its acts and
(h) To make, execute, acknowledge, and deliver any and all transactions as Trustee hereunder. If any part of the Trust Fund
documents of transfer and conveyance and any and eli other shall be invested through the medium of any common, collective or
instruments that may be necessary or appropriate to carry cornmingled Trust Funds, the last annual report of such Trust Funds
out the powers heroin granted. shall be submitted with and incorporated in the account.
(i) TO settle, compromise, or submit to arbitration any If within 90 days after the mailing of the account or any
claims, debts, or darnages due or owing to or from the Trust amended account the Employer has not filed with the Trustee
Funds; to commence or defend suits or legal or notice of any objection to any act or transaction of the Trustee, the
administrative proceedings; and to represent the Trust Funds account or amended account shall become an account stated. If any
in all suits and legal and administrative proceedings. 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
(j) To do all such acts, take all such proceedings, and
satisfaction, the Employer shall in writing filed with the Trustee
exercise all such rights and privileges, although not signify approval of the account and it shall become an account
specifically mentioned heroin, as the Trustee may deem
stated.
necessary to administer the Trust Funds and to carry out the
purposes of this Trust. When an account becomes an account stated, such account shall
SectiOn 2,3. Distributions from the Trust Funds. The Employer be finally settled, and the Trustee shall be completely discharged
hereby appoints the Trustee as its agent for purposes of selecting the and released, as if such account had been settled and allowed by a
method by which distributions from the Trust Funds are to be judgment or decree of a court of competent jurisdiction in an action
made, as well as for purposes of making such distributions. In this or proceeding in which the Trustee and the Employer were parties.
regard the terms and conditions set forth in the Agreements to be The Trustee shall have the right to apply at any time to a court
executed between the Employer and its Employees, and any of competent jurisdiction for the judicial settlement of its account.
subsequent modifications thereof, are to guide and control the
ARTICLE VI. Resignation and Removal of Trustee.
Trustee's power.
Section 6.1. Resignation of Trustee. The Trustee may resign at
Section 2.4. Valuation of Trust Funds. At least once a year as of
Valuation Dates designated by the Trustees, the Trustee shall any ,time by filing with the Employer its written resignation. Such
determine the value of the Trust Funds. Assets of the Trust Funds resignation shall take effect 60 days from the date of such filing and
shall be valued at their market values at the close of business on the upon appointment of a successor pursuant to Section 6.3, whichever
shall first occur.
Valuation Date, or, in the absence of readily ascertalnable market
values as the Trustee shall determine, in accordance with methods Section 6.2. Removal of Trustee. The Employer may remove
consistently followed and uniformlV applied, the Trustee at any time by delivering to the Trustee a written notice
of its removal and an appointment of a successor pursuant to revocation of this Trust, all of the assets thereof shall return to and
Section 6.3. Such removal shall not take effect prior to 60 days revert to the Employer. Termination of this Trust shall not,
from such delivery unless the Trustee agrees to an earlier effective however, relieve the Employer of the Employer's continuing
date. obrigation to pay deferred compensation upon the applicable
Section 6.3. Appointment of Successor Trustee. The distribution date to any and/or each Employee with whom the
appointment of a successor to the Trustee shall take effect upon the Employer has entered into a Deferred Compensation Employment
delivery to the Trustee (a) an instrument in writing executed by the Agreement.
Employer appointing such successor, and exonerating such successor Section 7.2. Amendment. The Employer shall have the right to
from liability for the acts and omissions of its predecessor, and (b) amend this Agreement in whole and in part but only with the
an acceptance in writing, executed by such successor. Trustee's written consent. Any such amendment shall become
effective upon (a) delivery to the Trustee of a written instrument of
All of the provisions set forth herein with respect to the Trustee
shall relate to each successor with the same force and effect as if amendment, and (b) the endorsement by the Trustee on such
such successor had been originally named as Trustee hereunder. instrument of its consent thereto.
ARTICLE VIII. Miscellaneous.
If a successor is not appointed within 60 days after the Trustee
gives notice of its resignation pursuant to Section 6.1, the Trustee Section 8.1. Laws of the State of Delaware to Govern. This
may apply to any court of competent jurisdiction for appointment agreement and the Trust hereby created shall be construed and
of a successor. regulated by the laws of the State of Delaware.
Section 6.4 Transfer of Funds to Successor, Upon the Section 8.2. Successor Employers. The term "Employer" shall
resignation or removal of the Trustee and appol ntment of a include any person who succeeds the Employer and who adopts the
successor, and after the final account of the Trustee has been Deferred Compensation Plan of the Retirement Corporation and
properly settled, the Trustee shall transfer and deliver any of the becomes a party to this agreement with the consent of the Trustee.
Trust Funds involved to such successor. Section 8.3. Withdrawals. The Employer may, at any time, and
ARTICLE VII. Duration and Revocation of Trust Agreement. from time to time, withdraw a portion or all of the Trust Funds
created by this Agreement and related Deferred Compensation
Section 7.1. Duration and Revocation. This Trust shall continue
for such time as may be necessary to accomplish the purpose for Employment Agreements.
which it was created but may be terminated or revoked at any time Section 8.4. Definitions. Definitions in the By-Laws of terms,
by the Employer as it relates to any and/or all related participating phrases, etc,, used herein apply to the same herein. The masculine
Employees. Written notice of such termination or revocation shall includes the feminine and the singular includes the plural unless the
be given to the Trustee by the Employer. Upon termination or context requires another meaning.