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APPENDIX B •e INDIAN RIVER COUNTY BOARD OF COUNTY COMMISSIONERS DECLARATION OF TRUST OF ICMA RETIREMENT TRUST ARTICLE I. NAME AND DEFINITIONS Section 1.1 Nome: The Name of the Trust, as amended and restated hereby, is the ICMA Retirement Trust Section 1.2 Definitions: Wherever they are used herein, the following terms shall have the following respective meanings (a) By -Laws The By Laws relerred to in Section 41 hereof. as amended from time t0 time (b) Deferred Compensa:,on plan A deferred compensation plan established and maintained by a Public Employer for the purpose of providing retire- ment income and other deferred benefits to as employees in accordance with the provisions of section 457 of the Internal Revenue Code of 1954, as amended (c) Employees Those employees who panicapate in Qualified Plans (d) Employer Trust. A trust created pursuant to an agreement between RC and a Public Employer lot the purpose of investing and administering the funds set aside by such Employer in connection with its Deferred Compen saiion agreements with its employees or in connection wttn its Qualified Pian (e) Guaranleed Investment Contract A contract entered into by the Retire mens Trust with insurance companies that provides for a guaranteed rate of return on mvesimenis made pursuant to such contract (� ICMA The international City Management Association (g) ICMA/RC Trustees Those Trustees elected by the Pulblic Employers who in accordance with the provisions of Section 3 t(at hereof, are also mem bets of the Boaro of Directors of ICMA or RC (h) Investment Adviser The Investment Adviser that enters into a contract With the Relitement Trust to provide advice with respect to investment of the Trust Property (i) Portfolios The Portfolios of investments established by the Investment Adviser to the Retirement Trust, under the supervision of the Trustees for the purpose of providing investments lot the Trust Properly 0) Public Employee Trustees Those Trustees elected try the Public Employers who. in accordance with the provisions of Section 3l(a) hereof, ate full Ome employees of Public Employers (k) Public Employer Trustees Public Employers who serve as trustees of the Qualified Plans (1) Public Employer A unit of state or local government. or any agency or instrumentality thereof, that has adopted a Deferred Compensation Plan or a Qualified Plan and has executed this Declaration of Trust (m) Qualified Plan. A plan sponsored by a Public Employer for the purpose of providing retirement income to its employees which satisfies the quatCr canon requirements of Section 401 of the Internal Revenue Code. as amended (n) RC The international City Management Association Retirement Corpo ration (o) Rertemeni Trust The Trust created by this Declaration of Trust (p) Trust Properly The amounts held in the Retirement Trust on behall of the Publ�C Employers in connection with Deferred Compensation Plans and on behalf of the Public Employer Trustees for the exclusive benefit of Employees pursuant to Oval• fled Plans The Trust Properly shall include any income resulting from the invest mens of the amounts so held (q) Trustees The Public Employee Trustees and ICMAfRC Trustees elected by the PubLc Employers to serve as members of the Board of Trustees of the Retirement Trust ARTICLE Ii. CREATION AND PURPOSE OF THE TRUST; OWNERSHIP OF TRUST PROPERTY Section 2.1 Creation: The Retirement Trust is created and eslabl sheC by the execution of this Declaration or Trust by the Trustees and the Pubic Employers Section 2.2 Purpose: The purpose of the Retirement Trust is to provide for the commingled mvesiment of funds held by the Public Employers m connec• lion with their Deferred Compensation and Qualified Pians The Trust Prop- erty shall be invested in the Portfolios in Guaranteed investment Contracts. and in other investments recommended by the Investment Adviser under the supennson of the Board of Trustees No pal of the Trust Property witt be invested in securities issued by Public Employers Section 2.3 Ownership of Trust Property: The Trustees shall have legal title to the Trust Property The Public Employers shall be the beneficial owners of the portion of the Trust Progeny allocable to the Deferred Compensation Plans The portion of the Trust Property allocable to the Qualified Plans shall be held for the Public Employer Trustees for the exclusive benefit of the Employees ARTICLE III. TRUSTEES Section 3.1 Number and Qualification of Trustees. (a) The Board of Trustees shall consist of nine Trustees Five of the Trustees shall be full-time employees of a Public Employer (the Public Emplotee Trustees) who are authorized by such Public Employer to serve as Trustee The remaining four Trustees shall consist of two persons who, at the time of electron to the Board of Trustees are member$ of the Board of Directors of ICMA and Iwo persons who. at the lime of election, are members 01 the Boatol of Directors of RC (the ICMA/RC Trustees) One of the Trustees who is a director of ICMA. and one of the Trustees who is a director of RC, shall at the lime of election, be full-time employees of a Public Employer (b) No person may serve as a Trustee for more than one term in any len-yea, period Section 3.2 Election and Term. (a) Except for the Trustees appointed to fill vacancies pursuant to Sectiun 35 heteol. the Trustees shall be elected by a vote of a majority o' the Pubbc Employers in accordance with the procedures set forth in the By Laws