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Home My WebLink About1988-04-26; City Council; Resolution 88-136* 1. I/ 0 0 1 2 RESOLUTION NO. 88-136 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, EXECUTING THE DECLARATION OF TRUST OF THE ICPL4 RETIREMENT TRUST 3 WHEREAS, the establishment of a deferred compensation plan for s 4 WHEREAS, the City has employees rendering valuable services; and 5 8 personnel management system, and by assisting in the attraction and re 7 retirement security for its employees, by providing increased flexibil 6 employees serves the interests of the City by enabling it to provide r competent personnel; and 9 WHEREAS, the City has determined that the continued provision of lo 12 Retirement Corporation serves the above objectives: and l1 deferred compensation plan to all City employees administered by the I WHEREAS, the City desires that the investment of funds held unde l3 deferred compensation plan be administered by the ICMA Retirement Corpl l4 and that such funds be held by the ICMA Retirement Trust, a trust esta' l5 public employers for the collective investment of funds held under the 16 deferred compensation plans and money purchase retirement plans; 17 18 19 20 21 22 23 24 1 I NOW, THEREFORE, BE IT RESOLVED that the City of Carlsbad hereby the Declaration of Trust of the ICMA Retirement Trust, attached hereto Exhibit A. BE IT FURTHER RESOLVED that the Finance Director shall be the cot for this program and shall receive necessary reports, notices, etc. frl ICMA Retirement Corporation or the ICMA Retirement Trust, and shall ca' I I ~ :: 25 /I 26 ll Z7 I // 28 “.I L I.) rn m. 1 duties to carry out the plan may be assigned to the appropriate depart 2 behalf of the Employer, any required votes under the program. Adminis 3 PASSED, APPROVED AND ADOPTED, at a regular meeting of the City C April 4 vote, to wit: 5 the City of Carlsbad, California, held on the 26th day of h988 by the 6 7 AYES : Council Members Lewis, Kulchin, Mamaux, Larson NOES : * /I ABSENT: Council Member Pettine 9 10 11 12 13 ATTEST : I-4 &&UTEi~$,-) 15 l6 (SEAL) 17 18 19 I1 20 21 22 23 11 24 25 26 27 28 -"""" II . c. 0: ;. ,' c DECLARATION OF TRUST OF ICMA RETIREMENT TRUST ARTtUE 1. NAME AND DEFINITIONS c%ctbl.l)Irm: TheNamedtheTiu~asamendedandrestatedhereby. is the CMA Retrrement Trust. Ssctbn 1.2 Doflnltlonr: Wherever they are used herein, the tdlming terms &dl have the ldlchvirlg respective meanings: (a) By-Laws. The By-Laws fefe~ecl to in Se31on 4.1 hered, as amended from timetotime @) ~elemd compensation plan. A deferred Canpwatim plan established and maintained by a Public Employer for the purpose d prwiding retire ment incane and other deferred benefits to its emplqw?~ in accordance with the provisions d section 457 d the lntemal Rmnue Code d 1954. ass. (c) Employees. Those employees who pampate in Oualied Plans. (d) Employer Trust. A trust created pursuant to an agreement batween RC and a Public Empluyer for the purpose d investing and administering the funds sel aside by such Employer in connection with its Deferred Cornpen- satiorieareemerdswithibemdweesorincaulecti~withitsOualied~n. (0) Retirsmen! Trust. The Trusi created by this Dedaration 1 @) Trust Property. The amounts held in the Retirement Trust e Employers in connection with Deferred Compensation Plan! Public Employer Trustees fw the sedusive be" of Employc tied Plans The Trusi Property shall indude any income res ment d the amounts so held. (q) Trustees The Public Employee Trustees and CMAlRC 7 Public Employers to sarye as members d the Board d Tius TNSt. ARTICLE II. CREATION AND PURPOSE OF THE TF OF TRUST PROPERPl Section 2.1 Cnrtlon: The Retirement Tiust is create the execution d this Dederation d Trust & the Tru Employes Section 2.2 Purpose: The purpose d the Retiremem the commingled inwstment d funds held by the Public tion with their Deferred Compensation and OuJified - (e) Guaranteed lnvastrnent Contract. A contra entered into by the Retire ment Trust mth insurance companies that provides for a guaranteed rate d return on investments made pursuant to suh contract. (f) CMA. The International City Management AEMcation. (a) ICMAlRC kustees. ltwe Trustees dected by the Public Emplcyerr ha, m accordance wrth the provisions d Seaion 3.1(a) hered, are also mem- bers d the Board d Dtrectors d ICMA or RC. .- erty shall be invested in the Porffdios in Guaranteed and in dher iwstments recommended b the 1- supewsimdtheBaarddkLsreesNopartdthe'lrustI in securities issued by Public Employers. 8.ctron 2.3 Ownenhip of Rust Property: The Tr We to me Trusr Property. The Public Employers shall b d the portion d the Trust Property allocable to the 0 Plans. ???e oortion d the TM ProDertv Jlocable to tt Q Investment Adviser. The ImesVnent Adviser that enters into a contract with the Retirement Trust to prwide advice with respect to itwestmerit d the 'kust Propany. (i) portldios. The Portfdios d iMestments established b the Investment Mviser to the Retirement Trust. under the supervision d the Tntstees fw the purpose d prwiding invesonem for the Trust Property. Mo. in accordance with the prDvision6 d Sectim.3.1(a) hered, are MCtime anplovbes d Public Employers (k) Public Employer Tiu~ees. Public Employers who serve as trusteas d IhsouMedPlans O,~cEmpioyerAunitd~tearlocal~nment,0rany~ncyw bstrumentalrty thered. that has adopted a Deferred Cornpsmatim Plan or Qualined Plen and has executed this Dedaration d Trust. QPUtiicEmployeeliUsteesThosekustees€!kd3dby~PukEmployws be held fo; the Public Emplcyar'Tru&es lor the e EmPW= AmaE 111. TRUSTEES Section 3.1 Number and Qurlifiutim 0t Tnrr (a) The Board of Trusiees shall consist of nine Truste shall be full-time employees of a Public Employer Trusrees) who are authorized by such Public Emplo The remaining four Trust- shall consist of two per: dection to the Board Ot Trustees, are members d tt CMA and two perrons who. st the time d election. or dDiredorsdRC(the!CMmTwSees) Onedthel d ICMA, and one of the TNS- who k a diratot ' d election. be full-time arpploybes ol a Publc Emp (m) Wi Plan. A plan sportsored by a Public Employer foc the purpose d mcwidtna retirmrl income to its emdovees vrhih sat~sfies the qualifi- @)NopersonmayserveasaTnnteefocmaethanI period. Gion rsq;iremenls d Section 4Ol d & Internal Rcrv~u~e coda, as Section 3.2 u.ctlon and 1cm. (a) Excepl tor the Trustees appointed to (ill vecandg (n) RC. The International Ci Management haciatjon Retirement Corpo hecad. the Trust% shall be elected by a vde d 1 anecded. rabon. Employers in lccordance WWI the procedum W &b)Ntb&~d""~.O.Atr..m, dhrmysrrr.(hrsohrsrees~bedededforatsnnd~~rsand~ c ~eesthd;beblsaed(wr~dooe~r.A(sacharbsequMdsction. Ihres'tuslsarWkObC&d&.(srmdlhrseybarrMduntilhirOfhu suxamori~and~. g.ctlon3.3~rutfonr: Ths'hrsleeswhomhll-W-dPublic Empkyerr3ullesrvsutheNaninrtingCanmineebcthePubicEmployss hrrreesmrNorrardi~~ohd"&pubLc~ ~inrx;adurcswahthe~f6S8@tstiflinBBy.Lmr &ctlon s.4 Rqpuuon and RMwnt. . CI)Aryharesmyrsc;gnas~(withar(need&priuuwbasquent amwtmg) by an hdrumen( in miting signed by the kuslec and delcwred ~Iheo(halu&esudsuchmsgnation~ksr(ectiwupontuchddiwry, arrla~ddtwrcadingtothetsnnsdthei~nrmsnl.Anydthe~~ mybenmaad&causebyavotedrMpritydthePubkcEmploynr @)E.chPublicEmploreekusteebhsnresignhisaherposition.E'kustse ~rudyCbySdihcdatemntxhheaEheceasesbberfurbme~ daPuW~. S.ction35Hund.r: Thehnmddfiadafuttee~(srminateud a mcancy shall occur in the emn! d the death, resignation. mrncwd. adjudi- ~edlncanpetencaor~incapachytoperfocmtheduliesdthealficed ~luotsaInthccasedavacancy.thcremainingkusteesshellappant~ ~as~in~r~~r~i~~~~(~~totheli~ti~~~ m~sSection).b~fortheunexpiredportiondthetermdthe'Tnrstee wlho has resigned or dherwise ceased to be a Trustee. The appoinbnerd rhall bemadebyawrineninstrumentsignedbyamapritydtheTrustees.Thaper- son .ppointed must be the same type d Trustee (is.. Public EWqe liu& IsealCMAlRCPudee)asthtpeMnwhohescaasedtobeaTNstesAn lppointmentdrhusteemeybemadeinantici~onda~cancyto~r 1sMwdaebyrsanndretiremen(aresignabon,prcwidedthatsuchapparC ~~nUbecanetltectivepnortoarchretiremerPorresignation.Whan (Ner a vacancy in the number d kusees shall occur. until ouch vacancy is mtdatprwldedinthis~on35,theTrusteesincffice,rdlessdtheir number, shall have all the povrers granted to the Trustees and shall discharge dl the duhes imposcd upon thc Trustees by this Dedaratlon. A men instru- menlcertrtylngthegtistencedwchvacancydgnedbyamapritydthe Emtees mall be condu~ve svidence d the existence d nuch vacancy. &don 3.6 Ihlstees Serve in Rcprrsentatfw Capacity: By Qgartiw Uxs Dedadon. each Publc Ern- agreesthfd the Publc Emp(o,ee %ustees dsded by the Public Employers are authorized to ad as agents and mpr&ert tabves d tht Public Em@- cdtecbvely. WrICLE N. POWERS OF TRUSTEES s.ctloc\ 4.1 G.lunl Powen: The kustees shan have the pGwer to condvct ttebua~dh~andbcmymk~~~~~ MthslIno(belimkedto.thepouterto: (a) rsceive the hs! Property from the Public Empkyzs Public Emprcyer hrstees of dher 'ku~lee d aty Employer Trust; @) enter in(0 a cartract wm-I an lnresbnent Pdvser PrOJid~ng. anwq dher things. for thc establshment and operation d the FWoiim dection d the GuaranbeedI~ntCon(rackin&nchthehrstRopertymaybei~ed. .ebcbond#?erimemeMs&hluaProQeRyMdthepaymmdre=a-t& bk fees to the lrrrastment Pdviser and to any sub-immstment adviser rslained bythe"; (c)twimuvudlyIheperfomrsncedtheI~nlMviserand~ Mnudly the cadrrrct with m~31 lnvestmerrl Mwser; (d)irrerr.rd~iheM~in~heihetheGuararteedIrterasl ~dinany&eri~~bfJwl"mx hrtIV24rdudng~iavledbyRrbkcEmpbyUfSpwdedUMtiiaWic Employer has directed that its nwnies be i&ed in specified poctldios or haGwranteedIrruesbnemConlract.theku?ileesdtheRs(l~hstrhan invsst wch moclias in r;cordance with 8uch bruztjons; (0)ksepuch~dttK~Progertyincasha~balances.sthe ~.tran6metotimc,~deemlobeintht~.in(srestdtheRetire- menl M m hereby, wmwt btntty kr i" ttms~n; owaptandretain4 .timeasthsynyrdeemam ~orolherptPpertyreceivedoracquiredbythemasku ruhethecandouchsscuwaolherpropectywarldKnru .rirweslmentth.rrunder; @)causearysauritjesor&erpropsrtyhdd.spartdt bbereOisteredinthe~dthcRecir~kurlocInthc nqandtohddanyi~inbearerbrm,bulthck dlheh~lhdlatJItimcrslhawUu!d~irws+m meJ'TiratRopsrty; (h)makCcrmculerknozAedgZMdddiwanyandattcb bc.ndcwNeyancsrnd.nyandJIUherinrtrumentstMn orrpptopridetDurryoulthe~heraingnrmed; @"~"~",*~ QpCWXSd~wm-IorwithaRpUWdCUbaltuti0rl.I mon privJeges, ~ubscrip(ion right& Q ather o@ionh an mnls inddenllli hereto; oppose a cement ta Q 0ttmw corporcltereorganizatiordherchsngesetfectiqaqm n&tion therewith; and generally exercise any d the pcmen rsspsatortockbondt.rscufittesocdherpropertyhddr Qenterin(ocontnrctsoramngementstor~sorrervice Won with the operation d the Retirement Tmst. indudin (a contracts with custodians and Cwffrack for the prwisiw arviccs; (k)~~raisemoneyforthepurposesdtheRetirw mnt.anduponDueh~and~asthchrstees able prcrnded that the aggregate amour# d such bwrwing 309bdtheveluedtheWRoperty.NoperronMn;)moc rhallkbarndtoseetheIpplicationdthemmoneybnta vdidlty, ~tpediency or pcopricty d any such bonanng; (l) incur masonable mpem as required for the operalion lius and deduct mcf~ expenses from the T~LISI Ptopeny; (m) psy expenses pcopedy allocable to Ihs Tnat Property in !ion wrth the Deferred Canpensetron phns. Mitied Pbns 'Trustsanddeduclsuchexpensesfromthafpomondthe whom wch expenses are properly .Ilocsble; ' (n) pay aR d the hust Properly all real and penonal prope taxesanddhertaxesdanyandattkinds~h,inmeoptil &-e~levied,orassessedunderQostjngorfutUfehmr d.thekus(Propertyendsllocateanysuchaxestameappl (0) adopt. wnd and repeal the By". prwided that s rl all times consistent mth the terms d this Dschratlon d @) amploy perxms to make available interests in thc Rc anployen eligible to maintain a Deferred Compensation PI 457orrOwlifiedPhnunder~401dthclnternalR amended; (q)iswetheAnnualReportdtheRetirsmentkus(.andthe men?s and dher lilerature used by the Retirement liust. (r) make loem inddng thc plrchav d dsM obllgatlwts. such bans shall bear ir&eresl at the current market rate; (s) contrect lor, and delegale any po*ers granted hereunde ~anployeasaudmsandatromsysas~'Tnrsleesma lhatthekusteesmayncUde(egatethepumrssetkrthinp ud (0) d this Mion 4.1 and may nU Wegate any pcw a mid We thsir fiduciary dubus; (I)prwldekrtheindsmrrificationdttedkesandhrstees h#c and pufchase fiduciary imumnw; (u) mu'ntain bodQ and records. imlud~ng apamte mn Emplcysr. Publc Emwr hsbe or Etn@qm hnr ad su rmtc accatnk as are required under, and consistent with. U penratmorOwl6edPhndmchRrbkEmployar;ad (v)do.IIwch~,takcalltuch~ngs,andocsrci mdpnvdeges.rrmoughnd3peaMlymenbonedherein.r dsem necessary or appmpriate to .drmnster the 'iiust prOr out the purpoces d the Retiremen! Trust. ddegale 5tacretionary puten, and pay rry assessmorns c -; !kqkm41”othnt~rty: ’-. 6gsdtheFJstRop k-tYWbsmadettaorm~d*thePublic@~ erwhPublicE~ : .’ %uste&‘inKwnhncewiththeten-rsdtheDalened’Compenredjon~ .. QuelifiedP(VguEmplayer%uu&lheTrusteesdtheRe(irmentkustdrdl behdypro(eaedinmaki~paymmtsinaccorde~withthedirectiorrd bstsw)thartascsrtainingwh&mrsuchpeymerffsareincanplinmwiththb pmhsicmdtheDesrredCapensabonaOudiPlens,atheagreemenls he~~PublicEmpb/er’TiuSeasa~Trusteedthe~ creetinoIh.Employer- 8.ttkn 4.3 Eaeutlon of I~rumontr: fhe TNgteas may unanimousty desig~uyooeamoredthe’Tiusteestaexecuteanyinstrumentor~ . men(oobshanddl.indudin~butnotlimitedta~~ningorendorsemenl danychedcandthesig~ngdanyappkcatronfinsuranceand~r#KI. treds,mdIheddsuchdesipMted’lntsteaffkusteesshallhaMthe samebrwandenedasifbtakenbydltheTiustees ARTICLE V. MlTy OF CARE AND LIABILITY OF TRUSTEES s.af~n 5.1 Duty of Can: In exercising fhe pwers hereinbefore granted to the Trustees the Trustees shall perform all acts within their authority for tha ardusivs purpwa d pmidtng benefits for the Public Emom in connrc- (ion mth Deferred CaTlpensation Plans and Public Emplqer ’liusees prrsusnt to Odi Plans. and shall perform suct~ acts with the care. skill. prudence and diligence in the drcumsbnces men prevailing that a prudenl person act- ing in a like capacity and familiar mth such matters would uw in the conduct d an enterprise d a like character and with like aims Seetion 5.2 Wlfty: The Trustees sMI nd be liable for any mistake dm ment or Uher action taken in good faiih. and for any action taken or omitted inra(ianceinOoodfant,uponthebooksdaccounlorctherrecordsdthe Retiremen! Trust, upon the opinion d counsel. or upon reports made to the Retirvnt lust by any dits dticers. mpl~ or agents or by the ImeS- menl Adviser M any subinvestmenl adviser, accountants, appraisers or dher experts 01 consultants selected * reasonable care by the Trustees, dfcers or emplcyees ol the Retlrement Trust. The Trustees shall also no^ be liable for any loss sustained by the Trust Property ky reason d any itwestmen( made ingmdBithandinlrmdancevcrththestandardd~set~inSecbon51. section 5.3 Bond: No Trustee shall be 0bligated.to give any bond or dher security lor the performance d any d his or her dutii hereunder. ARTICLE VI. ANN3 3RT TO SHAREHOLDERS The’iiusteesshafta wbmiltothePublcEmplcywsa Tvsleesawi!imrapatd~tkttra~.drheRetirementP ~ial statements.wtuch SI& be e by indepe- publ, mbjthskustees ARTICLE VII. DURATION OR AMENDMENT OF RETI 8Mlon 7.1 Wlthdnwil: A Pubk EmproySr or Public En a any ~rw~ withdraw from *IS Retiremenl Tius by ddiver hstees a mitten smernenl d withdrawal. In ruch s!a Employer or Public Employer Trustee Bhall ackncmledge ~ ertyallocabletothePuthcEmployerisden’vedfromm tyempluyee~druchPuMlcEmplqcsrpnsuanttoitsDc tion Plan or from cocrtributions lo the accounts d Emp4o QualiPhn.andshdldesgnebeIhefinandeiinsMLltiontor Dhall be tranderred by the hdees d the Retiremanl Tru! d the Employer liust. S.arOn 7.2 DUM: The Retirement hst shall continl bythewledamepntydthePublicEmployen.eachca~ brmination. dl d tha Trust Property shall be paid ovl to the Public Emplorer hfflees or the Tntsws d the Employw Tru S.ctlonf.3Amsndnwnt TheRetirament’kustmaybean d a map* d the Public Employers, each casting one s.ctlon 7.4 hcdur8: A resdution to terminate or anx ’iiustwtorem~aTrusteesMtbewbmittedtoaM(edttr if: (i) a majority d the Trustees so direct, or: (ii) a petruon signed by nd less than 25% d the Public Employers is 3usIees ARTICLE VII. YtSCELLANEOUS Seclion 8.1 Oovbmlng h: Except as otherwise require law, this Declaration of Trust and the Reltrement Trust hereb construed and regulated by the laws d the Ihstricr d Co Section 8.2 Counterpart.: This Declaration may be exec’ Empluyers and Trustees in hu~ or more counterparts, each deemedanoriginalbutalldwhichtogethersMIconstitute~ instrument. ** Approved E City Council, on 4/26/88