Res 90-0280
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0072.130.012
JDW/naa
04/25/90
REBOLIITION NO. 90-28
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF FEDERAL WAY, WASHINGTON, ESTABLISHING A
DEFERRED COMPENSATION PLAN; APPOINTING �HE ICMA
RETIREMENT CORPORATION TO SERVE AS ADMINISTRATOR
OF THF PLAN; AUTHORIZING TIiE MAYOR AND CITY
CLERK TO EXECUTE THE DECLARATION OF TRUST OF THE
ICMA RETIREMENT TRUST AND PROVIDING THAT THE
CITY MANAGER OR THE MANAGER'S DESIGNEE SHALL BE
THE COORDINATOR FOR THE PROGRAM.
WHEREAS, the City of Federal Way has employees
rendering valuable services, and
WHEREAS, the establishment of a deferred compensation
plan for such employees serves the interest of the City by
enabling it to provide reasonable retirement security for its
employees, by providing increased flexibility in its personnel
management system, and by assisting in the attraction and
retention of competent personnel, and
WHEREAS, the City has determined that the establishment
of a deferred compensation plan to be administered by the ICMA
Retirement Corporation serves the above objectives, and
WHEREAS, the City desires that the investment of funds
held under its deferred compensation plan be administered by the
ICMA Retirement Corporation, and that such funds be held by the
ICMA Retirement Trust, a trust established by public employers
for the collective investment of funds held under their deferred
compensation plans and money purchase retirement plans, NOW,
THEREFORE,
JDW00826R -1-
o�iGiNa�
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THE CITY COUNCIL OF THE CITY OF FEDERAL WAY,
WASHINGTON, HEREBY RESOLVES AS FOLLOWS:
Section 1. The City of Federal Way hereby adopts the
Deferred Compensation Plan, attached hereto as Appendix A, and
appoints the ICMA Retirement Corporation to serve as
administrator thereunder.
Section 2. The Mayor and City Cierk are hereby
authorized and directed to execute the Declaration of Trust of
the ICMA Retirement Trust, attached hereto as Appendix B, on
behalf of the City, and any other documents necessary to
establish the deferred compensation plan adopted by this
resolution.
Section 3. The City Manager or the Manager's designee
shall be the coordinator for this program and shall receive
necessary reports, notices, etc. from the ICMA Retirement
Corporation or the ICMA Retirement Trust, and shall cast, on
behalf of the City of Federal Way, any required votes under the
program. The City Manager may assign administrative duties to
carry out the plan to appropriate department.
RESOLVED by the City Council of the City of Federal Way
this 29th day of �y , 1990.
ATTE T/AUT TED:
TY CLERK, MAIIREEN SWANEY, CMC
APP OVED:
MAYOR, DEBRA ERTEL
FILED WITH THE CITY CLERK: April 25, 1990
PASSED BY THE CITY COUNCIL: May 29, 1990
RESOLUTION NO. 90_28
JDW00826R -2-
SENT BY�CITY OF FEDERAL WAY ; 4—Z5-80 ; 8�2ZAM ; CITY OF FEDERAL WAYy 20044702154� 4
' � � �'1 I� F� � 1v V ! �
("Ernployer")
Deferred �om �ns�tior� Pl�n
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'10/�g
Artld� I. lN1110�l41C"110N
Tha Empioyer hereby estabilsnas tna Employers i�f�red Compsnsa-
tion Plan, hsrev�after roferrstl to es ths "Plan:' Ths Plen oorteiat� ot M�a
provi�ior�' aotlorth h thie doeumon�
The nrlmsn+ oumoee ot thla Plan Es b orovtde �tirement �ncome end
athar deterred benefits to the EmplaYeea of #hs �rnployer i�t eccordance
witl� the Graviabna of fi�ctlon 457 0! the I ntornal Ravenue Cod� of 1988, as
amandad (the "Cpde'�.
Thl� Plen aneM Ce an e�raernont soiely netween me Employer ar�
paillalpating Employeea
�aM 11. DEPINITIONB
d�iun !A1 /leeounl: Thr bookkaepinq .000urn mainteined for eaoh
ParNdpaM roAoetin9 !ho eumulativo amount o! tho Rorliclponk'� Miorrod
Comoenaetlon. k�cludi� any {ncvms. �ina, loaava� or 6ncressea or
dacra�sas in merlcai wlue attri�table t6 tl'� EmpiOyEr's �ve�e�lt Of tltp
PaWcipaM'� Deferred Compenestlon, and further reAectlng ar�y disfrl
butla�a ta the Partldpant orths Pa►licipent'a BeneAdary and any fses or
exponass cnarq�i ayaln� such Part�lpo�s Oofwrod CompeneaUon.
$eqlpn 2.pR AdmUllp�ltar: The peraqr� ar peraona namad tn carry �ut
co�tairt nantli�cretian�ry 8tlmini�trative tunctians untler tl1e PlBn, e8
herelnoitei deac�rlbed. fie EmploYOr maY remove any pxaon ae Adm(n-
lelra�or upon 80 daye' advanae nolfoe In wtldng to euoh person, In whfoh
� thr Empio�wr shall nama anothar pa�san or,prlreons tn act �s
AdmInlSMatpr. The AdminEatrabr may reai9n upon BO days' BdvenCe
nptlae in writtig to qw Employar, in whioh Caae tl1e Employer 8hell name
another per�on or persone ta ect as Rdminl�ator.
S�dlon Z.QS B�nMlci�m Ths person or paraons daoi�nated by the
Pardckpant in hie Joir�cler AgreemeM who ahaU recalve dny beneAts
payeble her4under irt ths avpnt of tf�s ParUclpar�'s d�th, )n tlta vvant
that ihe Panc��pent name� two or more eeneflc�erlea, eacn Bsnenc�ry
ahall be mititled to {e�quel ahares o1 ihe benaflte payable at ihe PArUcI-
pant'a daatl�, unlase athwwloa prvvidad in #hv Partivipani'v Joirtdor
Ap�ement !f no Be�floiary ia ek�aiqnated In the JoEnda� Apreemenl, f�
ths �e�lpnated Bensflclary proder.eaaes ths ParUolpant, br if �rr dasip-
neted BenetielaN cbea nat �urYh�e tha Par�cipent br a per�od offlitedn
(16} daye, then ths eabate ol ths Parlfcfp�nt ahall bs tt+e 8enoflaery.
S�tion 2AA �rrrd Canp.�tion: The amaurx of Nortnal Cornpen-
a�flon dherwiea payeble to the ParMCipe►nC whlch ths Perddpsnl and
tha Einployer muWslly sgroa to defer hereundar, arry amounC Credited
to a PerdclpertCe Account by reaaon of a trenefer undsr Secpon &�,
ar orry othar eun�nt which 1hs �mployer ayrsea to cradt to a Pa�itcf-
panMs A000�.tt
8taton 2.GO anPioyM: AnY i�w3due� wn� prnvittea aenrtcea ior tne
Err+Ploye�� whether aa en emplo�ee af tha Employe� or ms an IndsPend-
ont eoe�traotor, �tnd who ho�s bNn dM�n�trd by !h* �npby+r as
ellqible to partldRata in the Ptan.
YrOiibA 2.Oa Inaludihl� Cempra�tlsn: T'h� amount'O! aA E�Hpl0ybd0
cnmp�ns�tlen hom tho 6�nployorlor a taee�bioyoatlti�! is stlNbubabio M
eetviCes pwformed f�th8 Hmployor and that is includibia in the Empioy-
a�s 9roa,e lncOrn9 br tl1g ts�t9,b1� yaer for Iadarsl Inaame tax purpos�s;
euCh te►rn does not 1nCludo erry smount exCludable irorn groea inCOmB
uA0@r thls �lan or gny pih�r plan dasszlbatl in Sec;UOn A37(d) Of tl19
Cods e� eny peher anloutlt exGiudl�bls irom gro� Ineoma tqr fedae�l
Inoom� mx pur�a000. Inotutlibla ComponoaMon ohall bo dobrmin�d
without rYyord to ar1Y commuMtY o1�7ertY �awa.
s� R47 Joind�r Aon«n�nt: M�ram�n! �nbnd Inlo bMwoon an
Ertspioyqa snd thY EmplOyRi, Inoludlnq a�1y Anlafid�IMlta 0� �IIOdtICO-
GOr192h�r'@Of. 9uCfl aqrtYmirlt 9h�11 flx Uta amOUrdbf Doiarrad CAmR��
sation •pecity a preference emonp thv invrshnani alt�rnotivas
dee�g�ted by ths Employer, daalpnase d�e Empla�yee�e Denellclary or
e�nartclanes, enb �noorporate tne tenns, oontlroons, antl provl�lona ot
the P{en by rahrenaa �
8ectlon 2,08 Non�l Comp��elon: Th� �mount af compensaqon whbh
would bo payable t� a Particlpont by the 6nplvyer 1br a taxabb y�v if no
Jalnde� Agreemen! wero In eibotto dNer vompsnaatlon u�der �Is Pkin.
B�oHon Z09 Normv R�tl�wn�nlA�: l�a 70Yl, unfe�sthi Pertidpent h8e
elected an ai�mate Normel Retlremant �a �r wrNten in�trums�t dNhr+
erod to !ha Admielatrator prbr to 8eperotlon han BeMos. A Par�ai-
pon!"o Normol Aotlrort�nt Agr da�orrt�inoa tho porbd dudnp whleh a
Paetioipant rr�y utillsa #ha ca�h-up IlmiFa#lon qf 8�a�on 6.0� heroun-
der. Once a Participant hes to any eztent uaiized tl� ceECh�up limrtatart
of Secllon 5.02, his Normal Ratlrsment A8a may not bo chanprd.
A ParticfpanPs altarnate Normd R�tiremwit A�a may noi be �rlar
than tha earilast date that tho Pardclpant +MII �me alplble � rotlre
and roaolve unnduoed reNremsnt �n�Ats undar ihe Bmplqnre baelo
re4r�nerrt p16n CAVerinp fhe �BrtlCipdnt and mQy nbt F5e I�r tFY6n tHe
date the Partldpent wtll aaeln aAe 7Cf�. if a Particiaarn ca�lnuee empby-
ment aiter attahinp ago 70k, nM t�BNn� prevlbuely elitted eA atbmtm
Normal Ratlwm6nt ApB, tl1i PBrdCtp9Ht'S 81brri8t� NOm1al RAtlr9n1AM
Aqe ahell net de later ihan the rnandatory retlrement aqe, if any, eatab-
Ilshed by ihe Empbyer, or the ape at whlch the Penlclpani actually
eapa�atee 1rorn eervioe If khe 8n�player hae no mea�datoy nllnmeM
pp�- �f p�q PA�lr.Ip9n# will nqt iS�qqmp ailpibk i0 rq�qiva han�t`iE9 untlOr A
bui� retlrement plan mainffiined bY the FmploY�� Sha P�tiCiO�nt'9
slternste Normal Rlatlnmsnt Ape may not be sarllsr than sq� SB �nd
mey not b� laterthen epe 70Sk.
$et,�ipn 210 PertldPi�: My Empioyae who haa �ol�d tha Plan {wrwiAt
to the requirom� of Auticle tY.
Ssr.tloe 217 Pl�n lfrr: Tha Ce�lender yfar.
�.Olivn l.1411�tlnmw�t: The first dair upon whieh Doth ot 1he folbwing
ohaN havo 000urrod wllh rwp�o! ta a portlalp�nt: S�n�ion iron+
9ervir� and attainmern of epe 85.
Saeelon ti, �paratlon han �: Sererance ot ths Pa►ticlpanYa
employm�rt! with tho �mployw vrhiah aonsiitutva a"wpomdon from
�aruirr�° witnin tne m�ean�np ot Sectlnn �a2ia�I43W(Iq of tha Cods. In
aerterel, d PeWdpe►nt �alk be desmed ta havs �averad hisampbyment
w�tn the Ernpoyer far purpoees ot thia Pten when. In eccob�nce wlih
tl1e eSteblietled ��acltcse pf ihe F.�nDloYer� th� employmont nidlonship
ia conudrrad �a nave acoua��r carmineaed. in tne aaa d e��ao�pe�t
wha la an Indep�ndent eonlnelor oi 4hr EmPlqay Bspantlo� fram
Sorvbo ah�il b� dNm�d to Fwv. 000�rnd wM�n !Fw ParddprM's aon-
tract undar whlch earvicea are Rertotmad hae com�kteN eoc�frod snd
terminated, �ero la no fo�a�e�ebl� posdblNty that ttw Empiayer w81
renow thv contract or ent�r IMO e new conae�ct tor ihe PardolpaM's
�rviqa�, and n fa not anticlpand tl�at tho PerBCip4nt wlll beooms !In
Empbyea of the Em�ioyer.
ArNcie iL ADYINI8TRA710N
8a�etat S.0'I p�tles qF Emp�lrar:Tl+e En+ploysr shall have 1he sulhorlLy to
moko all e�aorodonary dooloion� alfaalln0 ��hbs or b�e�t'ite of
parqdaeu�ta whM•h may b� r�aulAd in ihs edminfads�on aNhl' f�.
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SENT BY�CITY OF FEDE�AL WAY � 4-25—AO ; 8�23AM � CITY OF FEDERAL WAYa 2064470P15;# 5
Ssetion 3.02 Dutla of Admini�tr�ot: Tl�e AdminlaMetor, aa apant ror tha
Employer, ahall perlarm nondl�cre�onay adminfstrative func�ana in
connactlon wittt the Plen inolud►ng tne maiatenance o� Psmc lpa�t�5'
ACCaunta, the provlstan caf perbdl� reports af the etatua uf each Acavunt,
1117d tha dbhurosmen� pf benaflte on behaif of ihe Gmployer irt OOO�r-
dan�o with tna prCvi9ibns aftni8 PIBrt.
Articlr IY. PAq71C�A11'ION 1N'fHE PLAN
Soeliort 4.41 ErtkIN P�rtl�lp�tlon A� �mD�oVM r++#y hoeemo a Pa�ticipant
by sMerin� IMa s Jolndar A9re�neM prlc►r ta tha beginnirlq Of the
caier�dar month in whioh the ,foinckr Agreemert io W hecome etfec�ve
bo dot6i Compen8atlon nptyel earned,
S�citan 4.02 Am�ndm�ntd Jolndn A9nsrtw� A PBrtiCipAnt mBY��d
8r1 �xBCUt9d .b111d@f Agr9@m6Rt t0 4hd�g� the an10UrItGf COmpensatlOn
nat Yet eamsd whbh is to be deferred pnaluding tne retlucdon ol auch
tulUfB dE"fet�fil9 t0 zErO) Of t0 Ch811Q91U8 iflV@B11R1811t pP8t9Ce�Ce (aUGI�
to euah restrlctlona as may reoult trom the naturo w terrt� of any
Inveetment nlade by the Employar). Buah emendmv� skell bovomv
NG�e�uo sa of iha hapinnlnp of th. c�lontlar menth comn�encinp after
the da�e khe amendment la executed. A Participant rney et any tlme
amend his Jolndor A9r�ement to Chen�9 th8 d981gnated Be118flClary,
and x,ch amendment ahail beca� sfl�ctMa Immedately.
awawv uxiramons on oe�nlu�3
$eCqqn 5.01 Nqrmd Llndtstlan: Exr�pi as provided in $�Ctictn S,C2,1t18
meximum amount ot Deferred Compenaadan for any Peut�cipeM ror any
�axat�e rra�rar ehai� no� exceed cne iseser or �r,eoo.00 or aas� perc.M
o! the Paefiolpsr�t'a tnciudR�le Compeneatibn }or tho enxoblo yoar, Thlo
Nmitatlon wifl ardingnly 6� equlvsl�lf to th� I�se�' of $7.50Q.� � 26
peroe�t af t�e PeNcipant'a Nortnal Compei+�aden.
9�etlen BA! Cetoh-Upl.ieniteNon� Far eaoh ollhs 1aat4hroe {3) 6axable ysars
ot a Parllc lp0.ilf �MIIAQ 4�90M h��'lta tnn+a+t of Narm�l A�tlrement Ape.
the maxfmum amourit oi Deforred Cbmpen8elion Sh�N be She leseer af�
(1} $15,Q00 pr {2) the eum 01 (i} the NOrme1 ttmltatlan br the taxable
yeer, and {II) tfie Normai llmltadon for e�h pHor iexabfe year o! tlte
Parti6ip8r►t COrinYfinCfltq i11tOf tO7S (4ii 1n� Artq4M of Vi� PartlClpinYs
Qefarced Compenoatlo� ivr auch 1x1ar taxabls yaara. A prior ta�mb{e
yeer ahei! ba takan inioaaoount undar tho pro0odirtg oOnSOhCO Only If {I)
tha Participarn waa allplbla to perUcipala In �e Pian br such year (or irl
any othar aliglble deferced compens�tion plen eetabliahod under Ssc-
ti0n 457 oE tfle Code wh1d119 proper{Y t�k�n irnp eccount pursuant to
r�qulatlons under sactlon 457}, and pl) compenaaitlon (Ef any) dafarrwi
UIIdAr thA PIBtt (0� 6UCI10ttt9! plan) w�3 SutiJact 20 Ute dotorral flmlt9-
tlono sot brth In �ecdai 3.Gt.
$�tiqn 5.� OMar Plans: The amount 9xCtud8b19 h0A1 8 Partl�lpan�'S
yross income untler this Plan or any o�hsr eIlgR�ls Cer�rad cnmpansa-
don glan 4nder as�tfon 4C7 of kF� Cvd� sfi�ll noi ��eetl $7,500.00 �or
euah ynater amount altowad undor Soakion fi.02 0} tho Plan), b�s 4ny
amouM uccludad from qrose Income under seatlan 403{6?. 4021e)t�;.
or b02(h){'f}(B) of the Code, Or �y 8rt1ouM with f9BpeCt t0 whlCh e
deductlon is allowebis by reaaon of a contrlbuaon to an orQanlartlon
deec�lbad ln saetion 601(c)(18) of the Godo.
kudaw. ��ve�t�n�r�re u�o �ccouNrwu.u�e
8�atlon 6.01 Imeshnen! of Defert�ed Gallpen�110qi Al! Investmante af
Pariialpanca' Detsrrep comp.nsanan madr byme Empioyer, Inoluding
eN propdAy and rigMO purohsteed wkh euah amaunta end dl Inoortw
atkdhut�bl. th.natn, sF+ae be tne acle property of ths Empbysr and ahall
not be held !n t�uat for Particlpar�ts or as callaleral aecuriiy Por the
f�flliment ot t11� EnfployqPm ObiigMl�7s under ths Plnn. $uch proporty
shall ba aub�ct to tha clalma of Senerel Creditor8 of ate ElnpbVer, and
t10 PpRl�tpanx or 6eneflolary shall have eny veaiad Irrte►eat o� secumd
or prsiarnd poalNon with rebpeot eo �Oh pt'Op01ly or have eny oleim
�p�ln�! th� Empinyw �enpt as a p�n�ei credltor.
�don 6.02 Cnditlip of Ar,eouMs: Tho PartldpenYe Ar.counk shall Ml�c!
the amount and valuo of the invastmants or ather property abtained bfr
th� �mployor tnrouQR Sno Irnrestment of tti� PsRlclpenYS oetsrcetl Gom-
panaation. k leentlolpeladtftet the Emptaysr�a Investmmtawith napsct
to a Porticlpant wiA �nform ta tl�o invootmant praloronoo opooiftod 1n
ttre PsrtlalpeM's Jolnder Aqreemsn� hut nothlnq hereln shall hs con-
ahved to require tne Emp�cyar to m�ke artY parGcuiar fnvesbnent of a
Partiaipant'e Deferred Compensatlon� �ach Psrt{cipe�nt shal� recelve
periodic reports, not lese frequ�nUy than ennual(x ahow�� the then-
CUlT611tY81u20f h�ACCOt�1t
S�etlon 6.091hn�tMS:
(a} lncoming Tranetere: A transfar rnaY be accepted 1rom an eliglbls
dete�red Gornpsnsatlon plan maln�ined by anathar empbyer 8ntl Cretl-
Ited to a ParUClpent'a Account under mis Plen tf (q the Pan1clpam ha�s
a4parated from savlae wNh thet emplpyqr pnd beexn+a en &mployos ol
}ho Employar, and (ii) th� olhar amployar'a pfon plCVidA9 M18t ei.ICh
tranafar vall be made. The Employar may requiro euch dxument�t�
from the predec;aesor plen �a It deema neceseary to eifeduata the
trnnafer, tp Conflnn that such plan is en elfyible def8rretl COmpeq9Rtl0n
plan within th� meaning bt 3eCtion 457 of the Code, 8r1tl to de6i.ire that
transters are pravldeC for ur�der such pian Tha Employer may roluoa so
eoaept s transfar In the form of a.eeRa clhor Ihan aaeh, unleas the
F.lnpiqyo� qnd !h� ,4dminlitnter apna to held such atFrr assata undar
the Plan, Any such banrferred amount shall nat be treaoad aa a deferral
aublect to tha IlmRatlona of AKicM v �1l r,opt that, (or purpoaes of
applylny �Q limitations of 8ections 5.01 �ntl 5,07, �n enlounl dalerrod
during any tsxabfa year untler the ptan trom w1Nah C+R transrar �s
ee�epCeO aHdll hA tlestltl d! If it has beln tlf1�1'red untlOr tdls Plan
dudng auah taxabie ye6r and oomp�noation pai� by tAo k'ansiKOr
empbyer ahall bs traal�d as U it had been pald by tha Empiol+er.
(b) 4utgokng TFanafqra: An amaunt may be tranahrt�ed t0 an eliqible
defarrod eoenpaneallon plan meintalnad by anothar amployor, and
qhargad to s AarticyQ�nt'a ACCCUnt und6r thi9 PMdn, if (D thA i��ffClp�nt
hae eeperatetl trom senik;6 wlth the Empbyerdnd bscomean emplc�yse
ot the oiher employar, �Iq the othsr empbyer's plan provid6r d18t WOh
transfar wiil be acceqetl, snd (ii1 the Perlicipant ar�d Shs smplay�rs
hAYQ N@J10Q 4YCh OgfCOmYflts as ar� nacosssry to assun ttu�t trw
�mployar� Itadllly ta pay benefita t� tMe PaRielpent hae boan dls-
oharqod anci aoiumod Dy iho atMw� �n+pl0yqr. TFw Employar may rvquire
such daaumantation from the other pt8r1 �d it tl9oroa n6C9a�N t0
efteectuate the trans}er, to conflrrm the� wch plan la An �Ilpihle dahrrad
oomRenBddvn A�4� ��n tha maaning of aactbn 457 of thQ CodB, dntl
to aaauro th�t t�snaiers are providsd icr under suoh plan. Such trena-
fer8 anall be maaY only utld8r BuCh Cit�cxlmsla�CN 6a a1'0 pem1�1�4tl
under se�tion 4s7 ot the Code er�d the nequ4ationa therounder.
8�dion 6.04 E�plpyar (J�blllty: In no avaM ahell tha �mploy��s ii�bilitylo
pely bene'nta to a Pertldpant un0ar ArtlCle VI ffixC@etl tlle velUe Of the
amounts ��ited Eo tll0 PaAleipe�n!'a AcCOUnt; d�e L°mp�oys� shsll no!
bo liablo for lo�o� aliNng from doprociation or shrinkaqo in thrvoluo ol
any Investmerds aoouired under thie Plan.
APdebVIL B�IEFi1'8
Sectiotf 7.Oi Retiren+an! eu�flh and Et�elion on SeD��tlon from
S�Mac @xcept � ath�rwiee provided {n thl� A�1fCle VIi, tho dietribu�on
of a Participont�s Account aheu commena e�e ot Apri 1 ot the calend�r
y�ear aitar tha Plan `Mar ol the ParticipaM's R�tinm�ai, �n4 tn� ma�nau-
Uon vf au�h Retlrement bsnelns ahau te mads !n ac�ordane, wkh on•
of tho paymont optlona davoribod in Sootlon 7.C1' . Notw!lh�hndln� tha
fora0alnp. tha PsrticlpaM mev Irrevooabhreleot wNhin 80 dgVB bA0WIn0
9epe�atlon irorn BerviCe 10 M�ve �e dietribu�on o� benafNs comr+wnce
an a Nx�d or drtw�mk�eble data o��r tt18r1 SItAt d08Ctib9d In the prseid-
ing aentence wh�Ch is at lesae 8a days after th• date such slecpon i�
bellveretl I� writltt� to tF19 Emp�4yer end fqrw�rded ta ths l�dm{nlatrata6
bu1 not k�4er tF+en ApNl1 oithv yaar f�liovriny !ho yo0r of t110 Rartloip�ni'�
A�iremerrt or stffi�nment ol aos 76&, whlchawr Is latar.
�
SENT BY,CITY OF FEDERAL WAY � d-25-90 � 8:2bAM � CITY OF FEDERAL WAYi 206b4T0215�� 6
u
3�Ctlon T.4i PwYnNnt Optlona: /w Providtd in 8eelbns 7.01, 7.0�, end
7.05, el PI►IiI0lponR 4r 80110lbk1ry lnay 610ot t0 hltw th! wluv bf d10
Psrt�cipa�'a Accnunt dlslNbutad �n acconinnca wHh orre af ihe loflow-
inp peyment options, pm+�ded that such optlon la codefate�rt with the
'tim�atbns sel faih in SOCdon 709:
(a) Equol month�y, quartory, oomi-annuai or annusl psymanta In en
amount chosen bv the Perticlpent contlnulr� urltil h19 Account Is
exhauated;
(b) OnA lump-oum paym�nt;
icl APpro�amabe�y eRu�� mantmK quertePlY, �emi-annua� or annual
paymanta, ae�ulat� to conUnva ior a pariod vereain choaen by !ha
PertldpartL
{p� Arfe�l Piym�ft9 6qUal to tne minlmum dlatrlbuUans requtred
undsr 9ection 401(a?(8? o� ihs Cods orar the lih axpselanoy of tna
Portlolp#nt or o�wr tho lih axpoctanel�: e! tha Psrticipant and hle
g5(1B$CfHry.
(s� I�aymenta �ual ta paymenta made hy the beuor of a retlromont
ennuity polloy aoqulnd by #+o �mPlay+or.
(t� My OSh9� paymont optlon 118Cted by the Pel�alpant and a9reed to
by the �mplvyer anrl Admintetrator, pravldad that auoh opNon muet
provida for oubo0ond�lly �anincroaang paymorKa 11d� any pariod ��tet
tno I�test ��ne�t commancament dete under 3ect�o� 7.01. .
A Parqclpa�'a ar Banefl�larY'a elec;tlon oi a paymenS optfon muet bo
rnada at IoN! 30 dWS ba1'ora tho pnymon! of bon*fl� Is 10 commenCA. lf
a Pertldpani or BenefiCid�v lelils to make a tlmaly ef6Ctlan Of a psymant
opNan, 6enefits eheU ba 4nid m�thy un�P odtlOn {C} abovr far a
perioC of five Yesra.
Baatlon 7.03 Wnilalian on OOtion� No paymont optlon maY be aelected
by a Par�clpant or 6eneticiary u�er Secdone 7.02, 7.04, or 7.06 unless
lt saqsflea the requirements of 8ectiona 441(a)�� end 467tdit2l of the
Cade, inClutling thdt paymants commendng before the daath of tlle
P9rtaCiperlt BheUI Snt�sfythe Inclden�l deatn penent9 requlramerrt under
qBCtlon 4 d 7 IdII�II�I��P)• UISI00� othsrrrbe eI�OtCd by !h� PsKfalpant,
all dotormino�ion� undor $actlon 40i (o}(p} sh�ll bo mad�t withou! r6Cek-
cWaflon of Iffa expactBrtCi68.
�an �oa rost��itimene D�h g.�.n�s:
(a) Should tho P�rtloipant dta aRar h� hoo bppun �o wcaive berteAta
undar a paYrn�M op1i0r1. th6 �6malnlnq paymQ�tS, M ttlly, under tha
payment optian ahall he paYabla to trie PaRlclpan!'a 8enell�iery corn-
merfcing whhM ths e0�iay periotl commencing wlth tl�e 81at day af�r
the Particlpar�'s daath, unieea the BeneilcclarY elacts payment unsbr a
�IflBrant paymant option thet 18 aVallabla unaer sacxlon T.02 whhln 90
de�Ys of the Participent's daalh. AnY dHferont payme�t optlon eleoted by
a Danaficiary undorlhi� wotton muat pr�vido br poyn�nl� at a rmte Mat
is et Issat as repld m under the p8ymenf 4Dtlon thai w8� BppllCabl� to
the Particlparrt. In ne evsM sh�ll the Empinyer or Adminlatretor be Ilable
to the Bene�ciary for ths amount of eny pRyment macia in the nama ot
the Pa�lakoa� befora the Adminlat�a#or r�aives proot of t�aatn nt me
Pa►tlCIp�IL
(b) U the deelgn�ttad Bsn.Nci�ry daes not oontlnua to Inra tor the romsln-
Ing perlai of payrb�tlt9 ullds� the paYmer�t opt'�on, then tns eommuti�tl
Value ot any t�m6lrting peymenis under the payme� Qpuon ahmll be
pa�d �s a lump eum to the es��s m�,e 6enaH�ary. In the swne thnt tl�o
p�rqaipanPV �atato ia tho 9onollclory4 iha ccmmut�d value af any nmain-
�n0 oaxmen�e undar the payment opdan shall h. paid ta d�e e�la In a
lump sum.
9�cdm 7.06 �ri.ntlrrnant D�h B�nMIl�:
�► 8hould tha Pa�icipeM dl6 b�fora he hHS b9gun bD recohw ihe
bene�s provitled by $eqtlon 7.01, the 1lalue ofthe Psrtidp6t1N8 ACCOUnt
ah�ll he payable to the Ben�flciary CornmenCing wllnln tMe 30-tl�
psnoo commancinp on cne e�� d■y�.�n� Par�aipanra daeth, uni•aa
ihe 9enaflalary irrovoosbty slsota o dNkroAt flx�d or datormir�ablo
l__I
bene#! commenoomant dato wHhln 40 d�y� atlh� P�rilaiprnt's dwth.
g�eh b�nNk con�m�norment dsle shsY ha not le�ar than tha lat�r of iD
DeWmber 31 of tl19 ye6t (011owf�g th0yeelr Of ihe Partidpant's deBM, or
(II� !f the BeneflCiary Iethe Pertldpant'a epouae, Deoamber 3t of the year
in wh6ch th� �erdClpant wouid h�►e attainad eye 76+h.
{bl unleet s@eneflolary elecis a d1lterent peyment op#an prlor io the
bene�t r.ommencement aats, doath beneNts underthis saction shell be
peld !n apRroxirr�►elY equal annud Insia�me�rts over �ive yeare, or over
euch shorter Perkcd es may be neceese�ry to a�ur� that trie amount ot
gpy �nusl Ir1St811mBnt ta not less than 5.3,800, A Doneticlary ahad bs
treatad aa if hb w�'e a Psrtlelpar�t for purp4ees of deW�ntlning tha
paynaM oR�on� owilabla undor Soetbn 7.02. P�dad, howaver. Met
the C�yment aptiOn Cft aeen br d�s eanendary muat provida Ior paY-
ments t0 thB 89�sfldery mrsr a peri0d 118 10�8R� M�an th� Itb exp.c
tancy of ths BeneNc�arK and provided tha# such pe�iod may not exceed
Afleen (16) yoers if the 8etb8olery la not ilte Pe�tdpaet's spouee.
t�i In the avent �+at the Beneflcfary diee bafaro the peyment ot death
bensAts hsa oommonced orbeen comple�d, tha nmaining relue of ths
p�It�ClpBnt's Account shel be Raid io tlte eaCat! ot the 6eMflalelry ln a
lump $um In tl18 6Y611t thst ine ParUCCOpenYs e�ta 1a the Qar�lr.lrrri
paymant ahsll be me�de to ths est.te 9n a lump eum.
�Non 7A6 Wdon�bM Em�rgeMl�e
(8J in 1110 EV@flt 8A UI1SOfe$BeShce iRl@�yenCy OCCUfa. A PaMGipiRt Ynry
appt�r to tna Emqayerla ebes►va that partof iha Yalua o! hls A000unttnat
io to11o0n1t61y naadod to oati0fy tho onl�rp�rtcy naK1. IF su0kf a� eppIIC9
tlon Is aaQroved bv 1he Emo���, the PardClpsnt �FIAII bs pald only'u�h
amount a8 the Empioyer deeme ns�ry b mNt tho tmorq�nCy
need, but paYmertt sha� not bs m�de m th• extent that th� Ananclal
hardahlp may be relleved throuQh coaoation of tle�fer�al undsr ma Pmn,
meurance or oa►er re�maursemern, or iiau�aatia� � oa++er aeee�e �o the
aztaM auah Ifquidation would not ItesM oouea eevero Knonoial h�nl�hlp.
(b3 � unfareae�able emergency ehaA ba deernotl t� Involw oMy cir-
Cum�ncea Ot 88�i8re nnlxlClal harpanlp to tho P�ardclpent rssultinp
from s audden unexpectad iRness, sooidant, or dlasbNliy M ihr Psrllol-
pont or ot � d�•nd.n� (a� do�i�od k+ �etlen 162(a) cf Me Cede� af ths
Patticipant. los9 ot the Patllclpsnt's proqeRy dus to c�ult�IlX or other
aiMilar end sxt►�ord�nar�+ uMoreeeeabb clroumstanaes erising as s
reaultota �yond the control of�+a Partlolpent The neodto eanda
Pa�lolpant'� child to calleBe or to pu�chosa a nsw nama snsl no� be
C01181dePed untoresaoeDle emerper+oloe. The d�tsrminativn aa !a
whetl,er auoh an unfor�sevablo sme�genoyoxiolsah�N b�b�wd on tho
mwka at ooeh indwklusl casa.
B�SIOn T.Q711�ntldon�� Ilule 1� rre-180! �n�fk el�elon�:ln �1+s w�r�t
thel, prlo� ta Januay 1, tA6A, � Parudpant or 9a�otlolo►ty has coM.
mw,a.d rocoiving bonoflb und•r a paymQnt aptkon or has Irrevoce�h►
alected e pern�ent octl�oon ar banafd commenc�rnant date, t�en that
p�yment optlon ar aleCtlon ehelk rom�ln In eiNct na�twil�f�Ddin4 em
other provi�ion o1 thle Alan.
a�ev�i, ao��ow�u��r
Swtbn &C1 In G�+�raE Except ae provlded ti 9edion 8.02, no Pautk�
pwntor Bpnveciarysnan navs �ny r+omto commuco, �I�, ��on� P�.d9e.
trpnaTar ot omervNae cvnvey vr •rwurnber ehs �iah! to �o.iw snY
psymenee horounder, whioh paymonb �nd rt9►�a aro oxpraooly d�dand
ta bo non-aa(gnih!■ and non.transfersbla.
3�Cpo11 �4a L�4m�stl� Mlatlau Ord�t:
iay Albv+�noo o4lh�nd�n: Tb kkw �xkvnk ropulrod und�� a flnal judp.
msrd, decraa, ar order ;indudlnp approval of e proqeRy eeitlemer+t
eqreementi me�da purauentto a at�iadomsedc n�pt�ans Ia�any portian
ot a�articipanCs Account maN bs pHid or aet eeide lor paymer�t to a
apou#p, formsr spousa, or CBiltl o1111m Paruclpen� Whare neCee�y
w ceFTY out the termm ot sueri an arcler, a sspseets Aaoou� aha11 pe
eeiabllahad with ro�qaot to !ho ipauso, formor spouN, er ehlld veho
shall hs aritkl'd 1a rnala Inwstrt�airt 88i6CGOns wflh reepaCt thorot0 I�
S�NT BYoCITY OF FEDERAL WAY � 4-25-90 � 8�75AM � CITY OF FEDERAL WAYi 2064470215f# 7
� •
rhe sama msnn�r aa the ParNalpant; anY am0unt io eat aeide kr a
spauee, forn,ar �auoo, or ohild �I�aiA b� p!k! out in a iump aum �!!h�
oa�N�t dato t�,ae eane6ts may ha ceid ta the PaRicipant unleea �e
order directs a di�erent Ume or torm of R�Yment. Not�n� in thla Sectlon
shail be con8trt�d to authorize any amount to be dletributad undar fha
�en at a tlme or in a iorm t�ssat ia not permllted under $ectbn 457 of the
Code Any puyment mad� to a perea� otner mar+ tns r�arn c�pant purau-
ent to ttNa 9ectWn snatl be reduc�d by �vuulrad �ncame taa wkhhold�ng;
�e fa�thak payneent is mnde to a psroon ath•rthan tho PartlalpaM mey
�t prwwnt ouch payrn�n! trom �Inp lr�ciutlinla in the proas Ir�ome of
Nt6 PSrtidp�tlt fOf WIU'Ih01dln9 end ir�COff1E t8X P@G�1119 PLI�RQ89&
(b) Reiaaae from Liab�ity to Partlaipanl: Tha �++poya►'e �lab�lity ta pay
b�r�sflta 10 � Pprticipant shail b� r�ducod tn tha exteM tl�t amourits
have be�n paid Or set As1ds far paymQnt to e sqotme, tormer apouse, �r
chlld pursuanl to par�qraph �a� afthEo Sedfon. No such tranefer shail be
�ffectuated unleaa the Employer or ackriniauator I�s been pr�vidod
y�lh aaUafactory evider�ce that t�e Emp lOyef A�d �a AtlmlNitr�tOl 81'8
rol0a� �m any turihar clalm by #t+e Partici�ant .rith reapect !o auch
amountaThe Pertlolpan! ehall be deamed to how rol000adth� EmployR►
��� �v p,dminiotrator frcrt� ae+y Nslen wtth rasp�t m such amounts, in
any cese in wh€ch il1 the �mployer or Adminiaueo�r haa been aerved
wiih leqsl proceae or othsrwlae Joinad Irt s�'ooaedin9 ►e�etinq to such
��� {�p q� Parhdpeni haa been notlAad ot the pendency of such
proceedhg in ihe rnenner preea�ib•d bY tne �aw ot tns Iunsaicnon m
wRlcn mf proC89tlif1p 18 pendinq t� aervlae of Rroasaa In auch actlon or
ny meil Irom ths Emp�oytr or A�dminlebato� to th• Patioipant'� I�s!
known malling addrooa, and (1?i►th �dpant tsiiato obtaln an order o6
tha court in the procesdlna rellavinq t1ii0 Frrl�lByAP dP Ad InlrYatrator hom
the obklpeitlon ta compiy witn ihe J�pment deoree, ororder.
(c} Partiaipo2lon In I.�g�� Prxaod�ny�: Thal�mdaYer ar�d Adr�r�i8�19f01'
ahall not be ebllpated to defend epaln� or aat asida eny Judgmet�t,
decxsa, or order deacr�bad in peragreph (a1 ora�r legal order roie►►anp to
ihe gamlahmeni o� a Part�ipent'a bsnQi!##a, �nl�s the fuEl expenaa af
euch Ieged acflon Ea borne bY the F�rtl�pent. In t�e event Ihat ma
parnClpanra sctlan �or Ina�tbn� no�echsleas oauaea th. �nployer w
Administr'pOVrtO Ineu� �oh aHpmee,lhe amoun4 oi thr.�panoo may bo
oh�od , ea�nai t►w ParllclpRnt': Accourn snd therohy reduce trie
EmpiDYef�6 DbIIp8d011 t0 �Y berwfit9 t0 th6 P81tIClps�t. ln d18 OOU�06 Ot
any procesdk+6 rsiaSn� to dh�ore;e, eepiuetlan, or Child 9uP00�k, M�e
Empioyer and Adminlotretor ahaA be authorixed to di�bae IMormation
raleting to the P8111CIpant's Account to the ParpCqasnCa apouaa, fotmei
Sp0us6, 0� d'414d (Inclutltng tha le0sl rsprssantstivrs of the aQou�,
formsr apouas, or ahiid), orla s oaue��
for tho b�nofl! of t1a Emp�oyora omploywM �nd partlep�tlon hanun-
der ehell not afhct ben�(Ita receiva�le under any euch plan or �y�bm.
Nathin9 car�lned in thia Plan shall ba de�med to conatitute en �nplay-
mern contract or agreemem belween anY ParEiclpaM end the Empioyar
or to ¢Iva snY Fgrticipent the r�pht to be retalned In the sm�oy of the
Em�lpyer. Nor shalf anytl�ing herein 4e conatruen w modify rna tarms ot
sny amployrnent contra�t or agr�mvnt bvtwaen a P�artjoEpsnt end ttra
Employer.
ArNcta X. AM�NRwENT OR TERYINA'TION OF PLAN
The Emplo�nr may aS any tlme amee+d thle Plsn pravidotl tlfat it
transmito �uoh am�ndn��n! In weitlnp to tho ltdminiatrator a4 IMat 30
daYS prlor to tha effactiva tlate ot �he amendmert. fie consent vf tne
Adminl�tralar ahall not be required In ar�er �ar auch amentlment to
became effecbve, but Ihe �nistrator ahall he �der no obilpatlon ro
contlnue acUn� ae Atlminletrator nreuntlsr ir tt diaapprDV69 of eitCh
amendment The Employsr may at a�y tlme termfnme thie Plan.
fie Adminletr+�kor �++ay et eny timo prop000 on om�admvM to tha Plan
by an tnatrumont in writlnp trsnamiitsd to the EmddY9r et 1�8t 30 d!►Ya
before the eHeative date of the wmsndmenG 9uch amendment aha11
hecoma effeGtiv� unlese, wlthln such 30-dsy period� d'fe Etnp{ayer
�Oti�9i th9 Adminietrator in wrifir�y th8t it dieapprOVes auch amertd-
meM, In which case sucn emendment anan not nac:omr ettecqve. In iho
9Ye1it of BYCh dio�ppraval, th� AdmYilsirattrr ehdl bo unde� rw abliya
tbn to aontlnue aoMng ae Adn+ini:trator Mroundor If khia P�an dxu-
m�nt eonsdtum: en aMendmenl end restatament of the F�an aa
oravlouslYadoRtod bY the Employer, the ementlmerHS Contslned hereln
shatl beoome effsctive on January 1,1989, and tha ierm9 of ttre preoed-
lrsg plan dxumeni ehall remain.in eite�t throuph Oecembsr 81,1988.
Except A8 rt1�Y b� raQulrad to m�1�61f� th� �9AI8 of fhe Pla� a$ an
eUglble deferrod compenastlon plan unde� aetrtion �$7 of ths Code or
ta oomPH �t►+ ott,e► applioablo fawo, no Amandmont or �rrniruqen a!
�y� Plan shail dlvcst any PaRlck of any riahte +�Ath roeaed ta com-
aensation tla�erred betore the date nf the emendmeM or �ermfnrtion.
�w.�e�uw
Thia Plon ehall be conatrued under the lawe of tho sta�e whero tha
�mployer la located end i` eetabllahad with the +nt�nt tl1�t It msK me
requlroments of an 'bliqlble detenad eampen�tUon plan" under 9eo-
tian 457 of ttie Gade, es amentle0. Tns proviswna of mis rlsn ahmu b.
Interpretod wvF+e�rar pwsiblo in eaniorn+�b wilh the requlrsnards d
1hs# �eo�on.
Artld� X{L GENPER AND NUMBLR
Artld� UC RlLATIQNB�#P TQ QTiilN PI.AN� MID EMM.C4ll���f1'
AQR�I'S
Th�s a�:o prws h adCNNan to eny alher reklrarnerd, P�18i411 or
t'�nefii plen or ByeMm Areaently in ea6ete�x� or here+n�fEer eeZeWlahed
The maeaulino pranoun, wh.nawr wod horoln, shall include tha
tarMnin� pronoun, and the oin0uler ehlrll Indude th� plur�i, excapt
whare the con�xt requirea otherwlse•
S�NT BY�CITY OF FEDEftAL WAY � 4-25-90 ; 8�26A� f CITY OF FEDERAL WAY� 2064470215;# 8
!"�'��� X �.3
DECLARATfON Q� TRUST
OF
iCMA R�TIlICM�NT TRUS'T
MTIOL� 1. NAMP� ANO DiFINiTIONi
$�pUen 1.1 Mfmn� Tha Name af the 1h�� es emanded and teStBted 11�fek�yC
I6 the IGMA R�i►bmerR Trual.
8�qtla11.� DaHMtlOna YW10ro�tl+el+ero uead herein� NtokllOwlnq�a'M�o
atwN nara �ho btlou�n9 ra.P.o��. ►n.�nin�
(� By�Lawn Ths Qy-�eswa roktrod to In $oodon d.t hiroof� aa arrwndod trom
tlm� co Urna
ro� aao�oa con,po�r�on al�++. A d.��rad ean,p�►w�ion plan.ee�ana+.d
and mvnulnad by a Puhfia Empfoy�et tGN the pur0oae d�Ino retlra
msr+t inCarr� and dher de9atrad b6neAte tD ke ernployssa in acxordBtMA
wRh the pra�ior�s af �ction �67 af the fr�ernd R�snus Code of 1954�
as amend�i.
{c) Ernployaea. 7hoae empl�gee� who partbips� In QualiSed Plaf�,
(tt� EmpbyeF Yn�. A trtmt craetsd purauard io an �r96m6nt belween RC
�r►tl s PubibC Employer tor �ta purpooe ot irn�idnp end edrnlNet�rinp the
nrrids sat a�da by eucl, Fanpbyer I� canr�ecdon wAt, ils o�err� comp�r+•
satlon aprv6Yl19mi YVIQ1 I� 91r�p10y!!s ar �1 cautYC�1Wn w1�1 Ite CualtA�d �n.
(8) GUeIraMltd Inveetrnant CaMra�t, A COhb'aC! 9�b9roe YNO hy tt�s ReGrs-
nlant ?YS[ MA�h f►19ufat'ICe comp�Nae that p�vridec far a g�war�EesC reEb
of reh�►n on ihve�te msds pursuant tv euoh oaMtoot.
M 1�1. rne ar�amauen� cny Man�pen►.r� A..oeroNo�,
(� IGMA/HG itu� 11to� �tuetlYS aaC,t6tl Cy tl16 PUbpC Gnpvylxe wn4
In aa�qanc� wRh the prwldona aF 9edion 3.1(aj hereot, aro edao n+arn•
bero af tha 8oa►d a! Dlnasers af ICMA ar RC.
(hy Investmert Advlae� Ths irwad�b�lt I+dvi�Af Chat e�ars i� a ove+ha0t
�ih 11+0 RafiNi�nO�! 1hK! t0 prOYld� Ydvbi vYikh roipYCt b0 i nvaeerrK ef
the ltust Pioperb.
� Ponldio4 Tho Po►Ifdioa d inu�oo�enor�o M�bliahrd hy 4Fw Irnastrrl9M
Ad�ia� to the ii6tlrernent tue4, ur�der the sucr�rviaioA C! ih91Fultleu� for
the purQo9e ot p�+Adinp Invs�hnMb ior the Ti�wt Prop�rtK
(p Puhia Emdoir�e Tn� Thode �1�9E9es eleCmd bl�tha PubVc Empbye�9
w114 in roCOrdanG9 whh th� provlaione ot Seotlon 9.t(� hereof, 8re ful�dm6
empcyees a Pua�c Ert+p�oysrs.
(W Publ� Emplqre� 1Fu�leee. Puhlic Emptayars who earve ae uvamee of
�he Cud�od Plana
(q Pu6110 Empio�rr A�nk of atabe or ICCd) pCNerrY►�em, or sry ap�ncy or
Ir�rum�r�teM�+lharaal,lhat t� adopl�9d a Del6�'►ed Con�p�n�ation Plan a
a dueiu�ea pan ene nss ��a,aa mro oaaaraaor, ar �.
(ml r,�urf��d Rsn. A plen apaneorad ty a Puab �mpiaywrrors�e Pu�ee
of provldlnp iatlr«n.nt Irx�mn. b he ernpioyea «�h�Gh sstlala� ri» qu�I�i•
OOtion roquirortlonb o} ��aM�n atl1 d tfiv InE.md pvWnuo CCCM� .s
am�nd�d. �
(n) P1G Tno Intpmatlonrl C4y Mar■part�ent Aaeaoatlon RatlrBmsM CoR�o-
ratlon.
� nM�rn.nc fu.�. rn. fi,� or..�d �y a�r o.a.r,�on a� Rwc,
{p} Trvot PropeRy, l'he emoume nae h �ne r�remmt m� an oer�� at tns runl�c
Employais Irt cvn�ection witl, t7eterr.d Campsn�ation �len� u�d on behalf of the
Puqiip Empleyer ltuataae tor itw �wtuiiMO bonoAt ol Bmpiqyw+ pur�Wrt b Qudl.
flod Plu,� 71,a Tn�t Property shell ind�de ery irx:ama r�tlnp irom ri� Irw�st•
fi911� 0� ihi 9H'i0Ul1b !0 hsld.
iQ11Fu�ese. The �ut�b fimPloYSe Truetees and iCMA/RG lh�e eleo�ed � tl�.
P�bl� Empta�ws So aone ao m�mberst Otthe Bosnd a� � af ths Ftatlramard
Tlu�t.
AF�I7GLE 11. CWEATION MIO PYllpii! O!' TFIR T11Y�T, d1A1NeNiM1�
Ol� TRY!dT PROPERI'Y
S�oa �.1 t�Ntloe: The Retirement Tru�t ie CteeR�Ct �nC eltaenor►�tl by
1�y eeaecutian d VAS Docleretlon of lfuet bY the 1h�olens and � Pu61f�
Employ�r�.
l9�tlen Z.2 Purpos�: fie purpoee d Ih� RrtlrNn�ni Trust ia to pnwid� tar
me commir+g�ed im�sam�rx a�una na�a q+me �ua�c empoye�s h oonr,.a
Qan wNh th�lr Dslsrred Oompsnestion end QudNlsd �lanw Ths Truel Prop-
wty ahoN ISO in�onod In Ih� PbMdfos, In (ivanNead IMraelfnerY COnt�ecta
and in other Irereennerns rscornmbnded bY Iha InveMmeM Adv�.r undar the
aup�fon c# rie eoerra a 7vea�. No perc d d,.4� Prapwty wiN b� �r,naa4�d
in o9cixi$e8 ie�Nd by Publo @rnpioyor4.
�cdaf 2.9 OwnNShIP a!'IMwt Prop�rtY: Ttw 1Fuetee� � heNS lepel
tiUe ta the Truet Froperqr. The Pub6c Employor� lhdt bg Mte bene�dd owr�ers
oF the poNon �t thi 'nve� P►apsrty aillot�ble Uo the petert�d CamP�+adian
Pl�na Ths portlon eF tho Truat Prop9Ryr �Ibca�le ta 1hs Qud'died Piano ehe�
bb 11BId tOr tl'W Pi1dIC EII'1p10� 1111l� tOf C10 OOCIUWY! OY11iUl d 1h0
Eali�Glr00�
AlRICLE 111. TRIJ81'�E�
O�etlsn �.1 N�n�Y�r �nd QwNlNsatla+ ot Tr�.
(W Thq Besrd af Tru�Nw at�aM oonoilt o� nln� Tru�fMa. Fhw of pt� Tn,ll�u
�1 k�. tul4fsn0 9mplCyaas !d d PublfO Elnpcyer ith9 PubNC 6r�p1o1�6e
T� who ero autl�a+d bY �ch PuaNc Empioyar to asrw �t Tnretse.
The temilninp (our Tnutws �ha1 cmeiet of two P��or�s who� ffi It►e qme of
alx�on Co �e Boeud of Truataas, are msmber�s of 1ho Bo�d of OErocto�s at
�c►vil► w+d twa porsons vrt,a, a ms arns a a�eanon� ere memoen a�+. sosrd
Ot OI�Of! d i4C (If1e ICM/1TC Tn�etsedb Qns of tlM TIUMeM whe Is � dnolor
d ICMA, end en� of ►Fw TrvotNO wF+e Ir a d►�to► d RC.`, ah�Y. �e tl+r tlmo
oi elae�lor4 bs fuC�tlma rrttP�Y� OR a�uhYo Employer.
(b� IVa Derea� rnaY �rrvQ as e Trutl48e for more then aw t�rm (n anY �*Y�
Paiod,
s�o11�n 9.� ore�ieA !nd Tin11.
fy g,ao+Pe 10. tel,. h� appoiMsd as AN we�u+el.a aunuaK fo 8�dlon 3.6
h�raaf. the Tiu�taeo 9ha11 be slso!ad tr� a vote d 1► nMlorilY of tPw Pub�O
�nployera In s000ndanoo wiltf the proCedu�ps �t fortl� in the Bril�s
�
SaetSon a.s Nominatbrw: Tha Trc�ao w�,o ara tvu.timo omployoto d Pu�1io
Ernplcyero shail servo as 1he Nominad�C Camm�tee ior the Pui�i� Empbyea
fi�ssee+� The :Van�inedng Commitoee shail chaoee �cicasee tor Publc Emp�c,�ee
1h�ste.a In aaorrlanee wHh tha proceduros ad farth {n the By�l.ewa.
8�otlan 3.4 Ruiqrutlon md Rfmov��.
la) AnY Tn�stea maY redOn a�:saes (witho�l nesd for prlor c� svt�ausnt
axoundn9) bY an inetrumeM in wTta+� �pned by the �c�scae and tle�iverea
tothe att�erlh�eeea ar�d eut}+ reeignadon �hell be elf�7due u�en such delhiery�
or at a later data axarding to ths terms ot the Ir�swrnent. Any af the'�ustses
mey ea remawa rer caust, c�yrr a wco a a m�odcy or mo P�fc Ernpcye�.
� Ea�, pud�c E,Y,pbyas � snau remqn nm or n¢r poe�na, as nustss
wiwn �xey �ys aNhe c� an wr,ich r� or sr,e ce�es to t�e e n�,ime ert�k�ae
of a Publla Emplorsc
$�etlOn 3.7� V11Ral10f�i: Th9 tOm'� Cf ONC9 d d ZltlBtla 8h9i �trnfnaD@ 6t1d
a va�ariay ahall voaur In the evsrt at tha desth� realgr�lon� rsmoval, adJual•
oatod Inoomaotonoo or otha ir+�ap�eity to po�torrn tho tlutia of tho afao of
a lfuae�w In �ha caee of a vecar�c�. the rorndr�na 1h�nes andl nppaM euch
pwaon as they in Iheir dl�atton �alt sa it (sub�aot ta the ilmftatlorn set lorth
in this $ectionl, to serva ior tht utwxprad por4on af the tann ot tha Trust�
who h� ►gefqn6d Or OthArwi6e Ce�l6G � qe e� 7rusfe� ThA epp0�nb�t er+PJ�
na maaa ty a wnnen inetn.Yner�t dAnea dY a ma�errcy ar me m�atees. Tne per
stwt appoi�d mu� b� the same typa af Trugae (l.s� Publto EmplaYee Ttus-
too or ICMPJRC Truales) ea tha gwraon whc h'e oeaaed to he a Truaee� M
appoiMment af i TrueEN rT+aY h� mad� in ar�iicypaeon af a vaoanoyr tc ac�ur
et m ieter a�0a by reaeon a reUrerr�rG a reeianeaaL oto�d amc eucn acoant-
ment ehatl rqt become ohet�dVe A�r 0o auch tedrernent or reelpnadon.'lVhen�
ever a vaca+�cY in i�ha number of Tru�Oaee ahell oaaur, u�i euch vacar�cy is
e0ed es pto�i4ed ►n thia ssctien 3S. �+e Tiueteee in ot�ce, re9a�des4 of tt!eir
num�eG atiai have ali th� p�vMe+a greMed to tha �h:ateee and ahall �ge
oU tho dulfoo imp000d uWOn eho Truomoo b�r tMia Ooaaradan. A writtan inatru-
msM C�+ti11+�►0 d�o e�nce rl euch vtcancY ai0n�! bi+ a m�ja�itY c� the
Tru9�s shal be conGusrve evidence af the axl�tenoe at a�x:h vace►xy.
��otioe 9.i hustN� ;ia�w In Rs}r�Nnt�tlw Gpwilyt Dyr a�oa�+on4
tlVs Dedaratlon. ee�+ Pu611� Emdas� �treae C+ec ria Pudic Emplcyaa lfuamee
at�cfed by d+e PuhllC EmploYete ue eunhortzed to aa a►s AOerns and reD�eeen'
ffitiws d tt�o Puhlla Employsrs coaecfltialy.
ARTICL! nt. POWLR$ O� TAU8TEH8
9�eW n 4.1 tLn�R! pow.rs: Tha 1h,s�ese ahad ha�w me P� ta conduct
1h� DYtiMii Of Yt� Trurt antl q �srrY an it� opor�lfor�a Sud�► pvwer �hall Irx9uda,
6ut sl,ei� rot bs �aNted to, ths pow+x �a
I� rocehre the 'Rwt Property lrom +he Pubtic Empayera, Pub�ic Ernptoyw
itu�set or anet lfurooe ot er+Y eRt� Aus�;
{b) Ont� in� a cortract wttn an ttivsstrnant• Ptivlaet praMClnq, an�on9 atlfer
thir'9e,1or tta eetabikhrnent ard op+ratlon aF ihe Po�;t�oqas� sdretion of ths
awnr+tMd lnwexnont Conaaox i� whioh Iho Ttuot PropoRy may bo i'«�o�eod�
�lactlan d at�w lnueetrn�ea for tha �uet Prope�ql and fha paymer! af rea�a'�a-
ble !ea: ro�u 1n�roatme� Advlaer and te anY aubinvestmern edvleer retelned
by.ifw inveatrra�t Pdvisar, . .
(c� reviaw aruauly th� p�rtortnsnes at ths Ir�ntmaex Adv�su and spproos
anrxialy th� ooneaot w►th such I�vestrn.nt Adws�r,
(� inw�t �Id reinw� tt» 4u�t P�oPsrty In th�a Poidollo6 �s Que�st�ed h�lebet
coruam ena h sny oo+er ir+�nenc reconuneraed dy trs im�e��nera Pa�
aA nae fndudinv eoa,ri6ea 9e.�ea by Pubb Ernpby«a, P�v�d�d 4+�t If. Puab
Empiay.r na� dnes.d d,.: ke �r+en�.. be �r,ueee.d In .peeM.d Pert�dies or
h a C�ue�amee� In�amart Ccntrsct, !he Tnislees ct the Reivamant Trust ehell
irn�t ux:h monla in eabrdar+ca wNh auch disedonx
!e) keeD wch pottlort of the 'Fu:t Propaty in cath or c8sh �af�cea u the
TN� lrom Cms ta ttne, may dsem io be In ihe bee� ��eet d the ReQ►r
A18rrt TiUa created ttaeby4 withaut Ifablllty tor Intanst thareax
o� Hrt�a aa �ey may deem 8CM88qe Snyl 6�CUrh
raoeivAd or aaquired ky thenr, !l0lFuetee6 hGSUndeti
saeuntlas or odur peoputy uauW �om'+olly �a purchaaod
nder,
es pr other preperty held �s oart of the Tru� Propeny
ta be r�st6red in the name of the Re�rement Trusi or in the nams � a nanl-
nae� dnd tc hold ery in�eetm8nts in beerer tarm� aut the boal� and record8
of the 4vatees ahal at aii ;ltnas show ihed all BuCh irn+99tm8Me 8ta a part of
ma m,a rroQertyr,
Ry ma1r4 execute, adcncwieOOa an0 deliver ary and ail dxumerr�s af L^era�
fitr �e�tl tortvsyance and am� arid sU a� Inatr►rnents tttist mey 49 neCWedry
o� appropriaW ao oarty out tM� povwn hK�fn gnr+Md;
{� w�s uPor+ ee'N e�oek bend4 or ai�er amoueMex ylv0 Oene^d or apead Pra�s
o� payw� of �tanoy with cr �vilhaut pawr af suh�stn,dorK �rneba 1�ny Con-
vetaion RrwileQeR eubecrip5cn riGt►ta, a oEhsr cado�x, and maK. env cari
mente k�Cidetxal the�eta: cFPo� or oonse�t tQ or odternrirs r �unc�iPa�a in,
corporat* �agsr�dans or aRt►er chenve� etfe�t�0 Corporat� eeCUddee, end
dN�pa?e �ac�lonary P0� �+d P�f+ �Y e080aamerV,s Cr Che�pea In Cotr
necx�en tnere�wnn; ana 9aner�ry a�� ary a m° powers ar an ownar wnn
reepeot �o atooka banda emoun�ies a ahar prope�ty hald a. part d!he Tiwt
Prop�ely;
(� ont0+ ifd0 Cofltto�Ct9 or alnftl�oAla�O to� pooda or awviow roqui�ad in a�n.
rtsodon wkh ths ops�on at the Retlrement Tru�. ir+dudin0. but not fimi09tt
ta convscts vrith custodlans and corRraots br t�e pna�lalon d edml�fl�e
9ArViC6At
(k) borraw or ralae maMY tor Lhs purposse ot tna Ratlramsnt �Must In euch
8A1DtJ1t, 8CX1 �fi 8UCt1 t6rffl! 011d CCf1600r18 i� tl'w �'t�ste�s ft1� d�em adVls�
noia Prowdea cnac me eqqnqam emoun ot euc� �rtc�r�.neil nat axceea
3046 0l the raiue a �he 1Fwe Propo►sy. No penon Ilmnnddfn9 n'�a+ry oo tlw TiuMe�a
ohail ba bound w as d�o aPPlbadon � �ho monor knc or to inquiro irto ite
validity� axP+��anc�l or aropderir of se0+ �+ch borrawinp:
(q incur raeaonahir ercpen 8A requited fOr ttm op�iart af tha Rdiramant
Truat and da�d suoh axpsnsa ham the ihtlt propeRY�
t�►f n� �oe naee qro0edv e�locabis tothe Tru�t Proaerty incurred incon�c-
tEan vvith ths deisrrsd Compenaednn PIan4 Queilftsd Pltu�, or tha EmWoy�r
Tru�ts rnd deduct such aocpansas from ihat Ponfan d tFr lFuet Proparty to
wnom auort �ee are proq�r1Y aaooa�la;
(�) PaY art d!ha Ttust Prapatly ali rosi and pe�nal proparty �a incorns
4a�a and ariar � at ary ana $il 1cr+do vrtMCh. in mo ap�awn ar tna msaws,
ero properly kal�ed. er aaeer�ed under adeb+q or tuaro Isw� vpon, a in �paoe
d, she 1►v� Prapasy+ u�d aboaM any wM ia�aoo ta �ho approprl�to aoew+not
(c' adapl, .m.nd ae�d r�paal !h• By�lswe, p►a+ld�d that aoh Byrl.,00+w �n
at dt times ccndstant with Ihe hmu af thfa Dsaleratbn ot 'Pua�
ial amato�r oe�aaro to make aveilabt� Ir+ten�ta in tha RNUame�t 4tat 90
employws �fiqibl� b mair�n o DafwAd CamAans�lon Flan undw Saatlan
467 or d QualAled Plan undar 3eodon 401 Ot the It+attl8l R6�6nue GOdB, �e
emmd�d:
(q1 �aus fhA Mnud RapOR of the Redrome�k �uet, Ancl the dadovure dxu�
mwqs �ntl othar Ilts�sturo cu� dy tne Ratltemant ltw�
ttl metae IOB�ne, induaing tl�e p�rChaee a de0t oneqauone. P�avidad U7at IW
suefi Ioens eter l�es Ir� st the eurrarrt rtt.riaft rpte;
{�} conasa to4 � deieq�e anY P� 9ra►x�o h��aunwr �, w�n �ticers.
a0mnle, aripkryeea euCila� ard e�a�+ an�a7��6xar+w�.�leai, v�a!
U�ae1h� � n+aY not do�Ca� � P�i ooe brlh in par�prmAha (b). (o}
and (� d thta �u�otlon A,t sna may na dalao�ls arn Dowera It euoh delsCS�
tian woua v+aets tnar nduciery dutiee:
(� Prautde 1or tl�s hdr�r�iicatlo+► of tl+s alAa� eu�d'Ih.aEeM a! ths Ratlnrt+snt
Truet end purCt�e ficiuciary it�sararrco; �
(ul mai�tain boob and, recor�, includnp separaEo ucax� tor w� Publia
en,p�a�bc Pud� Er„p�o�ar'm,mes or Ert+p�oyxr nvet u�aatkt+ e�adma+e� ssp�
atate aeuounts aa aro roquirod vndeti eixl �m r�n� qte Oafe�ted Oan•
par�ptfon or Oudf6od Plan d aaa� Publ:o Gmpleywr, and
�v} do all ad+ +aei4 � all a�eh prenNdl++pa, and e��N tJl auoh d0�
and privila0� ellT►wOh nat sooa�N rnar�an�d l�n. v�� h�a m�r
deom neo�arY or aPPproPri�e to aaminii6et tha'Cnret Propaty and m osr�Y
out the pur�OSas af �a Rstlremsnt 1�Uet.
(b1 At the Arrt electon of ?ustes4 riraa fimteee �ba elected tat a term tl00 d' Otl1� p pArtYi
of throe yearo� throe T��eyeee ahail be ekaed br a tenn o1 !vw yeara end 1h ree
Ttuatooa aMiY 0o docbod for a tCrtn o1 e�a y�a�t. At a�eh nuhc�qu�nt �lactlon, whether ar not m rti
th�ee Trusesee anali Ce elected !or a tarm � thrae Y�ra and urtlE his cx her 88 investmants hereu
s�ccasaor is elecied and qualifled. (p� ceuse at'J� saeuri�
�GtlOe14.1 Dlstflbutf017 Of SFit�t PfDP�rl1►� � L111Cr1! Of thP TrtJS! PtO�Y
erry ettall be rtudo t4 or On b9heH of, ihs PubIIC EmplC�+er or Publb EmDICYer
Tn�stea in accadance with �e terns af the Dehrred Compermatlon Plans,
flualifled ?lana or �mpl0yar Ti�sts The 3Fue0�ee af ;he RedrerneM Ttusl shaB
ba tuiry P�d ln m8}tlttq payment� In BCC�rCanoe with the tllt9Ctione af
ma P�'orti � Pvbiic Empo�sr fi.�eee or ar�r w�a a tne Empic�er
1luem w8hput poovrtaining whethe� eu4h paymern3 ate In Complianca w�tft C1e
OtGVi�one Cf ihe Deirrad �^.on+por►ontion o►�allA�d Pk�n0. w tha sEge�emettM
cxeatir�q the Emplcyet Trus�
8e�ii� 4.� E�s►itlon of Instrum�ens: rne muroea may unerdmaasly
doagrtaba any on. or moro of tt+a Trua�esa eo e+uewte ary inavum�nt cr axu�
IT6e1t oA C9helf af ali. lndu4lnq @ut nallmihd A Sha Giqninq or endoroement
d arty cheek and the aipninC af ar!y Spplicatlons. fnsurance and oihar ccn-
trects, and the a�.�tion ot such deaignated Truu�ee or ihuat6e9 ehall h�nro tha
seme iorae end effect es ii taiwn by aN the Tn�si�s
AFrflCLE V. DUTY OF CApE ANQ LlAS1LITY bF TRUBTEE.9
$�vtbfl 3.1 DtM� df GftC (n mmre(shg th� pwwra hwoint»br� grantod bo
the T►uaoea4 th@ Truyie�a atiall perfarm �II aais withln th41r 6utharftY for !he
exdueive purpose d provl��q bsnsilts for the Pub6c Em�l�yere in qnneo•
tlen with Daiertad CampenBA�on Pfane and PuhlfC Ernpioyer Truebee pureuertt
� Q�:a�ttled PI�r1e, era ahau perfortn euch acta wBh th9 Cete�, slail. Prudence
atid dNlQanee fn tne G�.vma��a then preV8lAnq tn� i prud6nt p9r�n oct
Irg In a Nka C�paeiiy and fRmSiot with �ua� R+e�ero woukd uae in the Wrtdtxd
af an enterori9i af a Ilke ahara�ar and with tna alrro.
3oedort b.Z Wb1Ury: The'BVeta� shall nct be ilable 1ar an,r miatake of �
r,►sne or otM+.► aaem alair� In p000 taltn, and br stly BQIOn iiY�an Ot 0�11ii4ed
In n11�no. In fload tatn, upon tl'�e bao►e ot aeee►rn or otl� r.corda d ths
p�IltafTlaM 'auet upon th� epinlpn of Counad, or upon ropo�ls mnde m U!e
Retirerno� �ust bY any of ita oftlwn, emDlo�reos w ao�+te ar ty tl�e inve�.
msntAdvlea or any w�fr++ee[rnent edvisar� axounterde, apQesiaere or Other
axoerb or coneulfs�t �Iss�ed with reesonable oare ay the �ueieas, af�Cera
ed
or emp�oyea� d me Redrement Tauat. The Ttuateee ahall a'sso not be iiable tor
ary t�e suabained br ths 'Rust Pr�party oy raaaon ot any Irnre�Irnent n4de
41 q00�d taltFf and ln �100asdYlv� wirh the etC1'�dOfd af oers ael �otd'1 iA 9aGlGn O.t.
8acUon 6.3 Bond: Na �ur.es �ell be obli�000d ta glve any norxi a other
r�xunty tw me pertorrtunae ot cusy ol his or ha autlss har�ndar.
�RTICLE VI. AlJNUAL�ORT 1"0 3HAREIIOLD�
7re �va�eea snap annuedty euDmrt � the Pub9c Ernplqrors and Publlc Empbyer
'4ustaoa a w�tsn report ct the :rsn�actlDne ot tna Retlt9m@r� TruB[, inCIUC&tg tuur-
cW exdorrwnta whioh enaH om oe�rited by irxtaps�dert pudtc sccourr,ente :f�o-
, sen ty tne rrusm.�
ART1Cl.E'V!!. DU�ATION pR A�IENDMfNT OF RETtREMeNT taus�
S�L2}QM 7.1 1Mtt�drm�1_ A Publie Ernplay�r � Publb Fmpiqror Tnm�ea mey,
� any t�rtte, wiThdraw f►om thfs FtBdrBmint Ttuet hy delivering te tl+o Baard d
�hl8teea a wnttnr+ �atement at whhdrawel. In auct� �etament� tha Public
Emplv�rer or Pu�lEo Employer Truatae ahn11 acknowledae thet tne ltust Prop�
xty dioCAde t0 fha Publlc Em�Ivyer Is dsdved tram compa�atlon defernd
br emc�oyee� ot auch Pub� Ernp�cyer Pu�uaM to i� DeleRad Campanea�
don Alan ar from ooMributio�a te d�e aCOa+nta d�'mployB9s plxalMt SO 8
�t�llfiad Plsn srd shrl do0ipne� d+� Ananoial inaih+tfoe+ a N�iol► auah property
shall b9 trar�arrsd b5r 1�a fi�Btees ot ths RetQerna,e �aot or hy tha �h,aeoo
af ths Empbyer Trust.
$BCtle�t 7.� D�Uit108: Tha Ftetlramerrt Tiust �haY conlinuo ur+ul tamirwtad
by the vola � a ma�orlty ot the �hdo Empayera, each ca�nG one vota U oon
termhatlon, dl of tlte Tnst Prnpeity �eU bs Fald out to the Pu�lk Employer=,
Pubiic Ernplcyer ?uetee� or tha'R�m�9ed of Vro Empa� Tn.�la, as appnopne�,
8�otbn 7�� MwndmsM: The Ratlrement Au� may b� emendad by the r+ote
d a maJoriry of the Put�lc Employers, aeoh caeNnq one vota
SeCtlOn 7.4 ProCidYts. A reaokiti0n t0 tarminate o� �nd ths i�etlroment
'lfuat or to tvmars a lfuetee eholl bs aubmftt9d ta a rod af tl�s PttbliC Ernployers
tt: (� a melarttY ot m� �ruu� so diraot, ar, pry a ps�tion iaqueeqnp a vom,
aiyned by rvt !as than 2D9b ot thY �vdf10 E� 19 fLlEfl'!1lEad tD the
r�..
Aarrc� vai MIaCeLLANEOVB
S�ellon !.1 aevaewl�y L,aw� Gxospc aa otl�erwis. ro4ulrod by eRate or Ioa.i
law, thla Ded8t8Na� af 11ust and the Reairrama�u'auot horoby cr�sc.d d+all Eo
ca�truad and ropulatad by Ihs la�a at tl�e Distrlct at cdumbia.
saation 8,Z Couilt��{7arb: Tris Declaratlan may bo axwut�d hysF+o Pvblio
rnployera and Truases in two or more c�uMerparta, each of whloh eheu ba
dearr�d an ong��Al but 811 af whlch topether shdl eormdnRa one and tho aame
inattumart.
SUBSCRIBED and SWORN
June, 1990
to before is �9�' day of
� r
tary Pub ic in nd for the State
of Washington, residing at Auburn.
My commission expires 11/1/92.�