HomeMy WebLinkAboutRESO 6147• • ORIGINAL
RESOLUTION 614 7
R~SOLUTION OF THE COUNCIL OF THE CITY OF PALO ALTO
ESTASLISH:NG AN INTERNATIONAL CITY MANAGEMENT ASSOCIATION DEFERRED COMPENSATION PLAN
WHEREAS, the City has employed Richard Young as its Director of Utilities; and
WHEREAS, the Director of Ut11it1es 1s and will be rendering valuable services to
the City; and
WHEREAS. the City has considered the establishment of a Deferred Compensation
Plan for the Director of Utilities made available to the City and to the Director of
Utilities by the International City Management Association Retirement Corporation;
and
WHEREAS. the City receives benefits ur.der said plans by being able to assure
reasonable retirement security to the Director of Utilities.
NOW, THEREFORE, the Council of the City of Palo Alto does RESOLVE as follows:
SECTION 1. That the City establish said Deferred Compensation Plan for the
Director of Utilities and hereby authorizes its Mayor to execute the Deferred
Compensation Plan with the International City Management Association Retirement
Corporation, attached hereto as Appendix A.
SECTION 2. That the Mayor mayt on behalf of the City, execute all Joinder
Agreements with the Director of Utilities. which are necessary for the Director of
Utilities to participate in the Plan, an example of whtch appears as Appendix B.
INTRODUCED AND PASSED: Ju 1 y 11. 1983
AYES: Bechtel Cobb, Eyerly, Fazzino, Fletcher, Klein, Levy, Renzel,
Witherspoon
NOES: None
ABSTENTIONS: None
ABSENT: None
APPROVED:
~~
APPROVED AS TO FORM:
APPROVED:
INTERNATIONAL CITY MANAGEMENT ASSOCIATION
RETIREME.NT OORPORA noN
DEFERRED COMPENSATION PLAN
APP.END IX "A
I ii t.eretJy agreed "181 tt\19 DEFERRED COMPENSATION Pl.AN.,,.., tlal in effect on the dllte uoqn ~ ttw !Ent;>60~ "-eauted rt 10 be
tlQCUled by an olhc111 alfiilio'tO IQ SiglWIUI'• OI'\ OMlall of lhe Goweming ec:q. in ttie IPac9 pnMdltd below. However, the DEFERRED
COMPENS~ TION Pl.AN will not be~ ~uoon tt'le tneemMicNI CiCy Mal~ Aasocil.tion AetnmenC Cotporatton l.intil. Notlce of
Ps.I Ac:c~ar<.e hal teen IUPPIMid DV it
SEE INSTRUCTIONS FOR IMPLEMENTATION PRIOR TO COMPLETP.m THIS SECTION
Cclm;Mte lhe folloiMng poor IO mlliliag itlilli ~to ... Rilti'..-nf ~
M Namt (Oty ot. Co.inly oe .. etc.) -------------·---------------
Ade*••: (include &ipcocllil ------------------------------
~·· Feootal r ... ldentiflcatiOn Number:---·----------------------
.... aftsnwtll 10" mMe ~? -------------·--------------
WMt i. .. mte ol~ 1trt:t ~--------------------------
Total Humbel' Elf~•:··---------.......,ol _,.....,...._.eo ~· ---------
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PREL.!MlHARV STATEMENT
EST ABLISH~NT OF THE F'lAN
~s
l'N ln!emlltiOnel City Mar.aoeMef't Aa.soc:1ation Retwem.nt Ccwl>v•
lfon. M<•inatter tr.e Relll'etnenl Cotporataon or ICMA-RC. is a nooorofit
0.laWGre Cori>ot11ion r. has tieen eiawheO u a w·ei.emoc Of'ganizat10n
unctet ltlt-pto. .J1ons ct Sec hon 50 i lt)(Jl of IN> lntemal Revenue Code As
.n 9iCI Ir. the morav.,nent of atate 11\d mun.c:ioa: adn'Wl&SlrallOFI.,, general.
lw Retiritment Cciri>oratlQn •s oroaruiecs tor ttie putlllOMt ot rece""ong atlCI
nwes:ing del~ed c.ompensa11°" tu~ of s1a1e ancs 1ocs1 OO"'e11vnen11
..i lleit related 9fld controiled DtJt)llc interest oroanwii'lorla wncn.,.
1u•exempt uncs.tr Sect;on 501 ol tne lmemal Revenue Code. hel'•~f'lr.
,..9'1'ed to as "Employers·; le act aa tn.as:ee ano.t Of IQent for tt.e COllee'llOtl
~ reinvestment ot ~ incoflMI !Nl'effeln; .,cs to eet M aQen1 fOf *'Ct!
~~rs and at thee" exl)l1c11 ~eciion tot the dostnbutoor. ol rr>o1u.-.._ ll'C2
llUf:tS of ltlelf flttounls to their l)&r11Clpaling ~!Oyffa (ll'Cludlng
ll'dt~ eot1tractors1 in sc~cance wltt'I ~ ~ in 1tM1
h!e<na!oenal City ~nagement Auo..:iallcn ~ ~•tion
o.ten~ ComQoeftsat!Clt'I Plan, llefW\Af'l8f re1..,.114 to• tn. •f'larl. • or 1M
"ICM .._.RC S'lan. -
TIW ICMWRC Pion it aet out b81ow ;n two tians· I The Defetuni
C".omt1erl3at1on EmployrNnt AQl'eornent and ti. The MMter Trust '9ff-
IMl1t. No Ht out belOw, tne fmi*Jyet' IMSOC>ts lhis PW\ a !tS Agreement
Wltl't t'1e panicipatino Emo~s ~ ICMA-RC. and tt>e ~ tnall
~te in !tie Plan ~gti ll'le exKUtleln ot a .JoiMer AJif' eemeni.
wtlieh bV its terms ineorpo.rates all of the proons~ of tl'le Pliln. A cooy of
fie Plan st\all be sut>Phed 10 eac:l't Employee for his study and~
a\lndinO l)riOI' to his executiOn ot the ..laif'ISef AQreement. The~.
lt'l'C&lgfl their pS111c;ipation 11'1 it' .. Plan, pPr8Sa lhW °""' to ....... .,.
&lenl9fit or the cc:ini.nuecs tov•ttv. setvtee ll'1d counse1 of "'9ir ~
Ind IO Maist '"-"1 in prCMCling llor IN ~ of 010 llQ9
deoerOelq. disability. Wld deetll.
This Plan msy De amenoed Imm._ 1ot.,,. ~~cf assumgits
COl"dam\lnCe to tne reauwements ot arrt llDPbcable l&W or rule Of legula-
lion pul'8U9nt thefeto. !Ind to Pf•ffMI the tax-exemp1 lltlltuS of the ~
Wld fie Rettrement CcfiloratlOf\ !'«> 111M1 ldmeflt may oill1er !W~ 01
~ ooer-aie IO defive any p.artiCC)&tcng Ernployotf ol ita ~
inlefeSt in the Trust as it is then constituted. The ~irllmSnt Coriicntion
'lllill notify r.it participating frr.plcyera of _,,, amenoi-11 to ll'lia PW'I no
lllltlll' lhan ltaty days pnor to its etf~ date. ~ IUd1 erne11dment _.
~ •ttec:trve after the expqhon of that period of time. ~ u to
~ ~s u ITlllY iile Ill\ obieetlOl'l No~ SllC>POMO ~
p.'\ltieipa!U'lg &npiow.rs Shall be ettectMI Ul'lless aortt<I to ~ the ICMA
Retirement ~bofl CW6f the =-gnat\lre ol on Ott>C91.
PNfT I OEF'ERRED C0MPENSAT10ff
EMPLOYMENT AGREEMENT
1. Delen'ed ~ns.at-lnltlel ~Fulure ~
1 . 1 f1)I' the putpOSlt ot ttltll Plaa'l IM tollOwwing °"1nltlon& aQClly:
a. "Tc!&I comoenutlOl'I" is 1ne 1oca1 oi comoensa1ion to oe paid by
.. Empioyet for tM MMCH of tt'll £moi0Yff. r~dleU ol "'9
'9tml UMd tor its co1110011enta. as. tor •~. '"bale i;MV." ·in
lddif.on 10 t>a5t par: ·emo~• contl'lbull0"$. -etc.
b. "Delitned c:~uhon· •s Tt'llt amount '7 per~ of~
talal c:ompensahon ol "'9 E~ WfllCh the E~ c:umlfflly
defer• lrom tt'le ~I 10 tl'le Eme>~. and. lflSt .. cl. clePOSlla
ioilM into a Deterred ~Ntion Account .,.,. the Retsttirnenl
~alOOf'I u"Cte• l"9 tetms ot tri.a Plan Dele<r.O camoenMhOn
-.y «lude emoun41 lrom Of -~ o1 bOfft ·oae pay" and
·~a CO"~-or it may 1llClude .,...,.. from 0t
pel'C9'\~S of only one o! 1heM CDmQOn91\tS.
c "Cunent c::omoenution 11 1na1 ponoon ol IN Emc>loyee'a IOcal
compe!IWhon whoel't IS nol liefetr.C c~ • aeten'-
~hon IS oetonea l"'8l'HI. ..i
d "Bastt ~·• .... Ital~ Mirt of 1M ~
t.2 Comoenutaon may t>e .Jel•tre0'tor.,,.., calend• montt1 Ot'ty r1 a
~ Agreemetit lor so.ich dei.tral haS ~ ent9fed cnto c.•or~ a. ~ ot .IYCtl montt\ Tne oe1em>~1oon OI IN! 1t":1ba1
emounl OI li*'Ce<'\l&Qe and ot •"Y lul~f ct\a~ on arr"°"nl Of
~ ot del9<TeCI ~nut.gn l'l'lll:St tie rnacse e>elote the
~ oi the c:alendar month tor wt\oel'I IN! cornoenw1ion •S
peyat)l9 S.,,Cl't lut:Jta chanQH inay bl mack more lteQU9nt'Y t:-.en :inc• oet caienc.r Y•ar ON'( at ttloe e11ptess d1tKllO" of 11\e
~
l.3 n. amount of tot• r:ornoenuhon IN)' be aoiusteci trom ,.,..... to
Cllt'lt without allet•ng tl'le terms ot this Plar. Howe.er, 11>e ~·
~or amc.int ol clef9"9d~honrnav De ad1U51edontv
in ~e w11t1 1.2 llboYe Any suel'I adl')slrnent 01 :ne Pltl'·
c:ena.ge or amoun1 of del8f•ed comoensa1-on sn.11 ~ c:om-
~9d to IN~·· aooent. tM Retrrement Cotoora1oon.
lrlO ""' oeooans 11'1 the aQiustecl pe<centages Ot al'llOYnts. !1
. c:tianoecl Iron> tt1e pnor e.,st!OQ percent.ages or atnouri:s shaJi
tnaruftel' tie rrlede t>y thS Employer tnlO tis Rel,,em.11 Cotp(va-
liaft Account
1... ~ defeneCI unctr.r .... Pllfl tor any !mo:oyee·t
taubie :tS• ~ atter Oee~ 31. 1!178 11\an no:eitc:Hd
lfle leNef' Of (1 I S7.SCIO. Of 121 33-1/3 Pt!'C&f'll O! llle C> .. e<~e
betWMn an Etr,~·1 total ~hen a1CS nca !leterred
GQlllPtll IMtion. exc:eoc • prOVldecl .., , .5 beioW.
1.5 For~ or more ot !tie !Employee's lat tt\'ee taa«lle yeais ending
before he attains normal retirernen1 age undef ~Plan. ~ Cttling
-tcwth If\ Para;r.,.., 1 .. abO¥e Shall be the laser ot -
& 115.000. or
b. IN911Mot-
t1) IN PlanceoWIQ a~ tor°""°°*" ol Per~IQt'I 1. 4
' b thlJ laable ,.._ C~ Wllnout ,.garCI to lhlS
PagrClftt p!la . -
(2) so muc;l'I of the Plar; eetbnQ ntabkS'led !Ot ~H
ol Pat.vaoti 1 4 kit ~ yeer! betore the tax.a~~ year
u ha not ttieretotore been uaed und9f PeraQl'aon , ' 0t
... Plrqr ..
The SIG.llll ol ~bof) defetrelJ \lfldef r,,.s ParaQl'ad\ Shall
note•c.eedri~··~~'°"' Theworos nonn31
,..,,~ eoe: .. UMO 11'1 ttllS Par1g1M>n. ~ mean !fie
~~ • .--det"*' "' Paragr&Clh 6 be!OW
2. ~ ~01 AccouM Under !tltlPlart. oeteneo comoen-
MliOf\ Sl'lall be credde<I llnd paid into !fie l rust estaOhSneG ano
~ w•trt the lnlernatlOl\a! City ~I'll Aasoo•1ion Re-
lftilllllnt Cofiliorelion as Trust• The ~t,,emeni CotooraN)l'I 1$ a
ftOflll'Ofit ~•hon lomltld for ,,_ IQ«lile purgose of '""ftl"'O ano
~ aamnstet'"'O tne ~. o! Mid T l'\llot Tne TNst may De rewOl<ed
81 f/lfl'f bl'l'.e ow me E~. erld UDCVI revoc4taon of said Trust all o4 tne
mMb °*eof st.all return lo ill'CS rewn to !he E111Pi0yer TM Emoioyer
11\att lleep KQIS'ate tioaka atld recorCIS •lffl resoect IO"" E"'PIO'fff s
IOlal ~ion OI ~ •...0 ~ ~"° witn reapect 10 ..-nQUf11S
.,.0 lflM> UICI Trust
3. ~of F...m ~the !;ll'IQIOyee nor WllY tieMhcial'J'
.._. ~ ,__ 911y M";Wesl ~ 1r1 ""' lunclS oae .nso ane
Detened Comoensataon ~eounl. '" me OtQC>el'I'/ or r'9h1s p,ir«:fl•U<I "'' '"
8UCfl tunas. gr., IM ll'COme •ltnOul~ tc ~n lunal. pr0Qet1\o 01 rogn1s
wfllcfl snail at all times,.,,,...., as MUI$ ol 11• E~· IU~ .. ;1 "' •IS
msolule oomenion. eon1ro1 aild r>gl'll ot ...tt'ldrawai ""1•• k!Cll t.m• as rne
fUnOI or UNfl ol tne Account .,. 0i11tttiuteo 10 IN El9'0i~M ,,.
ec:ordanc• wdl't !tie P'OlllSIOnl of lhs P1art Tiie ~'°" of iri.
~ to DaY deterred .,Oft'4)e1Ution • COftUllClual or.ty. tlW
~'*"no no P'•let'f~ Of ~.., inlefest OI tlilllll. tit"'~• 01 llus •
...,.Sy. or oehefWIM. on ana to ttw soet;1loc f\IN.1S ~ .;n•ts ... 1o:i .,, ,.,""
OIWteG Comoenuhon Acco.MIC Tiie CO"lrac:tual obl!Olt'°" cl me
~ to 09Y ltle ""'°9 4l'IO &SMll in its Oel•rted ~t!Ct'
McollM to"'*~ ti',_~ on the~ OiSlnDull()ll
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Clalill an.II be 111 CC1r>t1nu1ng Qbhgahon UCW)l'I _,.. ~. !Ind lt'lall not be
~ by eny 1tg~ between IN E~ ... and .,,, Olhet S*1Y.
9'1.c9Pt u "'°"~"' Sect'<.in 2 QI Pw~aon t 3 o• '"'-Piii'. 11'<1 ~not ·
&:le •"«teci 11'1 W'T'{ ~ ty -IOnenf Of ~IOI ol !t"f TN•I
ratened ?o"' Pat11grarn 2 hereon or brr-SOI ct me Truat Funoa to the
~ The Pf'CMS<°"* or thil Par1gr.,ri "'8U SupeJMde ~ concrO!
lr'ly Oltlef pt'OYIWOl'I ol thi& Plan wtllC;tl COUio:S be lllllf;l'•I eel to C. 11'1 conftlct ~ .
•· Adminlall'abOl'I of F~s The turldl ~lid " tne Dlfen'ed
~t•on Acc:our.t snar. be inwtsted ~ re.nves1ed by tM Retr•
"'9f't CotlXl'•bon. u l)j'rJV!Ood '°'on the Trust Fund dnctlbld"' P9'f !IOI
Ilia Plan. in any manner wnicn inns so:• dlset•l•on rr dllemt o.PllDle.
~regard at l/'l"f 11me 10 "IY ~ hmUhon ~ttll invnlml!nl
GI IUCll lunds The AccW".11 ahail also reftecl tti.e gain Of IOU tUUllinQ
~the trWMtment ~ t910vafmet'lt thlreof nu. TMt Fund may be
conwningted wrtl'I OINlf'I est&Dldhecl b)' tne Trustee Wllt1 octier ~
~h9Plan.
15. Designation OI lnvestmenls e.ct'I '*'1CIOltlltQ Etnoloyet, tleonQ
8dvised c' tl".e p1 e!erence s ol. M'CI fOt !he ber.efit ot elCh ot its
purbcll)atong Eml:ilO)'HS.. Shat! ~5'gt\ate ttw C*eentage ot ~ delt1tt9Q
CQn'c>enA!ion invor.ed wnicn Sl'lal: t\41 WWffl.cl in ttie resoecwe eyoes o!
investment ~ (accounts1 ct. tile RetKetnent Corooralt()n. sueh as rile
fQuity (V~l Fund 01 the filled-tncon':e Fund. llOln& !tl4I .....,,, QI tl'le
applicable 11a1e 01 ~ govemment r41QU<Je ~ • .,, wNel'I case
Chose lallt$ Sl\alt ;overn Future '9+ectl0n5 to ctwige the~ to be
invested N'I act> fype OI fl.lt'ld nl&Y onfV be mad4P prl()I' to If'(! tor tne nex.t
aucceedlng MnUA1 penod ,,, seMCe for ~ IN! comoenutlOl'l is
psyallie by l~ing wrircen notice 1nereo1 wrtn itte Rehremen1 ~-IOI\
8uc:ti noca wt11 nOI b9 _...ctive wnw ~ ei, .,. AMa..,_,.
Carpol'allOn
&. P~ ot De1111.id COmpensabcn. The wo:as ~~age.· u
useo II\ lhi$ ~Q"ioPh uld m Paragta;:lf\ 10 of INS Plln. st\all me_. tne
CSaignated 11911-.:n ~ 11'1 u. JolnOef ~MtMnl eQCIMCI ~ "-
perbcipetlng Emploo/ee Trone woras. • wee '" u,ca ~ in
Pwagrapn 10. and in ths Joorlder Agreement. shlA .iso mctucs. tnlt
~-winltlQul rec:ier1uon tl"lel'ein ·or ier .... in #WI eclle OSO'eu.:n of the
~. ar tf'le end of Ills ~ agreement. if ~
continues ., the employ cf the Emp1Qyer alt• he •twnf. IM ~;eo
llOI M Eiceo1 u proY1ded in PMaQraoh 9 tunlo!'eaeelble tlft*ljlCOC:y'I. no
P9)'ments or oe•erreo c~1oon snail be maoe 000' 10 an ~·s
separallOl'l lrom seN>Ce W'lf'I the ~00ye1 At~ hme as lhe ElftC)IOy9e
reacnes rtie Ges'9flaled age oecornn oennanently dlsabl&cl. or dla.
-.he,._ cc .1'5 first. ne. OI l'lis Clef'lef~ or tietwllioanes. l'IOl!lll'l9e er
estllttt IS/ere entttle;j 10 rec...,. oavmetM trcm the Oeferfeo ~
tion Account :>tJtstanoing on the cs.ate on whch ont1 ol 'l\e lor~
OCQ.f8 "*1nwints occaS!Oned tly in. Emciiovee hawlQ reecftecl tNt
~t.o age. t>eco:nong permaoer'llly o.s.aoi.d. 0t o,, his oea1n IMll bit """°" ir1 acCOfoanc:e ""'"' ttoe ~ ot Par&9fai>I\ 1 nereot a~
.. h'~t$ 11'1 f'llOl'lttV\I. Quartetty. ~•nnu.J. Qt __,.i payments
~me pe<oo o1111e ••e>ee•.ancy of lhl ~ 1119CO)fd8nce Wl1tl
• lollOwing orocecue.
~ rucning tne dfll9\*led age, or tieeomono petmM8fltiy
diuDleO froni '*~ twi-lll'ne ..,..,.,.fMfll, Wftlehevef .....
occur.. the E~·· Ille ellf*;t.-icy lhllll b9 del~ by
~ to SWMiara U S. Morlllll!y T&Na, the amount• OI
_..ta anti ac:.cumuiationa in the O.t.rfed Compensa'IOI' Ace~
9Plel be computed '°°"''*' witn a realOt\IOllt rate 04 •etum on ·
uid DMIS, lfl;S IM amoutl'I of 11'oec1.c! ~ 'tlrSlritlUllOn.
Ole!' tr1e h•e eqieci9nCy or trwr E~ . .ia • monct11y amount
WI then be INll"91Mhc:&lly delerl7Wled. tne ~of wnoch. '"
eQr.al MOlltrlly '"'~· ~ ""' DerlOll ot '-Ide ·~ of '!'le Efl'Cliovet. iaNll ccmoleteiy ~i. Ille Slltd Account al f'-
M'ld of the i.st wear of Ide eaiiecr.ncy. or
b Paymen11 on monlt11'1. quart•l}I. a.emt-.iwrouAi. or~ pa~a
in KCOrdln.c• Wolf! CM foll()toWW'IO i:iroeecture.
UN9M•~··~'.,.,....""°'10U.t11Mne
3
...,. the Clea.pied 9Q8 ~ eo;aA tc ow ~
~ b)' ,_ ~. !.onder , .... .,,,...,. lllY'UlfY !IOI< .... v.all
bll ~ tc ~ IEmo'Oree. al well I.me 11"" attaine ttie ~·~1.0
111ge. or. .. lfMt caM 01 '141~. ~ to hit tlttfnefic...,. or
~. hC>lnlnH at Hta\e ~· to ,._ oroc.o..irn
~ in ..-00i'Ct41S ""° Pwauraone 1 Wlt(l 8 o1 tt1oa PW\. °'
~~ft tftOfllNy, ®&rterlr ..... annu-1. (J( IMCAI Wlsl-5-
CNll'lt$ OYef a~ ol not er.eee<Mo ten (\01 ye~. :;.lid e>eY"W''' 10
lnCaJOe • r~ 1et1.1m Of'\.,,. tunda. ane1s and a<:cumu111101V1 "'
._ befened Compens.at10l'I Account . ._.the amount of •i:peoc1ed
monttll\• QUatterty. Mlnf'.,viuaf, ot ----o.tnbutlCll'I. ONfll ttltf MIO
,.., 110) )'9111' penod. OI
CS.One~~·
7. Selec:t•on of Melhoc:S of Payment Tl'llt method of payment "" ti.
~ br the Emp1Qyer. 9C1Ln0 tlYOUgf'I 1t1t1 Re11ren'41'11 CotpotabOll. •
.. ~ aJ\tlanl.ed ~. due ton$o0tfatlen betng ~ to Ml.ltt\
~Wll eireumst1t1Ce$ and ram11y obltgattQl'IS or the Emoloy~ It' "'"•
reQafd. en. EmQloyee may be c:onsultect ~. rie ..,.,.a ha¥e no ~
in !tie OeclSIQtl reacned
~ ~ iP the E"""' Of Dllath.
& Dunng IM PeflQC cf 0.Strlb!Jtion lrl 1N ovet'it of Ille Empjo)'H'I
o.1r1 during tM oeraoa ot 0o111Qil101\ me ~o o.~ .,_Cle etltitleo to r.:ewe O.ytMflla in~ ,,..th Ute~~
INttiod belrlg empl~ at the 11~ of ttle ~·1 dealt! With the
ClMINnt Of me ~ . ..,"ting ltirOU\lf\ tM Relwemcsr.1 Corpor.atoon
aa 11'1 dlAy aitncn:ed -oent. Hid bentflcaary may tlfct 10 rec,,.._ •
lul"O IUf\'\ " .... of ~ pe,<Mtelll$.
0. Prior'toDislTIDution. .., ,,_event af h dla8'I ot IM~ OtlOf
... ~'lie furldl end ...... d tN Oelened c:.omci.~ "°" ACeOunt Sflall be Pllid "' ~ !llftlh one ol tne metMdl
dnc:r1bed in Sutlcw.,gi-.,,_ a. b. c. or Cl t:J Pal'~-fJ hel'tlOf The NNlclal d uid lflt9lhod llfl8ll tie m8dlt b)' .. ~ K1lng
through the Re'"""'"' COtooiMon .. ita ttJy ~.., a;ent.
•. ~tntne&entot\JrllarnNllble E.nw~. ln!hl 9Y'9ntU.t• '*' ccistino ~ii fK.a WIO! an unbwoNble .,,..,~le»
.__on !hit"*"*' or~~ F.o..t ~. N EfllC)IClyef
~ dir.ct tr. Refif.....,,. ~ .. ~IO..._~ "°"'!tie Deferred~~ of~· reNOf\llbfr '*-"
WV to '8t"1y ltle 9ftlef09"CY ftMd& al CM Emcalo>'M.
10. P.,....nt DatH Pa'l'Mfll* 111'181 <:Oml~ on the W.t day of IN
lllOll'lh. klll0Mft91N ·~ o.11ne ~ed llJe, Of lllllf. on itw !nl
dmtt ol the~·~• 1'"' ~ ot hit w.,;o.,11•1t .,,MIMl\t, if E"1C)IOyH
QDfltinues in vw tlf'ftC)loy of tr.~ alt9' he au.ins !he O.:signat«i
•·or......,.. lollowong i>enNlf*1l osabllilly, or oeatti. and.111 It-. c:aM°'
~ ~ "'9ll lite m80e eontlfluOldiY lherMft., on CM Int
dily ot eem succeedsnQ mQl'llh. er. sn ll'llt..,,. ouanertw". secr ... amuai. 0t
llWiual paymen1 onataltment ~ •• ~ "*' con1".0ua~
ltletNit9' on me tnl Qiay OI eac:ft tueeHClang lnOl'iOI wf'iCh ::iegio"-tr. tl"'9
PllriOdl~et!Y. MC.J ll'WOlveduntli w;t\llfl'lllMIM Deferred~
lion ~ r.t CMo.:eled sr. ir. 9nlll'ety
11. ~ Agent. 11's8 Relil'tot"91'4 ~-'°""""Kt • llQlll'll ol
tha~IOll' ~ofdlllburlllng~ Theullimate()bllg8hon
b' NkJnO IUCft ~ now.w. . .,... r--¥th lh4t ~
12. ~hon ~ IN ~iOn P9ri04. DunflQ ttie P9'"00 ol
dleCnbutsOn. lM EmPlovee Ot fll9 ~a-~ ....... nominea Of
..-ea IM caw ,_, 1». lflal CDfltWlue to r.. crtKMed witn 1111 1119
lf'lternt. acaimula~ and inct9tln8IU on "-loll'ldoalr OAed tunoa end
uaieta wt IN Deleueo ComoenutlOl'I ~. 1#\Cii .icn ~ ..
~in~ettWety
13 Section ' Ter"""8t!OI' of ~st UQon 19fftllf'lltlOl'I o4 .,_
~ a ll'l'\lltel. lot ~ t.alOll CC'* ll'lel\ OMltl. lfle funda. &IMfS.
Wld ~tiona 111 the Oetett9d ~ltOn AcGounl sria11 .~1 ~
~~ed 1o "" acCOYM wtett a new ~ OI !ht [lnployM. lll'ld.
~ ...., ...... f""1Sll\"' .. 04'9'* ~ • ~-al tne 0-S
--------------------------------------------------e
~ \1!'1111 aucnm. u '9Wt .. ~"JCS In ~wllt\tN
~ c' this Piao, eJ1C411P! U pr~ .n Section :l t>l ltioa Parag.,n
e.ctlon 2. Tr.,...,., o1 £MlioJIN'tl w"" ConltQerarlDft 8efltlffn
~T~lle Agr~ In tr. ~ tt'9 Etl-.p!Oyee ICC.,._
~wilt! a -~ parlc!Qal'"O Ill lf'll ICMA-RC o.fened
~Plan. ll'len. 11 *"' pu1 ~ MOI trial•,... no i:wetenl
• Mur'9 nM0 Of !tie lvt\Ow. llaMf&. ar'Cj eccumulahOI ... rl t"9 uJ0 Accounl
tot tfle payment of tta gener8' ereclttcn or ltlt any other SIU'l>Olt! M\8t-
.._.,, in c:on;)IOel'atlCl'I °' tis dHll• to awoid m. contuuno •Jll** ol
INirrtU\inQ 1eeo< ds ~ re<:.eMl'\9. e..ainon•l"IQ. ...,,ty~ ar.cs t1l•ng ann..al
NPOttaof tha Retnment CorilofellOfl. Wld "canaiderallOf'I of avoOrlQ tt"-1
IKIUI*' tutute 9lloe<'l9H o<I l<ligaheln Of EJT¥>10ofM"I conhriuing ~
~ nghls 10 peyment t"' deferred comoensat>0n Oii f\tS relirement a1
... CWlMded in the event ol ~ POMble Mure 1'9VOC&llOl"I Sid
twltJ'IO "* ~ ltwt put Emoloyef O°' !tie turic:ls. assets. and accumullltionl ~ tfle UJCI Accounl 11'111 ·pul ~ !Tiiiy. ar rts CllscHbon. authOIU.e the
,...,,_ .. Corporation. as llSaQWC. IOP'OOOM totl'ie new~ !hat
lie funda, ... ta. and iac:cumul•bons of tne satd Account ti. transten'ed lo
tfle OWT!lnhp, control. and r1grrt of withdr-•I of the new Empjove<. and to
do IO In 11'19 evont the new E."1'1Pi0¥91'. in consideration of tne increased
--dthlt Employee'1H1V1Cn~reuon olthe~Qa.nedWh:le
~ pal employment, egr-to SC:.OI aame. lll'ld the rnciec1we
~ lrld the Employw 111911 ... llPO«IPl'iafe torn! al AgrH!Mnf in
WINch u. new Emoloye< aiso avrees to e.saume tne contlr'l'Jll'!Q cont!W:tuel
lltDllit)' to pay it.fened ~ so tr.,_.,i;d UOOl'I re1 .. emem of
.. ~ ~ 11111 ~ .. ,...... ttt. pal~ fmm '-'
~ ot111aa~1011 to dO ume.
&tdion 3. Pay!Nnt of Detenec:I ~ after T~tiOfl of
~ In the event a ~II"" ~-sepat&tq trcm
MfW:ewllhlhe~ prior to lhedeSlgnatltCl!egewhlchappe.-111ttw
...,~ ... II. ltle~.._dlrec;tVIOAet11111M'lt~
•-oenl to distne;;te ll'le funds and assets or me Oefen'ed ComQensllrion
Accounl to h ElnpioYM in one k#nP-*Wft ~
t.&. Loeoo& The ~ sllall not be respona.ble (Or lll'Y Iola Clle !C '"""''"*" Of~ ol investlN"I °' funOl .W'CI assets ., "'° Oeien..ci ~ Account nor sNll ttle flnc>lolr• l:le reQIJlnld to r9'118Ce et'li
.. ~ wNcn may rault from laid invettrnefU
16. ~of o.tlf'l1ld ~ The Emptoyw dlnlg
Ne "9time ~1 ~be entitled to commute, encumoel', MU 0t o~
dllpaeeolftiahQN1lorec:etWdlt!enedc~~1orOrided
b t.rein. Md the f19ht thereto shall be l'ONIS8ili!Mbla ano ncntrans-
..,.... _ In IN 11¥on! Of any a119fl'Cltl<f U8'QfVMnl or trMSter tnereof, lftlt
~ llltlll ~no~ liallditJ undlir ali9 AQrNIM11t
16. p.iicipalian in Other Employw Benefit "'-. ~ ...... con-
~ anal in any mannet modify. ll'll08of. 0t llfleC1 the e11isbng or "'111•
ngtia 01 inlare9t OI ine ~Cal to recewe any~ benefda n>
'lfflich he would oltlenw!H be .,.llled. 0t lbl u • pstielp.lnt In any fulure
~ pllfl, II c.sng uncteralood hi the ngnts and ll'lterest1 ol ttltl
~IO atiy ~ bef'leflts Of q a l)llnic~I 01 ~fieilfYtn OI
Uitdef ~ 01 all ~ plana f8SOeCIN9ty ehell continue in full force 8"d
llltKt unmcMired. and tM Employ .. lh&ll have lt1e nght at Sty tllM
......,.., 10 ~a~ under OI ~ llD an,; lll1d llK lilCh ..
17. Dlfil'litiona The mNftlnO of el'r t.-m Of i.nns, oNllM, c:i..e. OI ...unce UMd "this AgrMIMftl. wNch .. allO UMdtnN lrl..awl Of N
Rittirement Cotpotatoon. ltlolll ~ deflftlld u lfWH •• O.hned'" ARTtCLE
.. hcttOll 2 °'the By-1,awa ~ oronouna. ........ ., UMd herein.
Inell.lo. tf'l9 ,..,_,.Pf~ Wld me~ lfldwOM tne owrai unieu
... cionleat rtlQUOl'H llnOtfW ~
11 v~ of Agreement n. Aclr"'"91'11 .,_ not • ¥9llCI oi ~
torce•bte Ul'<leu •ioned by lift oltieer C!f ~. *""°'IJecl br IN
gcMN1'1111Q body OI IN ~ .... tc< e~ ... (;lly C~ alld
"'"'8M lhll Agrll9fMOI II ~ br ll'le -~of IN Joif10ef .Hftlefll
e
PAR~TERTRJST ~HT
AGREt:MENT rn.\de by and befwHn !he •lofel\Ml'ld Emoioyer 1r.o the
Wtoma1iona1 C.iy Management Auoc111ion Retotit!Tle'\l CorPOl~loon
('*ein11ner · tnt ·Trustee· or -~ .. ~· Cotoot11oon--1 • r'IOnP'O'•t
oorixwat.on Of08l\'Zed and •.uatmg ~ ,,.. iaws ct ~ Sl•le ot
Oelawete. IOI' the DU'OOM ~ ~ 81'(11 OINIWIM .,,.,..,,1t!flf1ng !l'le
l."1CIS Ml asooe by EmolOyefD in connection Wllf\ D&"'"9CI C0tn9e"S'1!1on
~aernents with~
WH'E:RC--'S. the Employer des4fH to enter ltllo agree"'9n1S w•tt'I '"
£mo1oye-es wherittlY •ts ~ioyea "Gl'e• to deltll' paymen1s or spet•hed
.,..-ceotaoes of or amounia floom INtr Iota! ~tlOi'I as ·cieten~
corrx;!!nsatlOl"I" ii ~ined in said .;reements un;ri tne oc.cvrrenc• o•
certain 9Weftta.
WHEREAS. in etd<lll tna "*9 will .,. llJ(flcenl ~s 1va11atlie to
dl&ct\atge tne Tofego.ng coriiractual Obhg.ltl0n$. tl'le Emoioyer Oeszr e$ t :-
... aside ~ llftOUftta eQl'9I to the MD.m of compel\MtlQl'I
defen'rd;
WHE~S. lhe funds set Ulde. logethef witl'l 1tf'ro/ ~ail invutments
1tlerelc. 11e co be a11.cli.111¥1fv wMtn 1ft9 dOmlnion. controt. atld owne•$h•O
fJf the Emofoter, illld 11.Cfect to tfl9 E""PioyeT's llltlSclute r19nr of w11n-
l7awal. the Ernployotl hawtQ no internt ,..,.,1Cle1191' thet'e!n.
NOW. THEREFORE. this Agreement witnessetn Illar •a1 the Emp1oye~
Wiii pay monoes 10 the Trl.IStff 10 oe ;Need 11'1 Def~ CQmpensar.on
Account5 b the E~, (bi. IN! Trustu COllel'ollnta lt\il •1 w•ll l'!Vld H•c:I
-.ms. it\d any other lunds wtllctl 11 may receive tlefeul1def . .n trust fOf the
UM& Y1CI ~E!s and YOOf't cne le<t'!IS and condltlOftS •e.natter 5ta1eci.
9'lld (cl the parties heteto 9Ql'M as follows:
ARTlCLE L Ge'*8I ~ o1 eM ,.,_ ..
SeetiOn 1.1. aener.IDufyotthe~-The~St1a11ma1z.e
~ periodic paymenla 9QU9l to the ~ of its EmoiovHS'
~1.;on wtlic:tl s• dafeffed in llCl!:Ordal'IC• wittl tre i.rms 31\d
~of0ef9n9d~~ AQl!aementaVllitl'lsucr.
~a, or Wi1h ~ 1ut111QUP11 Modificabon ltlefeol_
Section , .2. QeMr.i Duties of._ TNatee The Trualee "'811 hQl(I ail
Mld9~by rt~. WhlCft. together~,, "'-tncotnelhef'e!ro...,
diall ~itute tr. Ttul1 Fwncta H lhall ~tter tr~ Tr141 Fund$. Collect
9Nt inC'onw .,,.,...,,, and lltllK4t paymeota lhel'efrom. an a ltefet1'16'!er
~. The Tru.tM lfllll lllao hOICI all ff14t Fundl WftlCfl a•e tTanSlt"rr~ '° " as SUCCftaot Trus=ee by !tie E."f'C)IOyet 1ron1 ei11st•"9 oe1erreG
comoanution IWl'a191f'191'1b Wt1tl rll ~S wl'llCl1 "'"' the Hme
lnlernalAevenl.le CCldtlr~ta wtllCtt QOVtHntne~C OetC'tl'eO
~ Pwl Such Tn.t Funm 1Nt1be9U01K1toellOftne1enns
and fll'OVISIOnS ol Iha AOl'""'9ftl.
ARTIClE I. Powen .... ~ of tl'le TrwtM in ~1tln9nl,
Adminiatmlon, Md~ of ... Trust'""*·
S.Ctoon 2 1 lrwealmenf Powers and Cubes of the Trustee The
Trustee sllall neve tfte powef " it• dilef9tion to invest and remvesl ~
~ and income ot .. Trust Fundl Ind kHU !tie Trust Funt!s
itWstCCL MttlOut ~ be'-" ptlnCIOal end ncome '" $UCt'i
aecwi1in or in ~ property. r..i or Pllfl(JnAI. wflet'~ ..t~te<I as 1r.e
T~ ftll dn.,it ...... incluOing. taut nDI hmtted IC. 1toc11s .
common or Qre..,,_eQ_ bOftd&. retlt...ant amu«v ..a """'anc• oohcl4K
mor'IO-O-. ar'CI otrtet ....,at Of indtlbl.OWSS 0t ~-and 111
common ll\Jtll ll.ll'ld$ cA ~ IMwlc: ... or lrlYfttmenl ,,,.1nut10"s w•!"
aui;n IO&l•IUbOtle 9C11n1 .. Tl'ldfW of auct1 COIMIOfl tfldl ""101. Of
Npafal• and dillerent fWle$ cl..,,,.. C.ccountsl <11Cll01"19 eau•IY t.aai>
Slcclrrle. lr"3 1hose 'Mlld'l 11.M ~INll8ntJI ~ sate !Ind 10C1• 90"'"" "*''•' -.. eataot ... 'led,.,.... lllCll aporowec:t ~iai °' -•s'-"' ... """°"' fOf tnese P\lfPGeH. !fine Trust'""°' may De COfM'l"'OleO ""*" otners eslabl..,_ bl' 9'e Trustn '"'91' tl'llS tor'" Of 1gree!M"l'I ....,~
CMfWf Emolcyets In~ IUd'l -..ilNIUs. IN Trustee llha3 not~
IUCl!«:t a1 .ill.-1 ome to Al'IW ll9AI kffvl<lt<Ot'I go.emon; u. inva lllNl'M QI 1i..c: ~
"""' lnwell....,,.. l)OWM~~ OIC'ift°'vnteo lfttlle Trutt••
!1
I , r
. e
•by lhia SeellOfl ~y bot deleQ4ilild by lfte T~ lo ""1 t141N. .,...~ Ot
In.alt c~. °' fllt't '"'•Htmenr ~. ~ °' roo-m fflec'-<! by rt
Section 2.4: ""'™"•ITelr.-~oltMTruslM n.Tn.9lfflftell
"9'<'C t!'4 ~ I\ !ta d&We\.._,,..:
'9J To ~cll&M. or ·~ k.t. 9"'f Meun* or ouw or00«1Y
•.ct to •el•in ll'le um• in trual
(bl loeeu. •~t .. ,,119. convey, lra.'lSlerorO(flef .. Ndrx>OMofany
MCUrUies Of 011\ef" Ofoe>er'ly held by 11, by l>f"V•I• contract. or al
p.ibllC IUChon. No ~dealing ""'"the Truslff ahall be bound
iO ... !he ..x>i~!•on OI the OU'Cl'lllH ~Of to ll'IQU•t• tnlo IN
w.lidrty. expee. 91".cy. Of prQOrlafy of 8l"Y IUd'I Ule or other
~
•c:i To vote 10W1 any stodlS. bondl. or other MICUl'ttiH: '° ~
~-or wec•al prQ.1.,., 0t POW«'I oA en0tl"l9y wrtn or witnout
~ of hlbsNutlOO; lo UerctM 9l'Y CCIW'lion ~
~hon ""h!s. Ot otrier QC>llOnS. Ind IO make any ~ti
incidental tnttteto. 10 ooPOSe. or to 001\Nf\t to. °' olhelWlN
~le lfl, COri>Otal• r~•tlOnl Ct OU-cMngM llf-
loectlt'lgCOl"CQlate sea;nltes.. 111\dto~ diacre~~
ll"° to P#r/ 5/'IY usessinents Of chllrgn 11'1 connecbOn ther-1tl;
and ~lllly lO fJK91'Ctsct lll'ly Of tn4t ~ of 9rl OWMI' with
r91oecl to s1oc11.s bonds. HOJl'ittea or ou-P'oc:iertY neld u part
Ol lhe Trust Funds
, .. To e&'H ~ securit!eS; Of other~ tetlld a Pll't "IN
Trwt Fu:'lds to bt! ~tered on ita OW'll ~-IW>d to l'lold eny
~nf$ 111 be!ll'er form. tJut ~ bOOllS llnCI ~ Of IN
TMtMs1\alt&ta!l11rne1Shcwu.tall1YCh~ ... 110S1ot
the Tnisl Funm.
le) To bon'ow or reise money for tne OUl\lOM of 1fMI Trust in liLICf'I
wnount. and upon such tenn9 and COi dit1011&. as the Trua1ee lft8il
dNln llO\llsaOle, and, fOf an-, ILnl IO bon'owed. lo iaaue di
~ nole u Tn.lee. 9lid 10 MQll'e ir. r~ tl'leteol
t;y ploar;ing all. ar any part, cf :tie rrust FU"da. No C*90l'I ""°'""'
' l'AOl19y IQ the Trw.lee ~ be bOund IO ... tt• IOOliCllllCrl'I cf tM
money lent OI flO ~·into ID val~. ~ex procirwfY of
"" S'.ICl'I bCIT'Owlng.
(t) To keep tuet1 pgnion of tne Trust fi.nctA 111 cas11 "" cuti
1:1a1611Ce1 as lt>e Trusfee. frcni t1Me 'O time. may oeem 10 be.,, lfle
bear interest ol me Tru1t crutea ~. witflallt lilOIJily tor
i\19re$1 u..on.
(gj To 8<:Cept Bild ret11K1 IOt llUCf't lime as ii may deem llCMs&tlle ~
leallitj8s or Cl'* property reC8tY90 or llCQucteO bY it • Tnatee
hel'eunder. whet'-or root such secur11ies or other prcoeny WOUid
llOf1nali)' be purctiasea a.s ~stmetlla hefeundet.
<hi T ~ mail.e. ei;ltC\ll e. aclulow'80ga. and Cle INtir eny 9'ld al
docurnenls of tra."\Sler and corweyence and WPf end ell att'9I
instnlm;tl'll$ 1ri.1 may be necessaty 01 aQP'OQNte to any out lne
(IOWltr& here1t1 granted.
IQ To settle. cornprom1u. 01 St.Omit to ~ ,,.,., ~
d9tlla, or da.-n.agies Cue Of ~ to or from lfte Trust Funda; to
· cx:.wnmence ordefeNI su1t1 OI' ~or ~rev.~
etld to repreMnl ltMt ill.Ill Funoa in .. llMdl lf'ld leflllll encl
ldmil'liltfat ..... ptOCoedingl
(ii TodoaHauchaers. ta11eall1UCl\~.andeqrciMell
IUCtl ngl'lts !Ind pnvileges. ennougll no1 ao«;tllelllly rnentNlned
~.as~ Truslee lll8y d..emn9(;eNf1FYloadm!NSI ... tN Ttvti
funcil aNI lo c;any out 1ne ~ ol ~ Truat.
s.etion 2 3 D1trd>.ltoons front lfle Trust Funcla The Emc>o.>yer ~
IPOQontl "'-Tru~1H .. ,,, ~ for 1)1.-POMI ol MleCbnQ Ille IM!tioO by
wtiic:t> dlSll•bl.lhons trom I~ Trusl Fund& .,. 10 be m•de. 11 well I& tor
~n or ft\;oil.11'19 such cs .. tnbut~ 1n ttlo$ reoaro lfle \en'llS and
c:oncw!O"S Hf kll1P1 .... 11'141 AgrfffHtlls lo be ••Kl.li.d C.tween IN
~ and 111 ErnplOy~ ano 1nY llJbl\8QUenl ~ ther9Clf.
ww to guicSe and cOMr'ortN TrustM't ~.
Sec:ti0n 2 4 Veluatlon af Tnnt fWIClll Al 1eut Ol'Ce a YH' u of
Veluation 0.les dellgrwte<I ~ the Tru.t ... the Trusttt IP\all Clele•m1M
the vaiu. ol !tie Tn.;1t F\lnCI '4Mts o1 Iha Tnat Funds an.ii tie Yliued •I
"9oif !Ntrllel V--. al tf'lt cloM Ol bullnetls on tt'le Valualion Date. O". l<'I the
~· 01 readily ucerta!Mbie INl1tel *-U !Tie T"'81M a.'\all
detetmine. in~ Wllh metnod9 conals~tty lofiowecl IW1d ..-
bmly KIOl'9d
MT1ClE 111. FOf Prct.c:tion Of TnaelM.
s.cti(W'I 3.1. Evidenc9 Of Action by ~ The Truat .. m-v rely
!,CIOll ~c:ertiflcete, note. or*tct10n~4 lo have~ ._gnecl on
W\el! ot ttie Employ9t wnicl\ tl'I T ruatee belle'nl ton..... t>een 11gn41e 1>y a
*"'1 dff>gneted offieiel of the Emoloyer. No communicauon INJI bil
tlindinO uoon tlrJ of the Trwt Fundl or Ttuat• until ~ ~ ree911190 by
1N Trvatee
Section 3 2. Adlnce (Ill Counsel The Tl'UltM may conautt wit" arry
leg.a• COIJnSel wrtn r ISf>llC1 to me c:onstl'\IC'tlQrl of !his A;teetM!ll tta Oubel
~evnoer. cw at1y act. wnicii 11 pr~s to take 0t om11. ano s.>ian noi oe
liable-for any action take!\ or omitted in gooo fartri Pl1"1t.1an! to Wd'1 ae11nc I!
Sccti{ln 3 3 M<scelllneoul. ,,,. Truat• 91'1111 UM ~ ewe and
rciasonaole ""~'4. but INlll not bt lial:ll• tor C"V mistal<e of~ Of
04Ntl' zictlOn taken"' goce1 f~lh. The Trust" Wll not~ liable !Of fl1T'/ 1csa
8!Jltcined by tne TnJSt Funds b)· reucn :>f any invnfmem /Ylade ir'I ;cod
.... rind 11'1 ICC(Wdlnce wilt! ltlQ ~of .... Agr""'9llt
The Trustee's <Suti4n1 and ~""'9 a!Wl be ~od \o tho&O e.qirea.ly
imOOsecS won it b)' ""' AQrffment. noMithet~ atty reterenc. 9f the .....,,
Mn:&.Erv. T-....,......lflCICM4*ull1nflfT~
S.Ctlcln •.1. T axe.. The Tl\llt• lhllll deduct tram~ ctwge ,.,.,
h TF1.1$1 Fund$ any tun on the Trust Funda Of !"-lneome ltlef90C Oii
Wf\ic;tl tne T ru:11 .. is reqiMred to Cla¥' wilft r...-.1 to the inl•Mt (II .ll'rt
....,,.. lhlAtn.
. • iiec:lion 4.2. ~ -The TNll!H shall deduct lrom 'and ct\al'Qe
tlgW\81 NTtunt Funaall~e~~b)'~ Truat• 11'1
ttie lldrniniatratlOn of IN TNSt F...nda. incllldinv counM!. ~ enooct.
nec:aswvfeff.
. MT1Cl.E V. S.tleMeN e4 Ac:cOwlla. The Tn.etee lhall ~ !IC"
aind•-OttM<teccountlolall~. ,~di~,
9lld ~ tr~tioM hereundef
Within~ 4SO) d-.ys .rltr Ifie ctoM of Md! fiaC:* year, !tie TrullOe
.,.. rllndei' ir1 ~ to tnll ~ en -=eount ol •Ill .ct• ~
·~ .. TrustH •eunoer • lnY Plf'I Of m9 Tr.is\ Fynd aNlt &'Ill
.._,..!IO llYougi'I l1W medll.llll of any eOIM'IOn. ~ 01 ~~
TNet funds. I'-'-91 9Ml.lat ~cl auc:tl Truat Fl.lr\Cll ttrlall be tuemtnect
... 111'11 "ICOlllOflllecl ill -ecccunt.
II wiltlln~(91,')j (bys after the ~~tne..ccount o; at'>' wnended
8CCOUr11 tl'lt Emo40\r9f l'lu na1 liMtd wdt'I t1W Tn.atM ~of t1r1Y CIO!Ktion to_.,, Kt~ llr.-naactlot> of "'9 Ttl.IStH. lhl 8CC1CM1t OI ~ ~
-.. ~ an l':COUl"ll "'"'" " "f'f cbpctlOl'I h1$ bMl'I tiieo. ano "ttae £lftPIOV9r IS Nbllllie4 ir-' If lflOl.tlCI be Wlftldf 8M'I OI d tl'9 eccount 18
ediusted to~~· Nt•IKtaOn. the Emoloyer anall in wntino hi~
.-i "9 Trusw ~ "'°'°'" Ol 'ltle ilCcounl and rt alWll become wi
-=caftst.11«1
When 91\ ee~ ~ 11t1 M:CouM ~ ~h account sn.11 b9
fir.itv MflleO. #Id lfle T rwlff INlll !tie compl9te!Y doKhlr i1e<I S'CI
relHSed as .t IUCh llC«IUflf had De9" .m.c:i wlCI .UOW.O bY a ~n1 or
decrN cf • coun o4 cornpelolnl JUI'~ .n 111 KbOn 0t proceeo.ng in
wtKfl the Tru11" and l"9 Errc:iloret ..,.11*'1_.
""9 TrustN ll\ell .... the t!Ql'lt 10 aootY 411 ..,., t1fM to • COUt1 ol
comoetenl IU'•SOlclion lat lhe iudlCiaJ ~ ol lfl llCCOUm
ARTICLE VI. Re~ Md Remo¥ .. of TNatM.
Sec:bon 6 t. AettgnilhOl'I of Tri41H The T~H ma.,. relOQft It 8n)'
e
'-' .,.._ by llling wltrl the ~ It• written resqw\iotl Suen ~ion
.,_. !Me .rr.ct 11xty <OOl de'(5 from tn6 dete ot such fl'-1Q ~ ~
lllOOl'1tment al 11....ccn:KJr i:iurwt to S.C•oon6 3 .. ~r ahall fQt
occu
~ 6 2 Rernovsl cf TrutlM The Em:'JIC)yef rr.-y ~~ ttw
TNltM llt 11"1 t«M by d~ 10 the Ti'\Alee. Wflftt'f\ notice of •:t
lllftlCW8I a.,, eppointrnent ol • auccnsc:w ~t lo Section 6 3.
llidl NMOval I/WI oot take ~ect =iir'°' to ..-ry (6CI ~ front ..en
~ ~ ~ TnmM agron to en earutll' ~dale
Secilon 6.3. ~t Of Succeuor TruatMt. The epowltrnenl ot a
9UCClllUO" to IN Tt\..'5tN Ahalt IP• elf eel uoon tne delMwy lo tll8 TNIU1e
d ~ art inalrlm»nt 111 MltlllQ e1ecuted by t~ fmpJoyer aopomt~ .ucl'I
IUCC"MO'. #Id eaor-etITTg sucn 11.1Censor tr om tlllbllrly for ~ne ai:ts and
onU.siana ot Its predee.e Mell'. and Cbl .,, aocep1ance in wnlinQ. ••eculed
11¥ IUCh aucceaeor.
M d tt.. proviSiOnS Mt fonn Mrein with respect to 11'ie Trustee shall
..-S• to MCft IUCceMOr witn tile ume force w1d effect u ii auc:ti
.uc:cesaar ri..d been ong.neJty named as Trustee nereundef.
I• 9'.ICeeSIOr i9 not ~ntlHI w.ll'lin ~ (60; OQys after 1tie Trustee
giwes ~·of it. res:gnation pur!IUMI to Section 6.1" IN Trustee msy
~ to *"' ooun ot competent iun~ tcr llClO()lnlment d a
euccaaor.
8ectiOn 6.4. Transfer Of FIM'!ds to Suceeuor. Uoon the rnignatiCln Of
Nal:Mlal of tllll Trus1e. and IDQOintment ot a auccessor. ll'ICl after tne hMI
eccount ol the Trust" M5 been ptOQ«ty settled. tne Truatff 11\mll
.....,.,. llnCI delMt rt of m. Tn.-t Funas it:wOIYod to auc::tl BUCCeUOI.
ARTICLE VIL Dumlon .nd ~or Tnast ~
Secliorl 7.1. Duration and~ Thi9 Trust stwll co:ttn.ie for
9llCtl time •mer bltnecesuryto~tne DUf1>0M torwttict'I!! ...
I
.
/'
0 .. 1.0 bUt ~be rennin~ or nM>!led at eny tmoe by the Emoloyer u 11
...aatea to #to/ .,Od/or all related C*\ICIOal•ng £mc:i10yees Written notoce ot
IUl:fl t.nNnat!Of1 or revt'Catl0f1 tt'•h be g.ye11 to Ttl4t T rvs te II' 1:1y '"~
~ Upon 1emana11on 01 re...octtlOn d. ltlos Tf\lsl. all oi ttie uset!I
"*-of Sf\all return to end rnett to in.e Employitr TenTuNlhon of l'!'l1s T •ust
~nor.~-re~a\19 trle ~of I,,. EfnPloY•"• eor11n1,11nQ
:)bllgation to pey is.tened comQ9fl111ahon uoon tt.e lc>Ql<c.tble dost••but10t"1
OM• to af1)' and/or ea:PI Empioy.e witt'I ~ tl'le Emp1ayer r.as el'terea
Into a Deferred Compel\ution Employment Agreement
SectiOn 7.2 Amendment. The Emo&oyer tlhllll have the ngt11 lo amena
this. Agr.-nt in~ and in pelf bUt only W1tPI the Tl'!JSlee's wr1tt;!n
content. A1PoJ 8'lCf'I amendment sNJI becc4'l'e eft~rve l.ll)()n ta) del!Ve..,. to
tM Tnnatee of a wntten l"IStrument ol amendment and 101 ttie en«itsement
tiy IM Trustft on IUch !NtNmenf ot i'ia content thr.eto.
ARTICLE Vil. ~.
Sec:tion a. 1. Laws of ttle Stated Delaware to Govem. ~ Agreement
and hi Tll4t n.r.oy created ati.ii be COMttUeO and regulated by Ille 1aws
al IM State ot Delaww'e.
~ a.2 &..cceMOr Ernployen. The r.rm "Ernp!Oyef" snan W1Clude
1t1y petSOn who suceHCI$ tt'le Etnf)loyer and wtio adoots !tie Oeterr~
COll'IO«'MtiOn Plan of the Retirement Corporabon &oO tieeomes • Poli'1Y 10
this Agreement witt'I tne eonMn1 o4 the TN$1ee
Section !.3. WrthO'...is. The ~ may. at llf"I time. and trom
time to t.ne, wittd'aw a portion OI all of tne Trual Fund$ created bt tr·us
A;reemeot Md related ~d ComE>enubon Employment
AwN!Mf'lla.
Section 8.4. OefirlibOfts. OefiMiona in the &,-->..8'#1 of te!TM. Qhl'ases.
etc.. YMO nerein IQPly to the Hiiie l'lerlWI. The mascuhne inclvdfl ttie
r.Nnine fi1lO the ~ includff tne ofureJ unlesa tfle context rtJO!;ll'es
""*-tMa'1lnQ.
I
t
I
r ;
I
t t ,.
·ell: One A ·
. ~e 1t : .gre-srnen~ · O Amendme"1"o! Previoos Agreement
: Char.ge of Bonef1c1.vy Onty ~
iOUNT OF DEFERRED COMPENSATION
. !ICE E~t'Cbve January 1. 1979 l~a1 '•*~any ~son trom
• 0 .,<ng mete 1>.an 25.,, of Iola/ comoensarion Ot S7.500. IOlh•cr'leve< 15
· !'' Toia1 ccim~nsa11on 1s yo.Jr s.ila"f. 1nc!W•"9 3"'f amounts oeteu~
-ct"'e en ·~ ;>..lrda·, s~n beiOW. I des<•e 10 be pMt. en lhe fotl'T'. ot
·~ed corr0oens.11..,,,. as fo<IOws
--.::=)<' -.s I ·· I
•-&. ""'"".;C
="!"'t.'4'~r:Q1J
! l ' ls
•. I ..
:::av en ¥>'1•Cll pl<i:n 1:; io !:>ag111 ----------~-----
Mo Oa~ Vr
-·------------Pf!' P•'f period
oaie ~Je!'J t2 ~s. montn. 15 aays. eic 1· ---------
:SENTlt..L EMPLOYEE INFORMATION
. M c--F Dart' of 6"1ft
Mo. Day Yr
~.S!GNATION OF SENEFICIAFIY (See Instructions)
J&ER AGREEMENT
To tf]e iCMA Retirement Cofporat1on de!orred
co~sation plan . ·
~PP END IX B
ALLOCATION TO INVESTMENT FUNOS
I leQu~st ll'lal lhe tma1 amo...nts ol de•erre-0 co<"'Pt'"'.'>.lllon oe aooi.~ lo t•-e
ava1tao1e •n¥es1m"''"'' ftJnd!i .n ll'le io•low•nq oerce,..,1acie~ ~See l(MA PC Al\·
ni,ial Aepurt ror Cl•scwss-on oi iurics)
....... ,,,.. ...... • · ........ 1,,.,...,.
..... ,. .•• ,11 "'"''
I . . . . . ...... . ...... -~ i--·---·--------------------~ • o' • • • ----------~---
l . " ..__ _____________ _,__ __________ --·-
t urice:'l.~anu 1'"'-d.l -Aih~te ~'J.'(" v: ;.,.., "' .1~ •P:-?•·1 1, Pit• ·1-11 • .;rt:'. i ~..,e ..... ,.~r
Me''"I Cl tr·1~:;,, funo~ rna! rf 11W1t: Of"' ~t"'\. f~.,",;.·; f .J ·~~·,,, ''h•!" .:111e..,.,,.,...~..,: .. "'11,}~ce
lO those ava113n:e und(?r II'(' :..i..,
rr'.
~-----l.:J
~ ~nen ameno1n.g ·four aqrHmen1 oo not comolete tnis sectoon unless ~Du MSll !O Cf'a~ ::ieneric•anes
..nom s!'la!l ltie proceeos be cayabte 11"! case ot yOUf ~<Ith" Grve flf'S1 name.~ •M1a1 ar<21as1 r"iilne Mill"( .t,
· !fl inol Mrs Jonn Sm•!rl) For your ct111C1ren you may sarnc>!Y use ine 1em1 ·Mw C!'l11drP.n an::i ieav111·1!'1e Oa1e of
·~ ..,,., Reia:IOl'ISh:p coi.,mns Olan« Tti·s !etm .... 11 f:)fO'o'tde equat 1rea1men1 arno"9 ~""' Cl"•idt!!n-preseM~ and _.,_born o! any and all mam~es anc any chlcaren legally adOpl~ at •"Y tome
e c' B1t1h • e wi•e. $C,, ~a";.J.jr-,ie" l~ Relalo()(!Sl'l•-' lo you .
Day Veil• ! 11 .,"'"" s1.:i:e """~'~"~'
~r•end .:..reo11or £'~.:.. 1 ---·-------·------
111mgeu! ~(IHJ (Clas !I). if llftW:
11 n;itlt to ch~n.;;e ~ann os ,~ to me
•TE. I! no Prll'nary 0ene!ic1aty I Class IJ >t. IMng al ume QI .,our Cleall'I. lhe ~~.are payaDle !O !he Cont•ngenl
Be~fic•aty(IL'$I (C!ass II} If a Class •tiefudes more !ftan °"" pe~. 1he proceedS .:ire lllV1ded !Quatly
aniong 11'\e h111ng oe,,eloc-11nn of !NJ Class
~R SUPPLEMENTAL PROVISIONS -------------------------------
The ul'de•S>(]nf'd "ereby ~DI.es let pani<:ipallO'"I .n Che ICMA ~eh<emenl Cotllora1oon Ottlltfl'e<l compensatl()l'I poan as t-~1a1:;1ts"ed t;y my emp•oyf'• l
~stand my pa~IClOilllOn •$ sut>1ec1 to my emptOyer s aqr~. qwen below llnd ...,u be qovemed by 1ne plan Cloe:ume.,t. rts a~K!ment\ ilM mis
~re.::m;;;r:: .... -.clud•"'Q '"•~-at PfOV'5IO"l5 ~·~ on tne re..efse ~ ! have •eaa ""' aq1 ~ • °"' ,..e •e1te• sit s-ae ol tr11s •G•ec<nef'I. and cerMy 1r.a1 me
MnOulll I l'laV• sMl I •anr IO deleit 00.S l"IOC .-.::NCll 2~' al my total compeflNllOn Of 57.SOO. wtliclle\. JS low.,
·.oloyeP. Signature Employer Approval and Agreement --_____ ,, ____________________ _
at1.:r• Oat•
IU Uf\nOI S'9" 't'OU• own J0otlde!' Aqt'""'9N 10t employet approvolf II 'ICU
~ •1.'1 •" y{iv' ""'P·~v,,..' ~ul1'1;.;•led oftlc..i. ll•w• •r.o~ empluyH ;i:u·
r!llW 1(1 S>;,)•' I'-"'' ..,.~, -1 ,.nl.
Date