2022-203 - Laserfiche WebLink

Home Browse Search

Governmental 457(b) Trust Agreement This TRUST AGREEMENT (the "Agreement") is made as of this 29th day of September, 2022, by and between INDIAN RIVER COUNTY BOCC (the "Employer'), and LINCOLN FINANCIAL GROUP TRUST COMPANY, a non -depository trust company organized under the laws of the State of New Hampshire (the "Trustee") (each a "Party" or collectively the "Parties"). Witnesseth WHEREAS, Employer sponsors a plan under Section 457(b) of the Code, known as the Indian River County BOCC Deferred Compensation Plan for Public Employees 457 Governmental Plan and Trust ("Plan"), and WHEREAS, Employer is either a State, a political subdivision of a State, or an agency or instrumentality of a State or political subdivision of a State so that Employer is eligible to sponsor an eligible deferred compensation plan pursuant to Code Section 457(b), and WHEREAS, Employer wishes to establish a trust for the Plan pursuant to the requirements of Code Section 457(g), and WHEREAS, Employer wishes to appoint Trustee as trustee of the Trust established under the Plan and Trustee hereby accepts such appointment. NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the Employer and Trustee hereby mutually agree as follows: Article I — Definitions Section 1.1 Definitions Unless the context otherwise requires or unless otherwise expressly provided, as used in this Agreement: (a) "Administrator" means, with respect to the Plan, the organization, entity, committee or other person responsible for benefit administration under the Plan, including any representative or delegate thereof designated in writing, authorized to act on behalf of such organization, entity, committee or other person, and may include the Employer. (b) "Code" means the Internal Revenue Code of 1986, as amended from time to time, and regulations issued thereunder. (c) "Investment Manager" means a bank, insurance company or registered investment adviser satisfying the requirements of Section 3(38) of ERISA appointed by the Employer to manage all or any portion of the Trust as designated by the Employer. (d) "ERISA" means the Employee Retirement Income Security Act of 1974, as amended from time to time. (e) "Trust" means all property, real, personal or mixed, of any kind or nature, contributed, paid or delivered to the Trustee hereunder, and all investments, reinvestments and proceeds thereof, and all gains, earnings and profits thereon. Indian River County BOCC; 457(b) INDR-001 RPS00804-AL