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PRELIMINARY STATEMENT
<br />ESTABLISHMENT OF THE PLAN
<br />AMENDMENTS
<br />The IntemaUOnal City h"anagement Association Retirement Corpora•
<br />tion, hereinafter the Retirement Corporation or ICMA-RC, is a nonprofit
<br />Delaware Corporation. It has been classrfied as a tax-exempt organlzation
<br />under the provisions o! Section 501(c)(3) of the Irternal Revenue Code. As
<br />an aid in the improvement of state and municipal adminisiration in yeneral,
<br />the Retirement Corporation is organized for the purpose of receiving and
<br />investing deterred compensation `urds of state and local yovernments
<br />and their related and controlled public interest orgarnzatlons which are
<br />tax-exempt under Section 501 ot the Intemal Revenue Code, hereinafter
<br />reterred to as"Employers"; to act as trustee and/or agent for the collection
<br />and reinvestment of the income therefrom; and to act as agent for such
<br />Employers and at their explicit direction forthe d!stribution of the 4unds and
<br />assets of their accounts to their participating Empioyees (including
<br />independent contractorsj In accordance wiYh uptions provided in this
<br />Intemational City Managemen? Association Retlrement Corpora4ion
<br />Deterred Compensation Plan, hereinafter referred to as the "Plan," or the
<br />"ICMA-RC Plan "
<br />The ICMA-RL Plan is set out below in two p3rts~ I. Trie Deferred
<br />Cori-, pensation Employment Agreement; and II. The Master Trust Agree-
<br />menL As set out below, the Employer adopts this Plan as its Agreement
<br />with the participating Employees and ICMA-RC, and the Emplcyees shali
<br />participate in the Plan throuyti the execu:ion of a Joinder Agreement,
<br />which by its terms incorporates all of the previsiors cf the Plan A copy of
<br />the Pian shall, be supplied tc each Employee tor his study and under-
<br />standing prior to his execution of the Joinder Agreement. The Employers,
<br />through their participation in the Plan, express their desire tu nave the
<br />benefit of thE, centinued loyalty, service and counsel of their Employees
<br />and to assist them in providing for the conUnaencies of old age
<br />dependency, disability, and death.
<br />This Plan nr.ry be amrnded hcm lime to hme tpr purpo;es of assunny its
<br />Confnnnnanco to tYu9 require,ments of any apphcable law or rule or ieiaula
<br />Plan
<br />ticm purs112111 tfhercto, and to preser,r: the tax-exempt strdu , of the
<br />and the Retire>ment Gorporation No amendment may either clirectly or
<br />indirectly operate to derive any panccipating Ernployer of its beneficial
<br />interest in thw Trust as it is then constituted_ The Retirement Gorporation
<br />will notihy the participating Employers of any amE::ndinent to this Plan no
<br />later than sixty days prior te its effective date. Any such amendment will
<br />become effective after the expiration of that period ot tlme. except as to
<br />those Employers a, may tiic an objection. No r:rnendment proposed by
<br />paRicipating Employers snall be effective unlr;;s agreed to by the ICMA
<br />Retirement Gcrporailon over trte si,-,na±ure of an Ot`icer
<br />PAR7 i DEFERRED GOh1PENSATION
<br />EMPLOYMENT A31tEEMEPJT
<br />t. Deferred Compensat,on- inrtial Da<;;sion-FutL:rc
<br />1_1 For the purpose of this Plan the foliowing CetiniUOns appP~
<br />a°Tvtal cc.mpensa?ion' is the total of ; ompen 3t on tc, p>>d by
<br />the Empioyer for the services of tqe t•nployee rE9a,i11t ss of tn.=
<br />terms ~ised tor Its components, us, for example. "base p:iy in
<br />addihon to b[ase pay ""emplcyers aantribu'iOns,etc .
<br />b. ' Daferred comG e.nsi±ionis Ihat arnount or percent.ige of th,~
<br />total compensahon of ihe Eaipioyee which tr,t Emplo~er:;urrently
<br />deters iron the [i ;yment to tne Emp' >ya.e. and instead deposits
<br />same into a Ceferred Confpensation Acco(int with the Ftctirement
<br />COrporation ur<<1er thF= terms of ihis Plan De'urred com~, =ns'aLOn
<br />may inclu~!~~ ~1m0unts iru;n Or percentages of both 'base pay2nd
<br />°emp;oyer's contnbutions" or it m,-ty inciude ;+rnounts t'orn pr
<br />perConlu;)r5 'if "nly one oi (hesr i:oniprwonis,
<br />c'C,urrcnt i:r,mG:< is thar pornzn ot the Einpl„y<•(' s ?of.li
<br />cornpens;:ti,-);i wh,cn iS not deferred ~~nrnpcns„hon : ;~~!~+rr«,d
<br />COrYiPenSatKn iS detinF2d herein, and
<br />d"Bnse p<iY >tI e st:ite 1 salary of t"r, Einployerl
<br />1.2 Compensation may be deferred for any calendar month only if a
<br />Joinder Agrerrrient tor such deterral has been entered into before
<br />the begmning of such month The determination of the ini6al
<br />amount or percentage and of any future change in amount or
<br />percentage of deferred compensation must be made before the
<br />beginning of the :;alendar month for which the compensation is
<br />payab!e. Such future changes may be made more frequenNy than
<br />once per calendar year only at the express direction of the
<br />Employer
<br />1.3 The amount of total compensation may be adjusted from time to
<br />time without altenny the terms of this Plan However, thft per-
<br />centaye or amount of deterred compensation maybe adjusted only
<br />in accordance with 1 2 above Any such adjustment ot the per-
<br />canta9e or amount of detened compensahon shall be com-
<br />munwG3ted to the Employers egent, the Retirement Corporation,
<br />and the deposits in the adjusted percenlages cr amounts, if
<br />changed frorn the prier existiny percentages or amounts shall
<br />there<+fter Ue made t>y the Employer mto its Re!irErment Corpora-
<br />tion Account
<br />1.4 Ccmpensation deferrad under the Plan for any Empluyee's
<br />taxable year beginning after December 31 r978, shali not exceed
<br />the lesser of (t) $7.500. or (2) 33-1/3 percent of the drfference
<br />between an EmGloyees total compEnsation and his deterred
<br />compensahon except as provided in 1 S below
<br />1 5 For or'ie or more of the Ernployees last three tax:jble years ending
<br />before he attains normal rehrement age under±he Plan. the ceiling
<br />set forth in Parigraph 1 4 above shali be the lesser of -
<br />1 ").000 or
<br />a S
<br />b the su111 of -
<br />,11 tnePianceiiingestabhshedforpurposesofParagraphl 4
<br />for the taxable year (dctermined without regard to thi5
<br />Y;~rt~yr,~{~hL Plus
<br />i)nI uch uf tlin f'k in k eilinq 4 1 bli'shwd tuF UuiposI
<br />i'a!&yr,tph 1-1 tor taxat>ie year, fhe"ore tht~ taxabl~ ye,u
<br />~s ii,c; nol t heretotore br( in used ur, dr!r Parziyritph t, or
<br />*.Ns Prtragr;lpli
<br />Th, ,impunt _)1 comp,-nsation deterred und,;F this Paragraph shall
<br />not exceed an Emplr~yee s total compensation 7he words"nr;rmt31
<br />rebrerment i~e as used in this Pariqraph, shall meao the
<br />de on.!ted ige.a,: de[,ne(j ;n Paragv i:)li 6 belnw
<br />2 Deferre jo~npensation Accoant Under tMS flur,deterred compen-
<br />satron sh,~W br creditea jnd pa1c7 n~to the Triist established and
<br />m,3intaine,' N'tn [ne interna&onal City P.1an.~yernent A soeiat,on Ra-
<br />tuement, (orpc,r:itnm ,i~,, Tr,istee in«r Retiremen? Corport3hon i; a
<br />nOnPrOtit rpnr:0hc.r ornied for the ,C~ecr~ic. iur;)r,SV -t .nv~-st~i~y Cnd
<br />Ct7irrN~S~ t~nd5 of 5ai;1 TruSI Th., l nis? rn ,y be r.cur,eU
<br />at anv t!mc 1~y thc EmUioy~r ❑nd upor revocaho, 1 i r~.;t al~ o} the
<br />I aSSE:ts thE r' Srra!' r,urr; ?o anJ tevert Io the Einp uyar Emp,oyer
<br />shail kFep baok, ind records vn[h rc<;,~rct tG tl.e Erip y,'e`S
<br />total compt°ns~,t~on .~r other ,arned m (me ano with ~esbect tr,imounts
<br />paid m?o s,. ! n~s!
<br />? Owre'ship ~)f i',in.;5 N-~:t~er the F,~~plo,eu nor ,iny Genef,crtry
<br />thereot sh h~v~° iny intF•, t wh,l?5 , ir the funrJ U"nd ;ri!0 t'ie
<br />De fwre(j C, ri,~r_oSt~ti~n Acc .),r t_ ir, th ,i ~per?, or nyht5 rurc ~:+Se~d with
<br />suc h ri incomt• aitnbutable. P<operty or rights.
<br />Vvn , h sha11 It ,iII ,iir re-rur. .is as5's ~)f ine E~nploye- sub]rct ro its
<br />2hsolute c nnin.-,;n ,.ntrci and right ri wrthdrawal unl;l su(h ;Im,rs tl-le
<br />!unds or c^.s . ! tnr A,count arc dislnUuted to thr~ EmployE•e in
<br />acCOrdancc, th ' - prnviSiCws ot thiS Plan Tt;e OCliyatio!'nf the
<br />Fmpl~~y~~~ nnh[i, tii,,.~ nnly fh,r
<br />Ern~7 oyu- h:ivin~ i)o-te i, ,1 )r s,pir,,l in',,ret ~ir 0&rn tiyvd~i/ Uus!,
<br />flnnuity. or 1 t~-~ t!,E~ -,j_w fun )h _ind Y~,jI_i rri the
<br />Defe!red l; wii>er, ihr,;- A,_ ~~wi1 ihn ,:mtr,,, tual Obliyotici I of th(-
<br />f mUlo;er f'), t.,-,1s u;;,s,;,fs ~n its De4erred ;rr~np~-iSSiLOn
<br />A:.rtinl !,!h, Em~ !,y„r, ,,i h~, Lr-nErf ~ ry on the ;3ppliC bc• d1stubutK1n
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