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HomeMy WebLinkAboutresolution.council.002-80FORM 50 RECORD OF PROCEEDINGS 100 Leaves RESOLUTION NO. ( Series of 1 A RESOLUTION IDENTIFYING KEY EMPLOYEES ENTITLED TO PARTICIPATE IN THE DEFERRED COMPENSATION PLAN OF THE INTERNATIONAL CITY MANAGEMENT ASSOCIATION RETIREMENT CORPORATION WHEREAS, Section 2-101(k) of the Municipal Code of the City of Aspen requires the City Council to determine which employees are eligible to participate in the Deferred Compensation Plan. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO: Cnriinn l That the following employees are hereby determined to be key employees entitled to participate in the Deferred Compensation Plan: City Manager City Attorney Finance Director City Clerk City Engineer City/County Planning Director Personnel Director/Assiistanto to the City Manager Dated:, Herman Edel Mayor I, Kathryn S. Koch, duly appointed and acting City Clerk of the City of Aspen, Colorado, hereby certify that the foregoing is a true and accurate copy of that resolution adopted by the City Council of the Cit �Aen,orado, at a meeting held on the day of1980. Kathryn S. Pch City Clerk 2kppendis I INTERNATIONAL CITY MANAGEMENT ASSOCIATION RETIREMENT CORPORATION DEFERRED COMPENSATION PLAN Amended as of June 28, 1974 and March 23, 1979 It is hereby agreed that this DEFERRED COMPENSATION PLAN shall be in effect on the date upon which the Employer has caused it to be executed by an official affixing his signature on behalf of the Governing Body in the space provided below. However, the DEFERRED COMPENSATION PLAN will not be legally binding upon the International City Management Association Retirement Corporation until a Notice of Plan Acceptance has been supplied by it. Attest for the Employer: of Authorized Official For the Employer: By. Signature of Authorized Official Date of Signature Print Name and Title SEE INSTRUCTIONS FOR IMPLEMENTATION PRIOR TO COMPLETING THIS SECTION Complete the following prior to mailing this Agreement to the Retirement Corporation. Full Name (City of, County of, etc.) Title of Official to whom correspondence and reports are to be mailed: (not name) Address: (include zipcode) Employers' Federal Tax Identification Number: How often will you make contributions? What is the date of your first contribution? Total Number of Employees: Number of employees eligible to participate: PRELIMINARY STATEMENT ESTABLISHMENT OF THE PLAN AMENDMENTS The International City Management Association Retirement Corpora- tion, hereinafter the Retirement Corporation or ICMA-RC, is a nonprofit Delaware Corporation. It has been classified as atax-exempt organization under the provisions of Section 501(c)(3) of the Internal Revenue Code. As an aid in the improvement of state and municipal administration in general, the Retirement Corporation is organized for the purpose of receiving and investing deferred compensation funds of state and local governments and their related and controlled public interest organizations which are tax-exempt under Section 501 of the Internal Revenue Code, hereinafter referred to as "Employers"; to act as trustee and/or agentfor the collection and reinvestment of the income therefrom; and to act as agent for such Employers and at their explicit direction forthe distribution of the funds and assets of their accounts to their participating Employees (including independent contractors) in accordance with options provided in this International City Management Association Retirement Corporation Deferred Compensation Plan, hereinafter referred to as the "Plan," or the 'ICMA-RC Plan." The ICMA-RC Plan is set out below in two parts: I. The Defamed Compensation Employment Agreement; and II. The Master Trust Agree- ment. As set out below, the Employer adopts this Plan as its Agreement with the participating Employees and ICMA-RC, and the Employees shall participate in the Plan through the execution of a Joinder Agreement, which by its terms incorporates all of the provisions of the Plan. A copy of the Plan shall be supplied to each Employee for his study and under- standing prior to his execution of the Joinder Agreement. The Employers, through their participation in the Plan, express their desire to have the benefit of the continued loyalty, service and counsel of their Employees and to assist them in providing for the contingencies of old age dependency, disability, and death. This Plan may be amended from time to time for purposes of assuring its conformance to the requirements of any applicable law or rule or regula- tion pursuant thereto, and to preserve the tax-exempt status of the Plan and the Retirement Corporation. No amendment may either directly or indirectly operate to derive any participating Employer of its beneficial interest in the Trust as it is then constituted. The Retirement Corporation will notify the participating Employers of any amendment to this Plan no later than sixty days prior to its effective date. Any such amendment will become effective after the expiration of that period of time, except as to those Employers as may file an objection. No amendment proposed by participating Employers shall be effective unless agreed to by the ICMA Retirement Corporation over the signature of an Officer. PART I. DEFERRED COMPENSATION EMPLOYMENT AGREEMENT 1. Deferred Compensation —Initial Decision —Future Changes —Limits 1.1 For the purpose of this Plan the following definitions apply a "Total compensation" is the total of compensation to be paid by the Employer for the services of the Employee, regardless of the terms used for its components, as, for example, "base pay," "in addition to base pay," "employer's contributions," etc.; b. "Deferred compensation" is that amount or percentage of the total compensation of the Employee which the Employer currently defers from the payment to the Employee, and, instead, deposits same into a Deferred Compensation Account with the Retirement Corporation under the terms of this Plan. Deferred compensation may include amounts from or percentages of both "base pay" and "employer's contributions" or it may include amounts from or percentages of only one of these components, c. "Current compensation" is that portion of the Employee's total compensation which is not deferred compensation as deferred compensation is defined herein; and d. "Base pay' is the stated salary of the Employee 1.2 Compensation may be deferred for any calendar month only if a Joinder Agreement for such deferral has been entered into before the beginning of such month. The determination of the initial amount or percentage and of any future change in amount or percentage of deferred compensation must be made before the beginning of the calendar month for which the compensation is payable. Such future changes may be made more frequently than once per calendar year only at the express direction of the Employer. 1.3 The amount of total compensation may be adjusted from time to time without altering the terms of this Plan. However, the per- centage or amount of deferred compensation may be adjusted only in accordance with 1.2 above. Any such adjustment of the per- centage or amount of deferred compensation shall be com- municated to the Employer's agent, the Retirement Corporation, and the deposits in the adjusted percentages or amounts, if changed from the prior existing percentages or amounts, shall thereafter be made by the Employer into its Retirement Corpora- tion Account. 1.4 Compensation deferred under the Plan for any Employee's taxable year beginning after December 31, 1978, shall not exceed the lesser of (1) $7,500, or (2) 33-1/3 percent of the difference between an Employee's total compensation and his deferred compensation, except as provided in 1.5 below. 1.5 For one or more of the Employee's last three taxable years ending before he attains normal retirement age under the Plan, the ceiling set forth in Paragraph 1.4 above shall be the lesser of — a. $15,000, or b. the sum of — (1) the Plan ceiling established for purposes of Paragraph 1.4 for the taxable year (determined without regard to this Paragraph), plus (2) so much of the Plan ceiling established for purposes of Paragraph 1.4 for taxable years before the taxable year as has not theretofore been used under Paragraph 1.4 or this Paragraph. The amount of compensation deferred under this Paragraph shall not exceed an Employee's total compensation. The words"normal retirement age," as used in this Paragraph, shall mean the "designated age," as defined in Paragraph 6 below. 2. Deferred Compensation Account. Under this Plan, deferred compen- sation shall be credited and paid into the Trust established and maintained with the International City Management Association Re- tirement Corporation as Trustee. The Retirement Corporation is a nonprofit corporation formed for the specific purpose of investing and otherwise administering the funds of said Trust. The Trust may be revoked at any time by the Employer, and upon revocation of said Trust, all of the assets thereof shall return to and revert to the Employer. The Employer shall keep accurate books and records with respect to the Employee's total compensation or other earned income and with respect to amounts paid into said Trust. 3. Ownership of Funds. Neither the Employee nor any beneficiary thereof shall have any interest whatsoever in the funds paid into the Deferred Compensation Account, in the property or rights purchased with such funds, or in the income attributable to such funds, property, or rights, which shall at all times remain as assets of the Employer, subject to its absolute dominion, control, and right of withdrawal until such time as the funds or assets of the Account are distributed to the Employee in accordance with the provisions of this Plan. The obligation of the Employer to pay deferred compensation is contractual only, the Employee having no preferred or special interest or claim, by way of trust, annuity, or otherwise, in and to the specific funds and assets held in the Deferred Compensation Account. The contractual obligation of the Employer to pay the funds and assets in its Deferred Compensation Account to the Employee or his beneficiary on the applicable distribution date shall be a continuing obligation upon the Employer, and shall not be relieved by any agreement between the Employer and any other party, except as provided in Section 2 of Paragraph 13 of this Plan, and shall not be affected in any manner by amendment or revocation of the Trust referred to in Paragraph 2 herein or by reversion of the Trust Funds to the Employer. The provisions of this Paragraph shall supersede and control any other provision of this Plan which could be interpreted to be in conflict therewith. 4. Administration of Funds. The funds deposited in the Deferred Compensation Account shall be invested and reinvested by the Retire- ment Corporation, as provided for in the Trust Fund described in Part II of this Plan, in any manner which in its sole discretion it deems desirable, without regard at any time to any legal limitation governing the investment of such funds. The Account shall also reflect the gain or loss resulting from the investment and reinvestment thereof. This Trust Fund may be commingled with others established by the Trustee with other Employers under this Plan. 5. Designation of Investments. Each participating Employer, being advised of the preferences of, and for the benefit of each of its participating Employees, shall designate the percentage of the deferred compensation involved which shall be invested in the respective types of investment funds (accounts) of the Retirement Corporation, such as the Equity (Variable) Fund or the Fixed -Income Fund, unless the laws of the applicable state or local government require otherwise, in which case those laws shall govern. Future elections to change the percentage to be invested in each type of Fund may only be made prior to and for the next succeeding annual period of service for which the compensation is payable by filing written notice thereof with the Retirement Corporation. Such notice will not be effective until received by the Retirement Corporation. 6. Payment of Deferred Compensation. The words "designated age;' as used in this Paragraph and in Paragraph 10 of this Plan, shall mean the designated age which appears in the Joinder Agreement executed by the participating Employee. These words, as used in this Paragraph, in Paragraph 10, and in the Joinder Agreement, shall also include the following, without repetition therein: "or later, in the sole discretion of the Employer, at the end of his employment agreement, it Employee continues in the employ of the Employer after he attains the designated age." Except as provided in Paragraph 9 (unforeseeable emergency), no payments of deferred compensation shall be made prior to an Employee's separation from service with the Employer. At such time as the Employee reaches the designated age, becomes permanently disabled, or dies, whichever occurs first, he, or his beneficiary or beneficiaries, nominee or estate is/are entitled to receive payment from the Deferred Compensa- tion Account outstanding on the date on which one of the foregoing occurs. Payments occasioned by the Employee having reached the designated age, becoming permanently disabled, or by his death shall be made in accordance with the provisions of Paragraph 7 hereof as follows: a. Payments in monthly, quarterly, semi-annual, or annual payments over the period of life expectancy of the Employee in accordance with the following procedure'. Upon reaching the designated age, or becoming permanently disabled from permanent full-time employment, whichever first occurs. the Employee's life expectancy shall be determined by reference to Standard U.S. Mortality Tables; the amounts of assets and accumulations in the Deferred Compensation Account shall be computed together with a reasonable rate of return on said assets, less the amount of expected monthly distribution, over the life expectancy of the Employee; and a monthly amount shall then be mathematically determined, the payment of which, in equal monthly installments over the period of the life expectancy of the Employee, shall completely deplete the said Account at the end of the last year of life expectancy; or b. Payments in monthly, quarterly, semi-annual, or annual payments in accordance with the following procedure'. Unless the Employee's employment terminates prior to the time he attains the designated age, amounts equal to the benefits received by the Employer, under retirement annuity policies, shall be paid to the Employee, at such time as he attains the designated age; or, in the case of death, payment to his beneficiary or beneficiaries, nominee or estate pursuant to the procedures provided in said policies and Paragraphs 7 and 8 of this Plan; or c. Payments in monthly, quarterly, semi-annual, or annual install- ments over a period of not exceeding ten it 0) years, said payments to include a reasonable return on the funds, assets and accumulations in the Deferred Compensation Account, less the amount of expected monthly, quarterly, semi-annual, or annual distribution, over the said ten (10) year period; or d. One lump -sum payment. 7. Selection of Method of Payment. The method of payment shall be selected by the Employer, acting through the Retirement Corporation, as its duly authorized agent, due consideration being given to health, financial circumstances and family obligations of the Employee. In this regard the Employee may be consulted; however, he shall have no voice in the decision reached. 8. Payments in the Event of Death. a. During the Period of Distribution. In the event of the Employee's death during the period of distribution, the Employee's beneficiary shall be entitled to receive payments in accordance with the payment method being employed at the time of the Employee's death. With the consent of the Employer, acting through the Retirement Corporation as its duly authorized agent, said beneficiary may elect to receive a lump sum in lieu of installment payments. b. Prior to Distribution. In the event of the death of the Employee prior to the distribution, the funds and assets of the Deferred Compensa- tion Account shall be paid in accordance with one of the methods described in Subparagraphs a, b, c, or d of Paragraph 6 hereof. The selection of said method shall be made by the Employer acting through the Retirement Corporation as its duly authorized agent. 9. Payments in the Event of Unforeseeable Emergency. In the event that participating Employee is faced with an unforeseeable emergency (de- termined in the manner prescribed by Federal regulation), the Employer may direct the Retirement Corporation as agent to make disbursements from the Deferred Compensation Account of amounts reasonably neces- sary to satisfy the emergency needs of the Employee. 10. Payment Dates. Payments shall commence on the first day of the month, following the attainment of the designated age, or later, on the first day of the month after the end of his employment agreement, if Employee continues in the employ of the Employer after he attains the designated age, or likewise following permanent disability, or death; and, in the caseof installment payments, shall be made continuously thereafter on the first day of each succeeding month, or, in the event quarterly, semiannual, or annual payment installment periods are applied, then continuously thereafter on the first day of each succeeding month which beginsthe time period (quarterly, etc.) involved until such time as the Deferred Compensa- tion Account is depleted in its entirety. it. Disbursing Agent. The Retirement Corporation shall act as agent of the Employer for purposes of disbursing payments. The ultimate obligation for making such payments, however, shall remain with the Employer. 12. Accumulation During the Distribution Period. During the period of distribution, the Employee or his beneficiary or beneficiaries, nominee or estate, as the case may be, shall continue to be credited with all the interest, accumulations, and increments on the undistributed funds and assets in the Deferred Compensation Account, until such Account is depleted in its entirety. 13. Section 1. Termination of Employment. Upon termination of the Employee's services, for any reason other than death, the funds, assets, and accumulations in the Deferred Compensation Account shall not be transferred to an account with a new employer of the Employee, and, instead, they shall remain in the original Account as assets of the old Employer until such time as they are distributed in accordance with the provisions of this Plan, except as provided in Section 2 of this Paragraph. Section 2. Transfer of Employment with Consideration Between Employers —Tripartite Agreement. In the event the Employee accepts employment with a new employer participating in the ICMA-RC Deferred Compensation Plan, then, if the past Employer finds that it has no present or future need of the funds, assets, and accumulations in the said Account for the payment of its general creditors or for any other purpose what- soever, in consideration of its desire to avoid the continuing expense of maintaining records, and receiving, examining, verifying and filing annual reports of the Retirement Corporation, and in consideration of avoiding the possible future expenses of litigation of Employee's continuing con- tactual rights to payment of deterred compensation on his retirement as herein provided in the event of any possible future revocation and withdrawal by the past Employer of the funds, assets, and accumulations in the said Account, the past Employer may, at its discretion, authorize the Retirement Corporation, as its agent, to propose to the new Employer that the funds, assets, and accumulations of the said Account be transferred to the ownership, control, and right of withdrawal of the new Employer, and to do so in the event the new Employer, in consideration of the increased value of the Employee's services by reason of the experience gainedwhile in past employment, agrees to accept same, and the respective Employers and the Employee sign an appropriate form of Agreement in which the new Employer also agrees to assume the continuing contractual liability to pay deferred compensation so transferred upon retirement of the Employee and the Employee releases the past Employer from said continuing obligation to do same. Section 3. Payment of Deferred Compensation after Termination of Employment. In the event a participating Employee separates from service with the Employer prior to the designated age which appears in the .binder Agreement, the Employer may direct the Retirement Corporation, as agent, to distribute the funds and assets of the Deferred Compensation Account to the Employee in one lump -sum payment. 14. Losses. The Employer shall not be responsible for any loss due to investment or failure of investment of funds and assets in said Deferred Compensation Account nor shall the Employer be required to replace any loss whatsoever which may result from said investments. 15. Nonassignability of Deferred Compensation. The Employee during his lifetime shall not be entitled to commute, encumber, sell or otherwise dispose of his rights to receive deferred compensation payments provided for herein, and the right thereto shall be nonassignable and nontrans- ferable. In the event of any attempted assignment or transfer thereof, the Employer shall have no further liability under this Agreement. 16. Participation in Other Employee Benefit Plans. Nothing herein con- tained shall in any manner modify, impair, or affect the existing or future rights or interest of the Employee (a) to receive any employee benefits to which he would otherwise be entitled, or (b) as a participant in any future pension plan, it being understood that the rights and interests of the Employee to any employee benefits or as a participant or beneficiary in or under any or all such plans respectively shall continue in full force and effect unimpaired, and the Employee shall have the right at any time hereafter to become a beneficiary under or pursuant to any and all such plans. 17. Definitions. The meaning of any term or terms, phrase, clause, or sentence used in this Agreement, which is also used in the By -Laws of the Retirement Corporation, shall be defined as these are defined in ARTICLE II, Section 2 of the By -Laws. Masculine pronouns, whenever used herein, include the feminine pronouns, and the singular includes the plural unless the context requires another meaning. 18. Validity of Agreement. This Agreement shall not be valid or en- forceable unless signed by an officer of Employer, authorized by the governing body of the Employer, as, for example, the City Council, and unless this Agreement is implemented by the execution of the Joinder Agreement. PART II. MASTER TRUST AGREEMENT AGREEMENT made by and between the aforenamed Employer and the International City Management Association Retirement Corporation (hereinafter the "Trustee" or "Retirement Corporation"), a nonprofit corporation organized and existing under the laws of the State of Delaware, for the purpose of investing and otherwise administering the funds set aside by Employers in connection with Deferred Compensation Agreements with Employees. WHEREAS, the Employer desires to enter into agreements with its Employees whereby its Employees agree to defer payments of specified percentages of or amounts from their total compensation as "deferred compensation" is defined in said agreements until the occurrence of certain events; WHEREAS, in order that there will be sufficient funds available to discharge the foregoing contractual obligations, the Employer desires to set aside periodically amounts equal to the amount of compensation deterred; WHEREAS, the funds set aside, together with any and all investments thereto, are to be exclusively within the dominion, control, and ownership of the Employer, and subject to the Employers absolute right of with- drawal, the Employee having no interest whatsoever therein; NOW, THEREFORE, this Agreement witnesseth that (a) the Employer will pay monies to the Trustee to be placed in Deferred Compensation Accounts for the Employer; (b), the Trustee covenants that it will hold said sums, and any other funds which it may receive hereunder, in trust for the uses and purposes and upon the terms and conditions hereinafter stated; and (c) the parties hereto agree as follows: ARTICLE 1. General Duties of the Parties. Section 1.1. General Duty of the Employer. The Employer shall make regular periodic payments equal to the amounts of its Employees' compensation which are deferred in accordance with the terms and conditions of Deferred Compensation Employment Agreements with such Employees, or with any subsequent modification thereof. Section 1.2. General Duties of the Trustee. The Trustee shall hold all funds received by it hereunder, which, together with the income therefrom, shall constitute the Trust Funds. It shall administer the Trust Funds, collect the income thereof, and make payments therefrom, all as hereinafter provided. The Trustee shall also hold all Trust Funds which are transferred to it as successor Trustee by the Employer from existing deferred compensation arrangements with its Employees which meet the same Internal Revenue Code requirements which govern the ICMA-RC Deferred Compensation. Plan. Such Trust Funds shall be subject to all of the terms and provisions of this Agreement. ARTICLE if. Powers and Duties of the Trustee in Investment, Administration, and Disbursement of the Trust Funds. Section 2.1. Investment Powers and Duties of the Trustee. The Trustee shall have the power in its discretion to invest and reinvest the principal and income of the Trust Funds and keep the Trust Funds invested, without distinction between principal and income, in such securities or in other property, real or personal, wherever situated, as the Trustee shall deem advisable, including, but not limited to, stocks, common or preferred, bonds, retirement annuity and insurance policies, mortgages, and other evidences of indebtedness or ownership, and in common trust funds of approved financial or investment institutions, with such institutions acting as Trustee of such common trust funds, or separate and different types of funds (accounts) including equity, fixed - income, and those which fulfill requirements of state and local govern- mental laws, established with such approved financial or investment institutions. For these purposes, these Trust Funds may be commingled with others established by the Trustee under this form of agreement with other Employers. In making such investments, the Trustee shall not be subject at any time to any legal limitation governing the investment of such funds. Investment powers and investment discretion vested in the Trustee by this Section may be delegated by the Trustee to any banK, insurance or trust company, or any investment advisor, manager or agent selected by it. Section 2.2. Administrative Powers of the Trustee. The Trustee shall have the power in its discretion: (a) To purchase, or subscribe for, any securities or other property and to retain the same in trust. (b) To sell,exchange,convey, transfer or otherwise dispose of any securities or other property held by it, by private contract, or at public auction. No person dealing with the Trustee shall be bound to see the application of the purchase money or to inquire into the validity, expediency, or propriety of any such sale or other disposition. (c) To vote upon any stocks, bonds, or other securities; to give general or special proxies or powers of attorney with or without power of substitution; to exercise any conversion privileges, subscription rights, or other options, and to make any payments incidental thereto; to oppose, or to consent to, or otherwise participate in, corporate reorganizations or other changes ef- fecting corporate securities, and to delegate discretionary powers, and to pay any assessments or charges in connection therewith; and generally to exercise any of the powers of an owner with respect to stocks, bonds, securities or other property held as part of the Trust Funds. (d) To cause any securities or other property held as part of the Trust Funds to be registered in its own name, and to hold any investments in bearer form, but the books and records of the Trustee shall at all times showthat all such investments area part of the Trust Funds. (a) To borrow or raise money for the purpose of the Trust in such amount, and upon such terms and conditions, as the Trustee shall deem advisable; and, for any sum so borrowed, to issue its promissory note as Trustee, and to secure the repayment thereof by pledging all, or any part, of the Trust Funds. No person lending money to the Trustee shall be bound to see the application of the money lent or to inquire into its validity, expediency or propriety of any such borrowing. (f) To keep such portion of the Trust Funds in cash or cash balances as the Trustee, from time to time, may deem to be in the best interest of the Trust created hereby, without liability for interest thereon. (g) To accept and retain for such time as it may deem advisable any securities or other property redeived or acquired by it as Trustee hereunder, whether or not such securities or other property would normally be purchased as investments hereunder. (h) To make, execute, acknowledge, and deliver any and all documents of transfer and conveyance and any and all other instruments that may be necessary or appropriate to carry out the powers herein granted. if To settle, compromise, or submit to arbitration any claims, debts, or damages due or owing to or from the Trust Funds; to commence or defend suits or legal or administrative proceedings; and to represent the Trust Funds in all suits and legal and administrative proceedings. (j) To do all such acts, take all such proceedings, and exercise all such rights and privileges, although not specifically mentioned herein, as the Trustee may deem necessary to administer the Treat Funds and to carry out the purposes of this Trust. Section 2.3. Distributions from the Trust Funds. The Employer hereby appoints the Trustee as its agent for purposes of selecting the method by which distributions from the Trust Funds are to be made, as well as for purposes of making such distributions. In this regard the terms and conditions set forth in the Agreements to be executed between the Employer and its Employees, and any subsequent modifications thereof, are to guide and control the Trustee's power. Section 2.4. Valuation of Trust Funds. At least once a year as of Valuation Dates designated by the Trustee, the Trustee shall determine the value of the Trust Funds. Assets of the Trust Funds shall be valued at their market values atthe close of business on the Valuation Date, or, in the absence of readily ascertainable market values as the Trustee shall determine, in accordance with methods consistently followed and uni. formly applied. ARTICLE III. For Protection of Tni stes. Section 3.1. Evidence of Action by Employer. The Trustee may rely upon any certificate, notice or direction purporting to have been signed on behalf of the Employer which the Trustee believes to have been signed by duly designated official of the Employer. No communication shall be binding upon any of the Trust Funds or Trustee until they are received by the Trustee. Section 3.2. Advice of Counsel. The Trustee may consult with any legal counsel with respect to the construction of this Agreement, itsduties hereunder, or any act, which it proposes to take or omit, and shall not be liable for any action taken or omitted in good faith pursuant to such advice. Section 3.3. Miscellaneous. The Trustee shall use ordinary Care and reasonable diligence, but shall not be liable for any mistake of judgment Or other action taken in good faith. The Trustee shall not be liable for any lose sustained by the Trust Funds by reason of any investment made in good faith and in accordance with the provisions of this Agreement. The Trustee's duties and obligations shall be limited to those expressly imposed upon it by this Agreement, notwithstanding any reference of the Plan. ARTICLE IV. Taxes, Expenses and Compensation of TrystN. Section 4.1. Taxes. The Trustee shall deduct from and charge against the Trust Funds any taxes on the Trust Funds or the income thereof or which the Trustee is required to pay with respect to the interest of any person therein. Section 4.2. Expenses. The Trustee shall deduct from and charge against the Trust Funds all reasonable expenses incurred by the Trustee in the administration of the Trust Funds, including counsel, agency and other necessary fees. ARTICLE V. Settlement of Accounts. The Trustee shall keep ac- curate and detailed accounts of all investments, receipts, disbursements, and other transactions hereunder. Within ninety (90) days after the close of each fiscal year, the Trustee shall render in duplicate to the Employer an account of its acts and transactions as Trustee hereunder. It any part of the Trust Fund shall be invested mrougn the medium of any common, collective or commingled Trust Funds, the last annual report of such Trust Funds shall be submitted with and incorporated in the account. If within ninety (90) days after the mailing of the account or any amended account the Employer has not filed with the Trustee notice of any objection to any act or transaction of the Trustee, the account or amended account shall become an account stated. If any objection has been filed, and if the Employer is satisfied that it should be withdrawn or if the account is adjusted to the Employer's satisfaction, the Employer shall in writing filed with the Trustee signify approval of the account and it shall become an account stated. When an account becomes an account stated, such account shall be finally settled, and the. Trustee shall be completely discharged and released, as if such account had been settled and allowed by ajudgment or decree of a court of competent jurisdiction in an action or proceeding in which the Trustee and the Employer were parties. The Trustee shall have the right to apply at any time to a court of competent jurisdiction for the judicial settlement of its account. ARTICLE VI. Resignation and Removal of Trustee. Section 6.1. Resignation of Trustee. The Trustee may resign at any a time by filing with the Employer its written resignation. Such resignation shall take effect sixty (60) days from the date of such filing and upon appointment of a successor pursuant to Section 6.3., whichever shall first occur. Section 6.2. Removal of Trustee. The Employer may remove the Trustee at any time by delivering to the Trustee a written notice of its removal and an apppointment of a successor pursuant to Section 6.3. Such removal shall not take effect prior to sixty (60) days from such delivery unless the Trustee agrees to an earlier effective date. Section 6.3. Appointment of Successor Trustee. The apointment of a successor to the Trustee shall take effect upon the delivery to the Trustee of (a) an instrument in writing executed by the Employer appointing such successor, and exonerating such successor from liability for the acts and omissions of its predecessor, and (b) an acceptance in writing, executed by such successor. All of the provisions set forth herein with respect to the Trustee shall relate to each successor with the same force and effect as if such successor had been originally named as Trustee hereunder. If a successor is not appointed within sixty (60) days after the Trustee gives notice of its resignation pursuant to Section 6.1., the Trustee may apply to any court of competent jurisdiction for appointment of a successor. Section 6.4. Transfer of Funds to Successor. Upon the resignation or removal of the Trustee and appointment of a successor, and after the final account of the Trustee has been properly settled, the Trustee shall transfer and deliver any of the Trust Funds involved to such successor. ARTICLE VII. Duration and Revocation of Trust Agreement. Section 7.1. Duration and Revocation. This Trust shall continue for such time as may be necessary to accomplish the purpose forwhich itwas created but may be terminated or revoked at any time by the Employer as it relates to any and/or all related participating Employees. Written notice of such termination or revocation shall be given to the Trustee by the Employer. Upon termination or revocation of this Trust, all of the assets thereof shall return to and revert to the Employer. Termination of this Trust shall not, however, relieve the Employer of the Employers continuing obligation to pay deferred compensation upon the applicable distribution date to any and/or each Employee with whom the Employer has entered into a Deferred Compensation Employment Agreement. Section 7.2. Amendment. The Employer shall have the right to amend this Agreement in whole and in part but only with the Trustee's written consent. Any such amendment shall become effective upon (a) delivery to the Trustee of awritten instrumentof amendment, and (b) the endorsement by the Trustee on such instrument of its consent thereto. ARTICLE Vlll. Miscellaneous. Section 8.1. Laws of the State of Delaware to Govern. This Agreement and the Trust hereby created shall be construed and regulated by the laws of the State of Delaware. Section 8.2. Successor Employers. The term "Employer' shall include any person who succeeds the Employer and who adopts the Deferred Compensation Plan of the Retirement Corporation and becomes a parry to this Agreement with the consent of the Trustee. Section 8.3. Withdrawals. The Employer may, at any time, and from time to time, withdraw a portion or all of the Trust Funds created by this Agreement and related Deferred Compensation Employment Agreements. Section 8.4. Definitions. Definitions in the By -Laws of terms, phrases, etc., used herein apply to the same herein. The masculine includes the feminine and the singular includes the plural unless the context requires another meaning. SELECTING INVESTMENT FUNDS Neither the Retirement Corporation nor your employer offer you investment advice. The following is a general description of each Fund and what you might expect according to conventional investment wisdom. A complete statement of the investment policy and objectives for each Fund are contained in the Annual Report of the Retirement Corporation. All investment policy statements are subject to periodic revision, based on the investment climate and the Board of Directors strategy for accomplishing its objectives. Also, the past performance of the Fund is recorded in the Retirement Corporations Annual Report. THE BALANCED FUND The BALANCED FUND is designed to allow your participation in the overall economy of the United States. Its emphasis is on common stocks but that emphasis is balanced against current market conditions to protect your account against severe lossesto this Fund you should expect significant fluctuations in earnings on a year-to-year basis. In any single year a loss may be experienced. The strategy is for the long-term. Over two -to -three market cycles, you should come out ahead of the other Funds. THE BOND FUND 2. The BOND FUND is designed to take advantage of the significant earnings which can be made by investing in high quality corporate bonds. Offering less risk than the Balanced Fund. you should expect steady gains over one or two market cycles. Year-to-year fluctuations in earnings will also occur in this Fund but any loss of principal is carefully guarded against. THE GOVERNMENT SECURITIES FUND 3. The GOVERNMENT SECURITIES FUND is invested only in securities of, and those guaranteed by, the U.S. Government. When compared to the Balanced and the Bond Funds, it offers even less risk of principal. Over the long-term its returns are likely to be slightly lower. Year-to-year fluctuations in earnings are to be expected. The Government Securities Fund allows participation by employees who work for governments that restrict the amounts that can be invested in commercial securities. THE GUARANTEED INTEREST FUND The GUARANTEED INTEREST FUND is the most recent addition to the RC investment options. It offers guaranteed interest for those who choose not to accommodate themselves to fluctuations in annual earnings. This Fund includes guaranteed investment contracts and guarantees a specific rate of return- The current guaranteed annual rate is quoted in the brochures and other literature of the Retirement Corporation. The annual management fee charged on this Fund does not reduce the guarantee. This interest rate will change periodically. However, year-to-year fluctuations are minimized. Over the long-term, participants should not necessarily expect a higher return than the other Funds will produce. In summarizing each Fund, we have pointed out that all investments have a degree of risk. Conventional wisdom assumes that the greater the risk. the greater the possibility for a higher long-termreturn On the other hand, all of RC s Funds are for retirement planning and represent conservative investment policies when compared to the complete range of possibilities. Check One ❑ New Agreement ❑ Amendment of Previous Agreement ❑ Change of Beneficiary Only JOINDER AGREEMENT To the ICMA Retirement Corporation deferred compensation plan. To: Print Name of Employer ❑ Mr. ❑ Ms. ❑ Mrs. ❑ Miss First From: Full Name AMOUNT OF DEFERRED COMPENSATION NOTICE: Effective January 1, 1979, federal law prohibits any person from deferring more than 25 % of total compensation or $7,500, whichever is lower. Total compensation is your salary, including any amounts deferred. Effective on the payday shown below, I desire to be paid, in the form of deferred compensation, as follows: Method of Designating (Employee's (Employer's Deterred Compensation Contribution( Contribution) Total (Use Only One) Base pay shall be Base pay shall be reduced by added to by (1) Percentage Method % % % (2) Dollar Method $ $ $ (per pay period) Payday on which plan is to begin Mo. Day Yr. My current salary is $ per pay period. I am paid every (2 weeks, month, 15 days, etc.): ESSENTIAL EMPLOYEE INFORMATION Middle Last ALLOCATION TO INVESTMENT FUNDS I request that the total amounts of deferred compensation be applied to the available investment funds in the following percentages (See ICMA-RC An- nual Report for discussion of funds): Fund whole Percentages Balanced Fund Bond Fund % Governmem Seountms Fund Guaranteed Interest Fund T.Wl 100 'Y, I understand that where state or local law restricts the nature of the invest- ment of these funds that it will be necessary to restrict the investment choice to those available under the law. Sex: ❑ M ❑ F Date of Birth Social Security Number Mo. Day Yr. Job Title Home Address No. Street Department DESIGNATION OF BENEFICIARY (See Instructions) Note: When amending your agreement do not complete this section unless you wish to change beneficiaries. To whom shall the proceeds be payable in case of your death? Give first name, middle initial, and last name: Mary A. Relationship to you, Smith (not Mrs. John Smith). For your children, you may simply use the term "My Children" and leave the Data of Date of Birth i.e., wife, son, daughter. Birth and Relationship columns blank. This term will provide equal treatment among your children —present and Mo. Day Vear (If none, state whether future —born of any and all marriages and any children legally adopted at any time. friend, creditor, etc.) Primary Beneficiary(ies) (Class Q: Contingent Beneficfary(ies) (Class 11), if any: The right to change beneficiaries is reserved to me. NOTE: If no Primary Beneficiary (Class 1) is living at time of your death, the proceeds are payable to the Contingent Beneficiary(ies) (Class II). If a Class includes more than one person, the proceeds are divided equally among the living beneficiaries of the Class. FOR SUPPLEMENTAL PROVISIONS The undersigned hereby applies for participation in the ICMA Retirement Corporation deferred compensation plan as established by my employer. I understand my participation is subject to my employer's agreement, given below, and will be governed by the plan document, its amendments, and this agreement, including the general provisions appearing on the reverse side. I have read paragraph 4 on the reverse side of this agreement, and certify that the amount I have said I want to defer does not exceed 25 % of my total compensation or $7,500, whichever is lower. Employee Signature Signature Date *You cannot sign your own Joinder Agreement for employer approval. If you also act as your employer's authorized official, have another employee au- thorized to sign your agreement. ICMA-RC COPY (over) Employer Approval and Agreement Signature of Authorized Official Print Name and Title of Official Date GENERAL PROVISIONS 1. This Joinder Agreement is a deferred compensation agreement between the employer and employee identified on the reverse side as defined by the international City Management Association Retirement Corporation deferred compensation plan, as amended, which has been adopted by the employer. Said plan, together with the information and provisions contained herein and on the reverse side, shall be binding on both employer and employee. 2 Unless otherwise specified herein, the age of retirement under this agreement shall be age 55 or the age the employee attains on his/her next birthday, whichever is older. In the case of employees amending agreements with another age having been previously designated the previously designated age shall be the age of retirement- Designation of age of retirement under this agreement is for the purpose of determining eligibility for benefits only It does not represent a mandatory age of retirement nor is it an agreement to retire at the designated age. 3 If the benefits are paid to the employee, under an option regwnng the purchase of an annuity designation or redes!gnalion of a beneficiary or beneficiaries may have to be repeated at that time, in accordance with the requiretnents of the annuitor_ The employee understands that the last dated designation of a benefcary or beneficiaries filed with ICMA-RC as Trustee for any participating employer shall, in the event of death poor to full dlslrihution after reuren,ent, control the actions of ICMA-RC. as Trusteein the distribution o1 the deferred compensation funds. assets, and accumulations in all ICMA-RC Accounts established for the employee 4. I! is understood that federal law and/or regutations of the United States Internal Revenue Service limit the ornounl which can be deferred from federakncornc taxes- On January 1, 1979, this limitation was 251c of total ecuipensal,on or S7.500. whichever is less. Total compensation includes wages paid plus any amount which is deferred. (Examplewages paid of $15.000 plus a deferral of $5.000 equals total Compensation of $20.000. The amount deferred, 55.000 is 250a of total compensation). It is understood that signatures nn the reverse of Ihi, aria?ernem rnd:cate that the has certified and that Irre employer hac. to the extent possible �enfiwd that the amounts deterred In this agreement do not excoo,' tho above limdafinn Defr, ral col any ,rr:nunt beyona the. above 4milatiou will be reported to the Reureuient Corporation which wdl refund 'he excess .fineunt,, for payrn•ent to the employee as taxable income In the event that an atlocatiof) to investment fundr, is made in such away as to conflict with slate or local law. whether by errorchange of law lack of knowledge of line law. or intent, the Retirement Corporation. as Truster, will bear no legal responsibility for such designation. i he Retirement Corporation may rely on written represr:nlations CI the employer. without regard to the employees approval, and will advise the employer and employee of any action taker,_ In taking any said action requiring the transfer of significant monies from one Fund to another. the Hetiremert Corporation shall not he required to unfavorably tiquidlate securitiesor to otherwise act in a erne -frame which will result in a ieducuorn of any other participant's earnings. ICMA RETIREMENT CORPORATION 1101 Connecticut Avenue Northwest Washington DC 20036 EMPLOYEE ENROLLMENT FORM Area Code 202 293-2716 Toll Free 800 424-9249 Your enrollment in the ICMA Retirement Corporation (RC) deferred compensation plan requires proper completion of the attached Joinder Agreement. The agreement is prepared in memorandum form. You are requesting participation, which will be approved when both you and your employer sign the agreement. No part of the agreement can become effective in the same calendar month in which it is completed- All deferred compensation agreements are for the future. GENERAL INSTRUCTIONS 1. Three (3) copies of the agreement are necessary. The three agreements, attached, do not require carbon paper but be sure to use a ball-point pen or a typewriter. 2. In the upper left-hand corner of the agreement check the box which describes the type of agreement. a. Check the box for NEW AGREEMENT if you have not previously participated in the RC plan through your present employer b. Check the box for AMENDMENT OF PREVIOUS AGREEMENT if you are now participating in the RC plan, but desire to make a change. (See "Instructions for Amendment below-) c. It you wish to change the beneficiary of your account without changing your amount deferred or fund allocation, check the box for CHANGE OF BENEFICIARY only. Also, to assure pro- per identification, complete the section titled "Essential Em- ployee Information. 3. Provide all information requested on the agreement. AMOUNT OF DEFERRED COMPENSATION Effective January 1, 1979, federal law placed a limitation on the total amount a person may defer from federal income taxation. The limit is 25% of total compensation or $7,500, whichever is less. If you participate in other tax sheltered plans the total amount deferred under all plans may not exceed this amount. See "General Provisions," paragraph 4, on the reverse side of the agreement. 1. In the boxes titled "Percentage Method- and "Dollar Method, enter the percentage or dollar amount you, as an individual, wish to defer under the column labeled _.Employee s Contribution. If your employer has agreed to contribute to your deferred compensation plan enter that percentage of your salary or dollar amount under the column labeled Employers Contribution. The PERCENTAGE METHOD is recommended if you would like for your contribution to increase automatically whenever your salary increases. The DOLLAR METHOD fixes a specific contribution amount which will not change unless you request it. 2. On the line titled Payday on which plan is to begin- enter the month, day, and year of the payday covering the pay period in which you desire to begin deferring compensation. Be sure the effective date is not in the same month in which you are signing the agreement. 3. Your current salary should be accurately recorded. Do not subtract from your salary the amount you are deferring, nor add any contribution your employer may be making to your deferred compensation. 4. When indicating how often you are paid be sure to distinguish between "every two weeks, "twice a month," etc. ALLOCATION TO INVESTMENT FUNDS You have four investment options. Inmost cases you may request that all of your deferred compensation be placed in one Fund or you may split it between two or more of the Funds. For example, you may request that 100% be invested in the Balanced Fund or you may divide the total so that 50% goes into the Balanced Fund and 50% into the Guaranteed Interest Fund. On the other hand, you could request that a certain percentage be invested in each of the four Funds. The only requirement is that any division between Funds be made in whole percentages, i.e-, 50%, 20%, 83%, etc. (Not 50.5%, 20.6%, or 834a%) Some jurisdictions are limited by state or local laws as to the types of investments which may be made with deferred compensation funds. You should check with your employer to see if you have any such restrictions. See "Selecting Investment Fundson the following page for a descrip- tion of RCs investment Funds. NOTE Any subsequent amendments to this agreement will not permit transferring previously invested money from one Fund to another. (However. changes in the allocation of investments can be made for future investments.) ESSENTIAL EMPLOYEE INFORMATION Always complete all items in this section. DESIGNATION OF BENEFICIARY See instructions on the reverse side of this page. FOR SUPPLEMENTAL PROVISIONS This section may be used for special considerations relating to the agreement. Such considerations include a one-time lumpsum payment, transfers from other plans, etc. The Retirement Corporation should be consulted in the completing of these agreements. SIGNATURES Sign and date the agreement, making sure the impression shows through on all three copies. Submit the three copies of the Joinder Agreement to your employer for signature. Your employer will return one copy to you. retain one copy, and mail the thud copy to the Retirement Corporation. INSTRUCTIONS FOR AMENDMENTS 1. The agreement may be amended by completing only those sections in which you desire to make a change. (Be sure to complete the _.Essential Employee Information section on all amended Joinders.) Follow the instructions for the completion of each section in which changes are to be made. and check the box at the top of the form labeled "Amendment of Previous Agreement. 2. Agreements may be amended at any time, so long as the amend- ments apply to the future. Your employer may have a policy on how often you may amend your agreement, so you should inquire be- fore submitting the form. 3. Reductions in the amount to be deferred, as well as termination of deferral, are accomplished by submitting an amended agreement. In the case of termination, write none in the column labeled Amount of Deferred Compensation and enter the effective date on the line titled Payday on which plan is to begin. NAMING YOUR BENEFICIARY it . , Irt,'..j r1r, l't I, ,., iX , , nated You can guard against or it cations friii insorP aster payment of benef is I t teep re loco rlesg r on pis r,pi s possib The Primary Bene `rc ary e a, it I li.ns Va be f u .o be paid when the tr lt'clpac het_ If "o P mary Fet fir Y iC''ass I ng. the henefts (to to It" Ccrn If i , ilr'Cl,;s 11 `a Cass nri ides rnoia t'nai one pci°rin, t, f r eed , I I ,.y mor g the '.iv'rq benef anus if tf . I, 'It s vene spy f, It none or thi, I,ertefici tries are I ing, the I) it . 1 u• s r i atri. y nor, .vlth , %,fit and , it ,isually namf,, his Nrfr as I'm ,,y BenPfle d,, and hlr hildren ns Cant:,,g,r 3e+,l curie, ( t rally, the designation shown in exa'.': p,c 1 herow will best carry out his wishes. Be sum to show the aor .r nan na!at lonsf ip 'r you ar)! late of birth ; f each ind,vidual you designate Of course, thi ii `orma4on should not be inserter if ye t a e. naming a class of children, as in example. 1 . You have the fight to i he q,your heneficiary at any time anless you have named a herinfidary ' rrevocah i." It is wise to review your designations from time to 'ime to be sure they are up to date. Tt : se so rip cal bane' ^,aslgnafions. If in , .,a , :ometh rig oche, tT a, .hnwir. pie se lut its know what fir want, and we will prepa,ii and send you the form th,f will most closely fit your needs Beneficiary Designations 7. Usual family situation wife Primary Beneficiary and (hildren Conti _dent Benefic ia,iesl namesofguardiens should nothestared): Date of Birth Relationship Primary Beneficiaryliesl (Class Ili Mo. Day Yr. to YOU Contingent BeneBcieryGes) (Class II), if any: The term "My Children" provides equal treatment among your children present and future - born of any and all marriages, and anyf hildren lecalry adopted 11 any time. The advantage. of ,tying this designation rather than naming each child specifically is riot a fu, re 'bdrl will automatically be included in any;haring in the benefits with other living children. If this designation Is not approp,iaf for you des:rib' the designation you wish fully in the application—e.g., the children born of my marriage to Martha A. Doe_ 2. One person a primary beneficiary: Primary Beneficiaryliesl (Class 1), 3. Two equal primary beneficiaries: Primary Benefiearyhes) (Class 1)'. 4. One primary beneficiary and two contingent beneficiaries: Primary Beneficiaryliesl (Class 1): 5. Estate as beneficiary (names of executors oradministrators should not be stated): Primary (Class W /B 6. Trustee named in inter vivos (living) trust agreement: Primary Bee ef{i-ciarryars�))((Cllas"s 1). (It the trustee is instead named in your Will, we will send you the appropriate form.) ` 7. Institution as beneficiary fulllegal name and address should be stated, also state whether the institution is a corporation): Primary Beneficiaryliesl (Class W '` Check One ❑ New Agreement ❑ Amendment of Previous Agreement ❑ Change of Beneficiary Only To: JOINDER AG :EMENT To the ICMA Retirement Corporation deferred compensation plan. Name of Employer ❑ Mr. ❑ Ms. ❑ Mrs. ❑ Miss First From: Full Name AMOUNT OF DEFERRED COMPENSATION NOTICE: Effective January 1, 1979, federal law prohibits any person from deferring more than 25% of total compensation or $7,500, whichever is lower. Total compensation is your salary, including any amounts deferred. Effective on the payday shown below, I desire to be paid, in the form of deferred compensation, as follows: Method of Designating (Employee's (Employer's Deferred Compensation Contribution( Contribution) Total (Use Only One) Base pay shall be Base pay shall be reduced by added to by (1) Percentage Method % % % (2) Dollar Method $ $ $ (per pay period) Payday on which plan is to begin Mo. My current salary is $ I am paid every (2 weeks, month, 15 days, etc.): ESSENTIAL EMPLOYEE INFORMATION Sex: ❑ M ❑ F Date of Birth Job Title Day Yr. pay period. Mo. Day Yr. Middle Last ALLOCATION TO INVESTMENT FUNDS I request that the total amounts of deferred compensation be applied to the available investment funds in the following percentages (See ICMA-RC An- nual Report for discussion of funds): Fund whole Par enrages Balanced Fund _I Bond Fund % Government Fund Z. Guaranteed Interest Fund 'Y Tried too I understand that where state or local law restricts the nature of the invest- ment of these funds that it will be necessary to restrict the investment choice to those available under the law. Social Security Number = - m - Department Home Address No. Street City State Zip DESIGNATION OF BENEFICIARY (See Instructions) Note: When amending your agreement do not complete this section unless you wish to change beneficiaries. To whom shall the proceeds be payable in case of your death? Give first name, middle initial, and last name: Mary A. Smith (not Mrs. John Smith). For your children, you may simply use the term "My Children" and leave the Date of Date of Birth Birth and Relationship columns blank. This term will provide equal treatment among your children —present and Mo. Day Year future —born of any and all marriages and any children legally adopted at any time. Primary Beneticiary(les) (Class Q: Contingent Berieficiary(ies) (Class 11), if any: The right to change beneficiaries is reserved to me. NOTE: If no Primary Beneficiary (Class 1) is Irving at time of your death, the proceeds are payable to the Contingent Beneficiary(ies) (Class II). If a Class includes more than one person, the proceeds are divided equally among the living beneficiaries of the Class. FOR SUPPLEMENTAL PROVISIONS Relationship to you, i.e., wife, son, daughter. (If none, state whether friend, creditor, etc.) The undersigned hereby applies for participation in the ICMA Retirement Corporation deferred compensation plan as established by my employer. I understand my participation is subject to my employer's agreement, given below, and will be governed by the plan document, its amendments, and this agreement, including the general provisions appearing on the reverse side. I have read paragraph 4 on the reverse side of this agreement, and certify that the amount I have said I want to defer does not exceed 25 % of my total compensation or $7,500, whichever is lower. Employee Signature Signature Date "You cannot sign your own Joinder Agreement for employer approval. If you also act as your employer's authorized official, have another employee au- thorized to sign your agreement. (over) EMPLOYEE COPY Employer Approval and Agreement Signature of Authorized Official * Print Name and Title of Official Date Check One ❑ New Agreement ❑ Amendment of Previous Agreement ❑ Change of Beneficiary Only To: OINDER AGREEMENT To the ICMA Retirement Corporation deferred compensation plan. Print Name ❑ Mr. ❑ Ms. ❑ Mrs. ❑ Miss First From: Full Name AMOUNT OF DEFERRED COMPENSATION NOTICE: Effective January 1, 1979, federal law prohibits any person from deferring more than 25 % of total compensation or $7,500, whichever is lower. Total compensation is your salary, including any amounts deferred. Effective on the payday shown below, I desire to be paid, in the form of deferred compensation, as follows: Mehod of Designating (Employee's (Employer s Deferred Compensation Contribution) Contribution) Total (Use Only One) Base pay shall be Base pay shall be reduced by added to by all Percentage Method (2) Dollar Method $ $ $ L(per pay period) Payday on which plan is to begin Mo. Day Yr. tt salary is $ per pay period. every (2 weeks, month, 15 days, etc.): TIAL EMPLOYEE INFORMATION ❑ F Date of Birth Mo. Day Yr. 1,a \ddress Middle Last ALLOCATION TO INVESTMENT FUNDS I request that the total amounts of deferred compensation be applied to the available investment funds in the following percentages (See ICMA-RC An- nual Report for discussion of funds): Fund whole Percentages Balanced Fund Bond Fund % Government Secunfies Fund v, Guaranteed Interest Fund '/.. iorel took I understand that where state or local law restricts the nature of the invest- ment of these funds that it will be necessary to restrict the investment choice to those available under the law. Social Security Number = - m - City Department ,NATION OF BENEFICIARY (See Instructions) ^n amending your agreement do not complete this section unless you wish to change beneficiaries. State Zip 41 the proceeds be payable in case of your death? Give first name, middle initial, and last name: MaryA. Relationship to you, -a. John Smith). For your children, you may simply use the term "My Children" and leave the Date of Date of Birth i.e., wife, son, daughter. Btionship columns blank. This term will provide equal treatment among your children —present and Mo. Day Year (If none, state whether 1, of any and all marriages and any children legally adopted at any time. friend, creditor, etc.) ,,y Beriailciary(ies) (Class 1): CeaUnganc Beneficiary(lies) (Class 11), if any: Tie right to change beneficiaries is reserved to me. NOTE, If no Primary Beneficiary (Class 1) is living at time of your death, the proceeds are payable to the Contingent Beneficiary(ies) (Class 11). If a Class includes more than one person, the proceeds are divided equally among the living beneficiaries of the Class. SUPPLEMENTAL PROVISIONS The uniersigned hereby applies for participation in the ICMA Retirement Corporation deferred compensation plan as established by my employer. 1 understand my participation is subject to my employer's agreement, given below, and will be governed by the plan document, its amendments, and this agreement, including the general provisions appearing on the reverse side. I have read paragraph 4 on the reverse side of this agreement, and certify that the amount I have said I want to defer does not exceed 25 % of my total compensation or $7,500, whichever is lower. Employee Signature Signature Date 'You cannot sign your own Joinder Agreement for employer approval. If you also act as your employer's authorized official, have another employee au- - ururized to sign your agreement. (over) EMPI.r3`.rER COPY Employer Approval and Agreement Signature of Authorized Official Print Name and Title of Official Dat