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ARTICLE 1. Name and Definitions APPENDIX B DECLARATION OF TRUST of ICMA RETIREMENT TRUST ARTICLE II. Creation and Purpose of the Trust; Ownership of Trust Pro ert SECTION 1.1. Name. The Name of the Trust created hereby is the P y `C MA Retirement Trust. SECTION 2.1. Creation, The Retirement Trust is created and SECTION 1.2. Definitions. Wherever they are used herein, the established by the execution of this Declaration of Trust by the Trustees and the participating Public Employers, .,slowing terms shall have the following respective meanings: (a) By -Laws. The By -Laws referred to in Section 4.1 hereof, as SECTION 2.2. Purpose. The purpose of the Retirement Trust is to amended from time to time. provide for the commingled investment of funds held by the Public Employers in connection with their Deferred Compensation Plans. The (b) Deferred Compensation Plan. A deferred compensation plan Trust Property shall be invested in the Portfolios, in Guaranteed established and maintained by a Public Employer for the purpose Investment Contracts and in other investments recommended by the of providing retirement income and other deferred benefits to its Investment Adviser under the supervision of the ,Board o). Trustees. employees in accordance with the provisions of section 457 of SECTION 2.3 Ownership of Trust Property. The Trustees the Internal Revenue Code of 1954, as amended. shall have legal title to the Trust Property. The Public Employers shall be the (c) Guaranteed Investment Contract. A contract entered into by beneficial owners of the Trust Property. the Retirement Trust with insurance companies that provides for a guaranteed rate of return on investments made pursuant to such contract. ARTICLE 111. Trustees (d) ICMA. The International City Management Association. SECTION 3.1. Number and Qualification of Trustees. (e) ICMA/RC Trustees. Those Trustees elected by the Public (a) The Board of Trustees shall consist of nine Trustees. Five of Employers who, in accordance with the provisions of Section the Trustees shall be full -time employees of_a Public Employer 3.1(a) hereof, are also members of the Board of Directors of ICMA (the Public Employee Trustees) who are authorized by such - or RC. Public Employer to serve as Trustee. The remaining four Trustees (f) Investment Adviser. The Investment Adviser that enters into a shall consist of two persons who, at the time of election to the contract with the Retirement Trust to provide advice with respect Board of Trustees, are members of the Board of Directors of to investment of the Trust Property. ICMA and two persons who, at the time of election, are members (g) Employer Trust. A trust Created pursuant to an agreement of the Board of Directors of RC (the ICMA /RC Trustees). One of between RC and a Public Employer for the purpose of investing the Trustees who is a director of ICMA, and one of the Trustees and administering the funds set aside by such employer in who is a director of RC, shall, at the time of election, be full -time employees of a Public Employer. connection with its deferred compensation agreements with its employees. (b) No person may serve as a Trustee for more than one term in (h) Portfolios. The Portfolios of investments established by the any ten -year period. Investment Adviser to the Retirement Trust, under the SECTION 3.2. Election and Term. supervision of the Trustees, for the purpose of providing (a) Except for the Trustees appointed to fill investments for the Trust Property. vacancies pursuant to Section 3.5 hereof, the Trustees shall be elected by a vote of a (i) Public Employee Trustees. Those Trustees elected by the majority of the Public Employers in accordance with the Public Employers who, in accordance with the provisions of procedures set forth in the By -Laws. Section 3.1(a) hereof, are full -time employes of Public Employers, (b) At the first election of Trustees, three Trustees shall be elected for a term of three years, three Trustees shall be elected (j) Public Employer. A unit of state or local government, or any for a term of two years and three Trustees shall be elected for a agency or instrumentality thereof, that has adopted a Deferred term of one year. At each subsequent election, three Trustees Compensation Plan and has executed this Declaration of Trust. shall be elected for a term of three years and until his or her (k) RC. The International City Management, Association successor is elected and qualified. Retirement Corporation. SECTION 3.3. Nominations, The Trustees who are full -time (1) Retirement Trust. The Trust created by this Declaration of employees of Public Employers shall serve as the Nominating Committee for the Public Employee Trustees. Trust. The Nominating Committee shall choose candidates for Public Employee (m) Trust Property. The amounts held in the Retirement Trust on Trustees in accordance with the procedures set forth in the By -Laws. j behalf of the Public Employers. The Trust Property shall include SECTION 3.4. Resignation and Removal. any income resulting from the investment of theamounts so held, (n) Trustees. The Public Employee Trustees anti ICMA /RC (a) Any Trustee may resign as Trustee (without need for prior or Trustees elected by the Public Employers toseaxeasmembersof subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the other Trustees the Board of Trustees of the Retirement TrW. 1 3i and such resignation shall be effective upon such delivery, or at a later date a a` according