Agenda - 12-07-2009 - 4g - Laserfiche WebLink

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14 DECLARATION OF TRUST This Declaration of Taut (the "Group Trust Agreement") is made as of the I 9th day of May, 2001, by Vant<•tge I'rusr Company, which declares itself to be the sole Trustee of the trust hereby created. WHEREAS, the ICMA Retirement Trust was created as a vehicle far the canmingling of die assets of governmental plans and governmental units described in Section 818(a)(6) of the Liternal Revenue Code of 1986, as amended, pursuant to a Declaration ofTrusrdated October 4, 1982, as subsequently amended, a cop}~ of which is attached hereto and incorporated by reference as set out below (the "ICMA Declaration"); and WHEREAS, the trust created hereunder (the "Group Trttst") is intended to meet the requirements of Revenue Ruling 81- 100, 1981-1 C.B. 326, and is established as a common trust fund witlzitt the meaning of Section 391:1 of Title 35 of the Ne~v Hampshire Revised Statutes Annotated, to accept and hold for im~estment pttxposes the assets of the Deferred Compensation and Qualified Plans held by and through the ICMA Retirement Trust. 1~IOW, THEREFORE, the Group Trust is created by the execution of this Dectar:ttion of Trust by the Trustee and is established with respect to each Deferred Compensation and Qualified Plan by the transfer to the Trustee of such Plan's assets in the ICMA Retiretnent'I'rust, b}~ the'Trustees thereof, in accord with the following provisions: (a) Luorporation afIC1bIA Declaratio~t by Reference; ICMA By-Latus. Excepc as otherwise provided in this Group Trust Agreement, and to the extent not inconsistent herewith, all provisions of the ICMA Declaration are incorporated herein by reference and made a part hereof, to be read by substituting the Group Trust for the Retirement Trusc and the Trustee for the Board ofTrustces referenced therein. In this respect, unless the context clearly indicates otherwise, al[ capitalized terms used herein and defined in the ICMA Declaration Dave the meanings assigned to them in the ICMA Declaration. In addition, the By-Laws of the ICMA Retirement `Trust, as the same ma}• be amended from time-to-time, are adopted as the By-Laws of the Group Trust to the extent not inconsistent with the terms of this Group'Iiust Agreement. Notwithstanding the foregoing, the terms of the ICMA Declaration and By-Laws art further modi$ed with respect to the Group'Icust created hereunder, as follows: I . any reporting, distribution, or other obligation of the Group Trust vis-'a-vis any Deferred Compensation Plan, Qualified Plan, Public Employer, Public Employer Trustee, or Employer Trust shall be deemed satisfied to the extent that such obligation is undertaken by the ICMA Retirement 'trust (in which case the obligation of the Group'I'rust shall run to the ICMA Retirement Trust); and 2. all provisions dealing with- the number, qualification, election, term and nomination ofTrustees shall nor appl}; and all other provisions relating to trustees (including, but not limited ro, resignation and removal) shall be interpreted in a manner consistent with the appointment of a single corporate trustee. (b) Complia~ree with Revenue Procedure 81-100. The requirements of Revenue Procedure 81-100 are applicable to t}te Group Trust as follotivs: 1. Pursuant to the terms of this Group Trttst Agreement and Article X of the By-Laws, investment in the Group Trust is limited to assets of Deferred Compensation and Qualified Plans, investing through the ICAdA Retirement Trust. 2. Pursuant to the By-Laws, the Group Trust is adopted as a part of each Qualified Plan char im~ests herein through the ICI\-fA Retirement'1'rust. 3. In accord with the By-Laws, that part of the Group Trust's corpus or income which equitabl}~ belongs to any Deferred Compensation and Qualified Plan may not be used for or diverted to any purposes other than for the exclusive benefit of the Plan's employees or their beneficiaries who are entitled to benefits under such Plan.