Fort Walton Beach Resolution — 2009-45 - Establish Defined Plan after 1/10 — reading text

Ruling 81- 100, 1981- 1 C. B. 326, and is established as a common trust fund within the meaning of Section 391: 1 of Title 35 of the New Hampshire Revised Statutes Annotated, to accept and hold for investment purposes the assets of the Deferred Compensation and Qualified Plans held by and through the ICMA Retirement Trust. NO~ THEREFORE, the Group Trust is created by the execution of this Declaration 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 Retirement Trust, by the Trustees thereof, in accord with the following provisions: 1. Incorporation ofICMA Declaration by Reference,' ICMA By- Laws. Except 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 Trust and the Trustee for the Board of Trustees referenced therein. In this respect, unless the context clearly indicates otherwise, all capitalized terms used herein and defined in the ICMA Declaration have the meanings assigned to them in the ICMA Declaration. In addition, the By- Laws of the ICMA Retirement Trust, as the same may 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 Trust Agreement. Notwithstanding the foregoing, the terms of the ICMA Declaration and By- Laws are further modified with respect to the Group Trust created hereunder, as follows: a) 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 Trust shall run to the ICMA Retirement Trust); and b) all provisions dealing with the number, qualification, election, term and nomination of Trustees shall not applT} , and all other provisions relating to trustees ( including, but not limited to, resignation and removal) shall be interpreted in a manner consistent with the appointment of a single corporate trustee. 2. Compliance with Revenue Procedure 81- 100. The requirements of Revenue Procedure 81- 100 are applicable to the Group Trust as follows: a) Pursuant to the terms of this Group Trust 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 ICMA Retirement Trust. b) Pursuant to the By- Laws, the Group Trust is adopted as a part of each Qualified Plan that invests herein through the ICMA Retirement Trust. c) In accord with the By- Laws, that part of the Group Trust's corpus or income which equitably 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.  d) In accord with the By- Laws, no Deferred Compensation Plan or Qualified Plan may assign any or part of its equity or interest in the Group Trust, and any purported assignment of such equity or interest shall be void. 3. Governing Law. Except as otherwise required by federal, state or local law, this Declaration of Trust (including the ICMA Declaration to the extent incorporated herein) and the Group Trust created hereunder shall be construed and determined in accordance with applicable laws of the State of New Hampshire. 4. Judicial Proceedings. The Trustee may at any time initiate an action or proceeding in the appropriate state or federal courts within or outside the state of New Hampshire for the settlement of its accounts or for the determination of any question of construction which may arise or for instructions. IN WITNESS WHEREOF, the Trustee has executed this Declaration of Trust as of the day and year first above written. VANTAGETRUST COMPANY Br- tt. t.. i4 Name: Paul F. Gallagher Title: Secretary 2  J City of Fort Walton Beach L.- '~... IV America' s Most Beautiful Beaches I, t.N. J.~~ 107 Miracle Strip Parkway, SW * P. O. Box 4009 * Fort Walton Beach, Fl32549 VV~(.~~ r';' ': /'., i, " 850) 833- 9500 * Fax ( 850) 833- 9640 www.fwb. org TDD ( 850) 833- 9925 Helen Spencer City Clerk 850) 833- 9509 hspencer~ fwb.org November 25, 2009 James W. Linn, Pension Attorney Lewis, Longman & Walker, P.A. P. O. Box 10788 125 S. Gadsden Street, Suite 300 Tallahassee, FL 32302 Dear Mr. Linn: Enclosed please find Resolution 2009-45 adopted by City Council on November 24, 2009 relating to adoption of the Defined Contribution Retirement Plan for Fort Walton Beach General Employees Please sign page 3 and mail the original page to me for our records. If you have any questions, please contact me at 850- 833- 9509. Sincerely, rWm~ Helen Spencer City Cl'erk ' Slm