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Home My WebLink AboutR-88-41RESOLUTION NO. R-88-41 A RESOLUTION OF THE CITY OF SEBASTIAN, FLORIDA, ESTABLISH- ING A DEFERRED COMPENSATION PLAN TO BE ADMINISTERED BY THE ICMA RETIREMENT CORPORATION AND APPOINTING THE FINANCE DIRECTOR AS COORDINATOR OF THE PROGRAM. WHEREAS, the City of Sebastian, Florida, has employees rendering valuable, services; and WHEREAS; the establishment of a deferred compensation plan for such employees serves the interests of the City of Sebastian, Florida, by enabling it to provide reasonable retirement security for its employees, by providing increased flexibility in its personnel management system, and by assisting in the attraction of competent personnel; and WHEREAS, the City of Sebastian has determined that the establishment of a deferred compensation plan to be administered by the iCMA Retirement Corporation serves the above objectives; and WHEREAS, the City of Sebastian, Florida, desires that the investment of funds held under its deferred compensation plan be administered by ICMA Retirement Corporation, and that such funds be held by the ICMA Retirement Trust, a trust established by public employers for the collective investment of funds held under their deferred compensation plans and money purchase retirement plans; NOW THEREFORE, BE IT RESOLVED, that the City of Sebastian, Florida, hereby adopts the deferred compensation plan attached hereto and appoints the iCMA Retirement Corporation to serve as Administrator thereunder; and BE IT FURTHER RESOLVED that the City of Sebastian, Florida, hereby executes the Declaration of Trust of the iCMA Retirement Trust, attached hereto as Appendix B. BE IT FURTHER RESOLVED that the Director of Finance shall be the coordinator for this program and shall receive necessary reports, notices, etc. from the ICMA Retirement Corporation or the ICMA Retirement Trust, and shall cast, on behalf of the City of Sebastian, any required votes under the program. Administra- tive duties to carry out the plan may be assigned to the appropri- departments. "-"This Resolution shall become effective upon final passage. by: Richard B. Votapka, Mayor ATTE ST: Kath~y~M. 'O'~'~llor~h; C~C/XAE City Clerk I HEREBY CERTIFY that the foregoing resolution was duly passed and adopted by the City Council of the ~ity of Sebastian, Florida, at a regular meeting on the~day of /99~4, , Kathr~ N.' 0 Hail0r~n, CMC/AAE City Clerk RESOLUTION NO. R-88-41 A RESOLUTION OF THE CITY OF SEBASTIAN, FLORIDA, ESTABLISH- ING A DEFERRED COMPENSATION PLAN TO BE ADMINISTERED BY THE ICMA RETIREMENT CORPORATION AND APPOINTING THE FINANCE DIRECTOR AS COORDINATOR OF THE PROGRAM. WHEREAS, the City of Sebastian, Florida, has employees rendering valuable services; and WHEREAS; the establishment of a deferred compensation plan for such employees serves the interests of the City of Sebastian, Florida, by enabling it to provide reasonable retirement security for its employees, by providing increased flexibility in its personnel management system, and by assisting in the attraction of competent personnel; and WHEREAS, the City of Sebastian has determined that the establishment of a deferred compensation plan to be administered by the ICMA Retirement Corporation serves the above objectives; and WHEREAS, the City of Sebastian, Florida, desires that the investment of funds held under its deferred compensation plan be administered by ICMA Retirement Corporation, and that such funds be held by the ICMA Retirement Trust, a trust established by public employers for the collective investment of funds held under their deferred compensation plans and money purchase retirement plans; NOW THEREFORE, BE IT RESOLVED, that the City of Sebastian, Florida, hereby adopts the deferred compensation plan attached hereto and appoints the ICMA Retirement Corporation to serve as Administrator thereunder; and BE IT FURTHER RESOLVED that the City of Sebastian, Florida, hereby executes the Declaration of Trust of the ICMA Retirement Trust, attached hereto as Appendix B. BE IT FURTHER RESOLVED that the Director of Finance shall be the coordinator for this program and shall receive necessary reports, notices, etc. from the ICMA Retirement Corporation or the ICMA Retirement Trust, and shall cast, on behalf of the City of Sebastian, any required votes under the program. Administra- tive duties to carry out the plan may be assigned to the appropriate departments. This Resolution shall become effective upon final passage. CITY OF SEBASTIAN, FLORIDA Richard B. Votapka, Mayor ATTEST: Kathr~n M. O'Halloran, CMC/AAE City Clerk I HEREBY CERTIFY that the foregoing resolution was duly passed and adopted by the City Council of the City of Sebastian, Florida, at a regular meeting on the ;~ day of ~ , 1988. ~ Kathry~M. O'Halloran, CMC/AAE City Clerk 1 ("EMPLOYER,,) DEFERRED COMPENSATION PLAN ARTICLE I, INTRODUCTION h~r~r~ffer mCerrod ~ au~ tt~ 1~." The primary pUtlX~,e o~ ~is Ptan is t~ I~:~,icle n~irement inc43me ar~ olher de~rred be~ to ~ Em~oy~es c~ the Em~oyer in acc4:xc~mce with t~e pm. visior~ o~ ~ction 457 of ~ Ir~errtaJ Revenue Coc~ o~ 1954. Th~ Plan ~JI be an &greemem so~e~y between ~ amermed. &RTICLE II, ~NIT~NS ~n 2.~I ~nt: ~ ~~ ~ ~i~ ~ ~ ~. ~, i~i~ a~ i~ ~i~ ~ ~ i~r~ ~ ~ in ~ 2,~ ~mlnl~mm~ ~m~~~~. ~n~- ~ Ember ~y ~ a~ ~ ~ ~mi~mtm u~ ~ ~' ad~ ~ in ~ ~ ~ ~, in ~h ~ ~ Ember ~ ~ ~gn u~ ~ ~, ~ ~ in ~ ~ ~ Em~ S°ctl°n 2'07 J°lnder Aoroom°flt: An agreemem entere~ imo bet~en an Employee ~g~te ~ ~, e~ ~o~ ~ ~e Pan ~ ~;e~ ~flon 2.08 NOel ~m~tl~: ~tlon 2.09 No~al Retirement · ~ an ~er~te N~ R~ir~ Rm~r~em ~), a~ (b) ~ ~d~ 0ud~ ~ich a ~mci~nt may ~il~ ~e u~r ~ Em~ a~ ~. ff a ~c~m ~nt a~ ff ~ ~ will ~ ~ ~igi~e ~ r~e~ ~ u~er ~ion 2,11 ~n ~lon 2.12 ~llmMm: ~ tim ~te u~ ~ ~ N ~ ~1~ ~1~ 2.13 ~mU~ ~~ ~ ~ Em~ ~ ~ a ~tion ~ ~e~ ~Em~~~n~m~~~ ~ ~ ~ ~ Ember. ~ ~~ ~tio~ip ~ ~r~ ARrlcLEIII. ADN~NtSTp. M1ON Section $.02 Du~a of Admlnlatrato~, The Ac~n~rm0,~, u a0e~i ira' the IV. PARTICIPATION IN THE 4.01 Irdt~ ParUclpatkm: An Empoyee may bec. ome a 4.~ ~e~mnt M ~lnder ~mem: A ~. A ~ ~y ~ a~ ~ ~e~ h~ ~r ARTICt, E ¥. UMITATIONS OF DEFERR.,M~ ~,e~Jon 5.01 Normal LlmltaUofl: Dcep~ as pn3vi0ed in Sec~on 502, the ~ $.02 C4rt. ch. Op Umltation: Fo~ eac~ ot ~ la~ ~me (3) years ol a Part. pan! end,rig before his 8ttainmenl ol Nom~ Reliramenl Aoe' the m~ximum &"r~u~ ~ Defem~ Compensation ~a]l be lhe lasher cd: (1) I;15,000 or (2) the m,m ol (i) the Norrn~ I.Jn'~talion for Ihe taxable year, and ('.) ~ portion o~ the Nom'~ Li'r, tatlon kx each o~ the prior taxable yean~ cornpensa~on (if any) aefen'ed un,er the plan ~ sul:~ect to the limitations ~e~ fo~lh in t~ct~on 5,0'1. and Ihe Pa~pam was etigib~e to Parbcipale in Pram (o~ in any eib. er Plan esta~isi3ed unOef eection 457 o~ the Inlemal Rave- hue C, oo~ by an emp;oye~ within the same State as Ihe EmployS) in SO2. a P'ml~patl~a Inciuclib~ Co~pensatio~ for b'qe current taJ.a~31e year ~ ~m~m t~ coulc~ I'mve been ~errecl ~n~ ~ Nom~ Lim~t~o~ Io~ ~ ol ar, annuity ooreract I:lescribeO in Nction ~q(b) al I~ inlernal ~on un~ler ~ Plan lot Ihe laxable year in which It~ Conlribulio~ was n~CLE ¥1. mVESTMENTa AND ACCOUNT VALUE~ ~ a.o~ ~mem ~ oe~em~ Compe~: ,u ir,~mr~-~ ~ ehall be I~e cole property of It~ Empioym anti ~t~ll nol I~ haiti in tnm Plu'l~l~r~ o~ as COllalerg I~curity for ~ fL~llmenl o~ lite Employ~r~ ol~iiga. V ' Inlere~ 04' r, ecure~ o~ pmle, e~ pc~on ~ to a~m ~t tm~e~ are ~ ~ 502, an ~m ~err~ 0u~ a ~s Pan ~d~ ~ ~Ue ~r a~ ~tion ~ ~ ~ tm~er~ ~on ~.~ ~plo~r ~1~: In ~ ~ ~ll t~ Emhart ~1~ ~ ~ ~a ~ ~r A~ VI ~ ~ ~ ~ ~ICLE VII. ~EFI~ ~ion 7.01 ~tlmment ~nefl~ end ~tlon on ~mtlon ~m ~1~: E~e~ ~ m~ ~i~ in ~i~ ~ ~h Rmimme~ ~ - ~ ~ ~mimarm~ ~ ~ later ~n ~ ~ ~ ~ ~ ~ ~ P~n ~r ~ ~r ~ ~ter ~lon 7.02 ~ent O~: ~ ~ in ~ 7.~ e~ ~05, a ~i~ ~y ~ ~ ~ ~ ~ ~ his ~m Oimn~ in ~o~- ~ ~ ~ ~ ~m~ti~ ~ ~ m ~ 7~: (~) Eq~ ~y, Q~y, ~an~ v · ectkm 7.04 Plalt..mUmme~t Death Ilenefltl: ~ the Panlciplm die ff no Benef~ry is ~gnal(K3l in the doir~ier A0roem~nt, ~ if ~ cle~gr~lt~ It'll be P~CI in & lump a~m to the estate of the Pmlicipent. If the designated Benef~lt~ lU~ the I=~tlicipanl ~ al period Of fitieen'(15) chirj~, but does option (as modified, if necessary, in conlormity with the thircI sentence of tl~$ $e,ction 7.05 Pm-mUriment Death Beneflta: Sho~ the Participant die within the 30-day period conm~ncing (m ~ 91st Oay after the Pa~licipant~ within the 90 days of the Patticipant~ death. ,Such benefits shaft be pa~d in IPproa~matety eclual annua~ instaJiments ovter five years. ~' over such Ihorter period as may. be necessary to as~Jre tha! the amount of any annual inIlaII. merit is ncx te~ It,an $3.500, untess the Beneficiary ele, cls& different payment ing. be~-es I:~d to a Bere~Oaq' under tt~s Secti~ may cx3mnerce no eeUie~ than the 91m ~ay after the PaUicipant's Oeath and no lator than 60 Oays after have a~ained Normal Retirement Age o~ the cicee of the Plan Year in W~ ~/is ~ I=artObent~ spouse and musl pro, cie Ic~ payments over ~ period ~ 7.0~ UnforeM~ble E. me~genckm: In Ihe evenI an unlo~et, eea~ pan ol the vaJue cd his accoum that is reasonat~y neeck~ to latis~ ~ emer. k'~uranCe c,r Ot~er ne, ml:aarsement. O~ liquiOation of other IsaetS to the extent al:de e~efOenoy I~all be ~ to inv~ve ordy Cir. urnslarces of Ievere f~anc~d ~ro~ahip'm ~ I='arbci~rd resuit~ from ARTICLE VIII. NON-ASSIGNABILITY pledge, transter m' o~w~e Gonvey o~ encumber the nght to receiv~ any pay- aigrmbie and non-tmndemb~ ARTICLE IX. RELATIONSHIP TO OTHER PLANS AND EMPLOYMENT AGREEMENTS 'This Plan ~erve$ in lC~on to &ny other fll~rernent, per~c~. ~ ber~h~t pMn or I~ystem presendy in existence m' hereinafter esta~ished Jo~ the benefit o~ the ad:de uno, er any euch plan ot syslem. NOthing cont~ned in this Ptan ld'iall be ~ to conlitute an employment con~mc~ or &greement between any Par- IkTJpant lncl ~ £m~oyer Or to give any parl~:ipanl the righl to be ~etaine<ll in the ernWoy of the £ml~oye~ No~ .~a, anything herein be c, onstrueo to moUify Ibe torres of any employment Conlracl o~ agreement between a Parbcipant ~ mi Am'ICLE X. AMENDMENT OR TERMINATION OF The Employer may m any time amend this Ptan pro~o~KI U',a! it transm~ such amendment in ,amting to the A~minislrator al lea.~ 30 trays prior to the eflechve date of the amendment. The cor~ent cd' the A~min~stralo~ shall no~ be required in (:xOer Io~ ~ imendment to become effl~live. 13~ ~ Admin~s~rato~ Id'.eJI be urldet no obligation to corltir~e BCting Is A~ministralor heteunOer if it Oisap- proves of mJch lul'~endment. The Emptoyer may at any time terminate this Ptan. The Adminimrato~ may at any time propose an ~mendment to the Pten by' In inatrument in writing transmuted to the EmWoyer at leas~ 30 oays before the aflec- within such 30--clay period, the Employer notifies the A0mlr~s~ra~or in writing that Mtective. In the (r,~nt o[ such di~lpproval, the Acln'~raarato~ shaJl be unoer no No amend~nt o~ tormin=tio~ of ~ F~an ~h~ll cliwe~ any Par~pent of &ny ARTICLE XI. APPLICABLE LAW Th~ Pten ~aJI be co.rued ur~e~ ~ ~ ~ ~ ~te ~ ~ Ember ~ ~t~ a~ ~ ~i~ ~h ~ i~e~ ~at ~ ~t ~ ~ui~ ~ an ~ ~ ~ ~ ~n" u~r ~ ~7 ~ ~ i~ R~ ~r ~ in ~ ~ ~ r~uir~ ~ ~t ~. ~1~ ~1. ~NDER ~D NUMB~ APPENDIX B DECLAFiATION OF TRUST OF iCMA RETIREMENT TRUST ARTICt. E I. NAME AND DEFINITIONS Sectkm 1J I~me: The Name d the 'rn~ ~ amenc~S and rwmed hereby. is Ihe ICMA R~renmn{ True. ~ecl;on 1.2 Definitions: Where~mr Ihey me WK~ here~n, It)e ~low~n~ ~ (a) B.~Laws. The B~Laws fMC.ed to in Section 4.1 and m~ni~ned by ,, Put~ic Employer fo~ Itte puq3ose of pn=vi~ng r~re- men{ ircome and oiher Merred behests to ~ employees in acCO~lance ~ ~he I:XO~is~(~ of ~-'t~on 457 of Ihe Ir~rn~ Revenue Cede of 1954. (c) En'~o,fe~s. Those emplwees who berticibete in Qualified Plans. (d) Eml:~3y~r Tru~ A ~rus; created PU~uant I= an &greame~ beh,,een and a Pubhc Employer lot Ihe Pu~<~,e of inve~ino and .,dmin~s~e6ng the luncis se{ &~de by such Employer in connection with ~ Deferred Compen. (e) Guaranteed Investment Contract. A comracl entered in{o by the Retire.. ment liu~ ~ int, urance c.~mber~es ~ IXOvi~s kx a guaranteed (f) ~CMA. The in~on~ C~ Manai~emen{ (g) ICMA/RC Tnmee~ Those Trustees eieca~ by ,~e Pubic Employ~ bets O~ the Boar=l of ~mcto~ of lC. MA O~ RC. (h) Investment A0viser The Ink. merit A~viser ~ en~er~ into a ~on{ract mah ~ Retirement '~us~ to ptc~4cie advice with respect to im,eamen{ AclWse~ Io the R~mmenl Trust. under the =,pervis~on of Ihe 'rruslees, kx who, in accOrdanCe ~ rne Pm~ons of ,~Cl~cxl 3,1(a) hMe~, me fu#-bme empk~,se~ of Pubi~ Ern~oye~ {m) Ouaiifte~l Plan. A plan spon~xed by a Pubic Employer lot Ihe Puq3oee d I:m3vi~ng rel~mrnen{ income to ~ employees which .alil~es the qualifi- cmion mquiramenls ot Sec~on 401 of Itm Intern~ Re~enua Code. as (.),RC. The fmema~U C~ Manegemen{ ~ RWerne~ (o) Retirement 'mm, The ~ c~eated by this Declaration of 7rus{. (P) ~ Proberty. The ~'nounts held in Ihe Retirement Trus{ on I::ehafl of the Public Em~c~rs ,n connsc~o~ wirn Deferred Cempensation Plans and o~ behaff of the Public Emplo,/er '~u,=re~s fo~ ine exclusive benefll of Employees pursuan~ to Quaff. led P~ns. The Tru~ Prq3e~ she~ incluae any i~ resu~ng frc~ the inves~- {~ Trus{ees. The Public Employee Ttu~ees and ICMA/RC Tru,~ees Wected by the Pubic Employ~r.~ to ~ as membef~ o~ Ihe Boarcl o~ Trus{ees of the Retirement 7n~. ARTICLE II, CREATION AND PURPOSE OF THE TRUST; OWNERSHIP OF TRUST PROPERTY ~Jon 2.1 Celat~fl: The Retirement 'li'u~ is ~'eated and established by Itm execution of l~s Dec. mt)on c/Trusl by lhe Tru~ees and the Pubfic ~e~cti~n 2.2 Pui'pmle: The puq3o6e of Ihe Retirement Trus~ is to pn:wi0e for lhe commingled inveslmen{ of funds hMO by rne Pu~ic Employers in connsc. Ik3n with lhei~ Deferred Compensation and Ouaflhea Plans, The Trus~ Prop- elly ~hall be invested in the Porffo/~c~. in Guaranteed Investment Contracts. and in ' a(her ~mtstmen~ recommendecl by the Investment A:lviser under the m tecum~es ~ I~ Publc Eml:~:yers' ~4~lon 2.30wnemhip of '11~1I Pra~erty: The Truslees !~1~11 hew legal l~e to ~ Trus* Probe~. The PulSe Employe~ ~'~l be the benef~al Owners al lhe portion a~ the Trusl Properly ~llocable Io Ihe Delerred Oompen,smion Plans The I>O~dOn of ~ Trusl Prope~y ~dlocable to ~he Ou~dihed Plans shall be held lot lhe Pul~c Emplc~r 'B'u~ees lot ~ exclu~,ve benefi! of ~e Ern~oyee~ ARTICLE iii. TRUSTEES ~4¢11on 3.1 Number ind Ou&llflcation of Tru~teel. (a) The Board of Truslees shaft co~'mi~ of r~ne Trustees Fwe of tt~e Tru~ees lhaJI be full-time em~oyeas of a PubPC Employer (the Pu!~ic Employee Truelees) who are authorized by ~ch Pubic Employer to ~erve as T~ee. The r~ning lout Tru~ees ~1 con-si of two persons who. at the brae of Mection to Ihe BoarO of Tru~eas. are members of Ihe 1~3ard of D~mctors ICMA ar~ heo per~3~,~ who, al ihe l~me of ~ect~on, are members of lhe Board of Direclo~ of RC ~ ~ Trusle~s), One ol ~ Truaees who is a 13t ICMA, and m'm of Ihe T~slees who i~ a ~irm30~ of RC, ahall, al the OI Meclion. be fu#*bme employees ol a Pubpc Emptoyer. (13) No pe~on may tenm m~ · Tn.~ee lot more lhen one lmm in any ten-year bench, (&) E:cepl tot t~e Tn.~ees appoin{ed to ~tl *~.ancies pumuant to Section 3.5 I~eof, ~ T/uElees ~hell ~e e/eCted by a KXe Cd · ma~omy of Ihe Pubic Eml~oym~ in Ic~on:larce mlh lhe Pnx~:lums W lorth in ~ By. Laws, ~ o( O~ ~OpeMy recoi~ '~ ~,~ ~ ~r~h; a~ ~r~ly ·um a~ ~ ~h ~ ~ ~ ~ are ~y (n) ~ ~ ~ ~ Trna Pr~ ~ ~1 ~ ~ ~ ~ ~ ~ mis ~rab~ ~ ~u~; ~ ~igiUe ~ ~i~in a ~rr~ O~liOn P~n u~r ~on ~ a~ ~r ~ure ~ ~ ~ ~r~ ~u~; (~J ~n ~ a~ ~, ~r, Pu~c Em~ ~ ~ ~ ~ ~ ~ R~F~ ~, a~ ~ ~r~ Iru~s, ,wt~'~ bcer~ning whelher I~ch peyrnen~ ire in oomp6an~e wi~ ihe ART~LE VI. ANNU&L REJ)ORT TO' SHARE~OLOERa N ENDMENT OF RETIREMENT TRUST '~ Il ~n ~ 13/~WxgmwmL In auch e~temenl. Ihe Pubic F..mpioy~ m Pub~ Eml~oi~. Tn.mee ~ ncknowlec~le Ik~ I:~n m' ~ c:o~,bubo~ Io r~ De~erred ~ Ihe Employer True, Re~rernen~ True m' lay the ~ 7.2 DumUon: The Fle~mmem True e'~a~l r..orenue uref by ee ~ote c~ a ma~o~ oW ~e PUt~ Em~oye~. eac* cas~n~ one ~xe Upon Immlrmli~, Mi of ~ T~m Property I~ll I~ pa,cl out Eo Erie Pu~ic Employers, ~,K'Uon 7.4 Proc~lum: A reiol~on io erminme or amend ltm Retimmer~ Tn'~ °r t° remo~e a Truslee a~a~ be sul:~dtm0 io a ~,~Xe o~ lt~e Public E~rs #: (ij a majo~y et ~ ~u,~e~s ~o c~rect, or; (ii} · pet~on requesting a kgned by not lesal ihan 25% at ~ PuUic Em~oyers. is ~bmiaea Io Am'~CLE YUL a~SCELLA~EOU$ ~,e~tJon I.I Governing Law; E~r..ep~ as oeeMise requirec~ by laate or law, Ibis Declaration a~ Trust aha ~ Retirement Trus; hereby createa sha]l be &eeUaet 1.2 Counterpert~: This Declaration may be executea by ~ Put~ic Employers ana .Trumees in iwo or mom counter~r~ each o~ wt~ch e'~l be irmrumem, r, ame APPENDIX C TRUST AGREEMENT WITH THE ICMA RETIREMENT CORPORATION LRTICLE I. GENERAL DUTIF~ OF THE PARTiF.~ wl'K,h &re aeterre~ in IK::corC~ with Itte terTIlS &ncI conc~o~s c~ ttle Plan t~lhe ~ tt~ mJCh m'no~r~ am t~ be in~aea ~ ~ T~um Funas. I~ ~dl aamir~sler ~e Tru~ Func~, color Itm ir~a~ ~MINIST~T~N, ~D DISBU~EM~T OF THE ~N~, Principa/&nd inr, ome. in ~ec, ur~t~s o~ in ~er 13n3per~, f, ectloe 2.1 Dt~ldbutlofl. from tl~ 11rult Fu~I~: The EmployS. ~ Ii:)~x:dJ~s the '~ustee as its il;len~ k)r ~ puqx~e of making ~slrib~tiOn~ m ~ 2.4 VIlulti~n of 'ltr~lt FMQ: ~ kmat o~ce I year aS of ~uation TnJ~ F:un~s. ~ of the 'Dust Funds shall be ~aJu~:~ at their n&arket v~Jues ARTI(~ III. FOIl PROTECTION OF TRUETIEE · e~"tion 3.1 Evidenoe of AcUon by Employer. 1he Tm~ee rMy ~y ulx)n any Ceflificate. nobce or ~rection purpc~ng to have been ~igned o~ behalf Of me Employer wflic'h the Trustee believes to have been ligne~ by I duly des~gnme~ ~ of the Employer, No commun~catic~ BhaJ! be hiring upon any o~ b~e Tn.~ Funa; or Tru~ee until ttmy Ire receive~ by Itm Tfullee. i~ udth rl~oecl lc) tt~ con.ruction Of t~is A~reement, ds duties harmanaer, or any act. m l~ prop<)~es to take or ort~, enc~ ~a~t no~ be lake· in good lnith. The '~us~ee ~all nm be liable k:~ any Iota ~lined by ~ '~'u~ Funcls by r~,on~ of any inveslmenl m~cle in good ~ imPomd upo~, by ~'~ Agrem,~,.t NTICLE IV. TAXES, EXPENSES AND COMPENSATION OF TRUSTEE $~"tlon 4.1 ]~um~: TM TLmM st~f Cjedtx:~ from andc~Naroe aOa~m~ b,.)eTrtm 8ectkm 4.2 Expenses: 'I'M ~'os~e .MJI OochJct f~rn and charge aOa~nsi me Tn.m Funo~ aJl ~ expensos incu,Ted ~ ~ ~ in ~ m~ rrloL~ v. ~ETTLE. MENT OF A(~UNT~ The Trus~e ~ Ip accurate and ~ ~ ~ ~ i~ When an account becomes an Iccounl m~e~, luch iocount ~ be f,'mll¥ * ~~~ ARTICLE VI. IqF~IGNATION AND REMOVAL OF TRUSTEE ~ 6.1 Re~lgn~tlon of lh~tN,: ~ Trustee may resign ~ nny lime IW Ning with fha Employer il~ m'iaen rMdgr~li~n. ~__,,.~. re~0rmtm Itel take gl~ct lixly (60) C~e~/s from the c~te of auoh ~ng Ir~ uDon li,o~oi~ a eucc~ p~r~nt to Sect~o~ ~.. ~ ahadl 6fa occur, f4~tlon 1.2 Removll M l~u~tN: The Employer nmy remave the Trumee IO An eirlH~ Mlecbve alue unless the T~us~e ~ctlon e.3 Appointnmnt of Succelmor TrultN: The aPpo~ntmen~ OI iucces~or to the Trustee r~l take effec~ upon me c~e4ivery to t~e Trumee of (41) lin in~rumerd in wr/ting ex~cuted by b~e Employer appointin0 such been MigineJly nm'ned as 1'ul~ee hereunder. If · ~,x:cess~ i~ nol Kop0inled wimin ~ixty (60) clays gter the Ttu~ee gM~s nolice of ds re~gna~on pu~'suant to Seclion ~A.. mehe Trainee may apply to any co~n of c43mpetent jurisdiction ior ~oPorm~enl of · ~e~tlen ~.4 'l~n~r et FuMe to Buceemmr: UKm me resigr~tion or account of t~e Trustee ~ been pq~edy I~tk~, me 1'u~ee ~'~/I tmn~t and ok)li~er any o~ b~e Trust Func~ invalvecf to ~.cl~ ARTICLE VII. DURATION AND REVOCATION OF TRUST AGREEMENT · l~'Uon 7.1 Duration and RlvoclUon: This l~uat N~all c~inue ior ~uch 13~ m~y be ~errmru~e~ or r~ m liny brae by meha Employer as it re~tes to ~ lil"K~m ~,11 f~·teC~ participating Eml:Yoyees. wrmen nol~e of such ~erml. fUltion or I'evi:ca~ion shadl be given to mehe 'rn,~lee by me Employer Upon ter- min,a~llon or revocation ot the l'~m, all Ot the ~ thereof shaft return to lind rlvert to mehe £mploye~ Termination ot b~$ Tfum Shall no(. however, relieve the Employe~ of me Eml:~'s .... (3orl~nUln0 ot3~10allon to pay Oefefrecl compelS. lion to £mplo~ in ~;~nce Wilh the lerrns o~ me Plan. · l~'tJon 7.~ Amm'~ln~lnt: The Employer a~all ha~e fha right Io Irnend mis il(Ireernenl in whole lin0 in plifl but only with 1he Tr~,~ee's Wntlen consent, Any such amendment shaJf become e~ecti~e upon (·) Oe~ivery to trw Truste~ of li written inslrumenl of amena~'~.~t, ancl (b) me mxkxsement by me 'flus. ARTICLE VIII. MI$CEU. ANEOU~ k~'~Jon 1.1 I.mq of the Distdct of Cofumb~ Io Govern: Ti~$ Agree men~ Ind Itm Tru~ hMeby creme· Itmll be ~r~lrue~ anti regulated by ~ ~4,CtJMI 8.2 S~cCOIlOr EmpIoylrl: ~1 'F.~ntt:~::~,r" ai'~fl inctuOe any per- Ion w~o m.~=eeOs fha Emplcg, er ~ who lhamby becomes ~1~ io me