HomeMy WebLinkAbout891506.tiff AMENDED
WELD COUNTY
RETIREMENT PENSION TRUST
Dated
WHEREAS, the Weld County Board of Retirement established the Weld County
Retirement Pension Trust (hereinafter referred to as the "Trust") dated
(nalt s, '9 (.% , to carry into effect the provisions of the Weld County
Retirement Plan (hereinafter referred to as the 'Plan"; and
WHEREAS, the Weld County Board of Retirement reserved the power under
Paragraph 11.1 to amend the Trust in whole or in part; and
WHEREAS, the Weld County Board of Retirement does desire to amend said
Trust in whole;
NOW, THEREFORE, the Weld County Board of Retirement does by this
instrument hereby amend the said Trust in its entirety as follows:
1.00 - TRUSTEE AND TRUST FUND.
1.01 The Greeley National Bank, Greeley, Colorado, a National Banking
Association, is hereby designated as Trustee of the Trust, and Greeley
National Bank hereby accepts the trust herein created, and will take, hold,
invest, administer and distribute, in accordance with the following
provisions, all contributions paid to it pursuant to the Plan.
1.02 The assets at any time held hereunder by the Trustee are
hereinafter referred to as the "Fund." All right, title and interest in and
to the assets of the Fund shall at all times be vested exclusively in the
Trustee.
2.00 - PLAN.
2.01 The Board shall deliver to the Trustee a copy of the Weld County
Retirement Pension Plan and of each amendment thereto, for convenience of
reference, but the rights, powers, titles, duties, discretions and immunities
of the Trustee shall be governed solely by this instrument without reference
to the Plan.
3.00 - RETIREMENT BOARD.
3.01 The plan provides for the appointment of a Retirement Board
(hereinafter referred to as the "Board") to administer the Plan. The County
shall notify the Trustee of the names of the initial members of the Board, of
the name of the Secretary of the Board, and of any changes in the membership
of the Board. Until notified of a change, the Trustee shall be fully
protected in acting upon the assumption that the membership of the Board has
not been changed.
891606
Itct to
3.02 All directions by the Board to the Trustee shall be in writing
signed by at least two members of the Board and by the Secretary, but no
member of the Board or the Secretary of the Board shall be authorized to issue
directions concerning any distribution to be made to himself/herself.
3.03 The County shall furnish to the Trustee a specimen signature of
each Board member and of the Secretary at the time of the appointment.
3.04 The Board shall have complete authority to determine the
existence, non-existence, nature and amount of the rights and interests of all
persons in the Fund.
4.00 - CONTRIBUTIONS.
4.01 The Trustee shall be separately accountable for all contributions
received by it; but shall have no duty to require any contributions to be made
to it, to determine the amounts received comply with the Plan, or to determine
that the Fund is adequate to provide the benefits payable pursuant to the
Plan.
5.00 - PAYMENTS FROM TRUST FUND
5.01 Payments shall be made from the Fund by the Trustee to such
persons, in such manner, at such times and in such amounts as the Board shall
direct. The Trustee shall be fully protected in making, discontinuing or
stopping payments from the Fund in accordance with the directions of the
Board. The Trustee shall have no responsibility to see to the application of
the payments so made or to ascertain whether the directions of the Board
comply with the Plan. When the Board directs that any payment is to be made
only during or until the time that the payee maintains or attains a given
status or only during or until the time that a certain condition exists
regarding the payee, any payment made by the Trustee in good faith, without
actual notice or knowledge of the changed status or condition of the payee,
shall be considered to have been properly made by the Trustee and made in
accordance with the direction of the Board.
5.02 The Trustee shall be reimbursed for its expenses, and shall be
paid such reasonable compensation as shall be agreed upon from time to time by
the Board and the Trustee. Such expenses and compensation shall be paid from
the Fund.
5.03 The Trustee is authorized, but not required, to withhold from
distributions to any payee such sum as the Trustee may reasonably estimate as
necessary to cover federal and state taxes for which the Trustee may be
liable, which are, or nay be, assessed with regard to the amount distributable
to such payee. Upon discharge or settlement of such tax liability the Trustee
shall pay the balance of such sum, if any, to such payee or to his estate.
Prior to making any payment or distribution hereunder the Trustee may require
such releases or other documents from any lawful taxing authority and may
require such indemnity from any payee or distributee as the Trustee shall
reasonably deem necessary for its protection.
5.04 All payments of distributions shall be only on the personal
2
receipt or endorsed check or draft of the person entitled to such
distribution. Except as may be required under applicable law, including any
'qualified domestic relations order," no person entitled to receive
distributions from the Fund shall have any right to assign, transfer,
hypothecate, encumber, commute or anticipate his interest in any payments
under this Trust, and such payments shall not in any way be subject to any.
legal process or levy of execution upon or attachment or garnishment
proceedings against the same for the payment of any claims against the person
entitled to payments from the Fund, nor shall such payments be subject to the
jurisdiction of any bankruptcy court, or insolvency proceedings, whether
voluntary or involuntary.
5.05 The Trustee shall pay to or for the account of the Board, upon the
latter's written instructions the funds required for payments under the Plan.
6.00 - INVESTMENT OF FUND.
6.01 The net income and profits of the Fund shall be accumulated, added
to the principal of the Fund and invested and reinvested. The Trustee is
authorized to invest the Fund in such bonds, notes, debentures, mortgages,
preferred or common stocks, or in such other property, including common trust
funds, real or personal, either within or without the State of Colorado, as
the Trustee may deem advisable, but being limited only by such statutes or
rules of court regarding investments by Trustees of retirement funds of this
nature in the State of Colorado, and by such investment policies and
parameters as the Board may formally adopt and communicate to the Trustee.
7.00 - POWERS AND RIGHTS OF TRUSTEE.
7.01 To carry out the purposes of this Trust, subject to any
limitations stated elsewhere, and subject further to such policies as the
board nay from time to time adopt, the Trustee is vested with the following
powers, in addition to any now or hereafter conferred by law:
A. To hold, manage, improve, repair and control all
property, real or personal, at any time forming part
of the Fund; to sell, convey, transfer, exchange,
partition, lease for any term, even extending beyond
the duration of this Trust, and otherwise dispose of
the same from time to time in such manner, for such
consideration and upon such terms and conditions as
the Trustee shall determine; to vote any corporate
stock either in person or by proxy for any purpose;
B. To cause any property of the Fund to be issued, held
or registered in the individual name of the Trustee,
or in the name of its nominee, or in such records the
Trustee shall indicate the true ownership of such
property;
C. To exercise any conversion privilege or subscription
right given to the Trustee as the owner of any
security forming part of the Fund; to consent to, take
any action in connection with, and receive and retain
3
any securities resulting from any reorganization,
consolidation, merger, readjustment of the financial
structure, sale, lease or other disposition of the
assets of any corporation or other organization, the
securities of which may be an asset of the Fund; to
maintain a savings account in the Trustee bank.
D. To employ such agents and counsel as may be reasonably
necessary in managing and protecting the Fund and to
pay them reasonable compensation; to settle,
compromise or abandon all claims and demands in favor
of or against the Fund; to charge any premium on bonds
purchased above par value to the principal of the Fund
without amortization from the income of the Fund,
regardless of any law relating thereto; and
E. In addition to the enumerated powers herein, to do all
other acts in its judgment necessary or desirable for
the proper administration of the Fund.
7.02 The Trustee shall have full power to apply for or otherwise
acquire, deal with and dispose of grout annuity or other forms of insurance
contracts, pay premiums, purchase payments, or other forms of consideration
therefor and exercise any and all rights, privileges, options and elections
thereunder, but shall exercise such powers and execute documents pertaining
thereto only in the form and manner and to the extent from time to tine
directed by the Board. The Trustee shall have no duty to question the
propriety of any such direction nor to inquire into the terms, provisions or
value of any insurance contracts acquired by or delivered to the Trustee.
Delivery of an insurance contract to the Board or to the person designated by
it shall constitute a full release and discharge of the Trustee.
7.03 No person, including insurance carriers shall be obliged to see to
the application of any money paid or property delivered to the Trustee, nor
shall any such person be required to take cognizance of the provisions of this
Agreement or the Plan, nor to question the authority of the Trustee to do any
act as respects any policy or contract nor the authority of the Trustee to
receive and receipt for any money becoming due and payable under any policy or
contract according to its terms, nor the authority of the Trustee to exercise
any incidents of ownership in any policy, nor be obliged to inquire as to
whether or not the Trustee has secured the direction, consent, or approval of
the Board to any proposed action.
7.04 The Trustee shall be fully protected in taking any action indicated
by this instrument to be within the scope of the authority of the Board in
accordance with any written instrument purporting to be signed by such person
or persons authorized to sign for the Board, or in reliance upon a certified
copy of a resolution of the County Commissioner, any of which the Trustee, in
good faith, believes to be genuine.
7.05 The Trustee may consult with counsel, who may be counsel for the
County, in respect of any of its duties or obligations hereunder and shall be
fully protected in acting or refraining from acting in accordance with the
advice of such counsel.
4
7.06 The Trustee shall incur no personal liability for any act done or
emitted to be done in good faith in the administration of the Trust, and the
Trustee shall be indemnified and saved harmless by the County Commissioners, or
fran the Fund, or both, from and against any and all liability to which the
Trustee may be subjected by reason of any such act or conduct, including all
expenses reasonably incurred in its defense, in case the county fails to
provide such defense.
8.00 - ACCOUNTS OF THE TRUSTEE.
8.01 The Trustee shall maintain accurate and detailed records and
accounts of all transactions hereunder, which shall be available at all
reasonable times for inspection or audit by any person or persons designated by
the Board, and the Trustee will be responsible for filing a consolidated annual
report, as well as quarterly updates with the Board.
8.02 The Trustee, at the direction of the Board, shall submit to the
auditors for the County and to the actuary for the Plan such valuations,
reports and other information as they nay reasonably require. Valuations of
the Fund shall be made on a cash basis unless the Board otherwise directs.
8.03 Within ninety days followi-g the close of each fiscal year of the
aunty (or following the close of such other annual period as may be agreed
upon by the Trustee and the Board) the Trustee shall file with the Board a
written account setting forth all transactions affected by it subsequent to the
end of the period covered by its last previous annual account, and listing the
assets of the Fund at the close of the period covered by such account.
8.04 Upon the receipt by the Trustee of the Board's written approval of
any such account, or upon the expiration of one year after delivery of any such
account to the Board, such account (as originally stated if no objection has
been theretofore filed by the Board, or as theretofore adjusted pursuant to
agreement between the Board and the Trustee) shall be deemed to be approved by
the Board except as to matters, if any, covered by written objections
theretofore delivered to the Trustee by the Board regarding which the Trustee
has not given an explanation, or made adjustments, satisfactory to the Board,
and the Trustee shall be released and discharged as to all items, matters and
things set forth in such account which are not covered by such written
objections as if such account had been settled and allowed by a decree of a
court having jurisdiction regarding such account and of the Trustee, the Board,
and all persons having or claiming to have any interest in the Fund. The
Trustee, nevertheless, shall have the right to have its accounts settled by
judicial proceedings if it so elects, in which event the Board and the Trustee
shall be the only necessary parties.
9.00 - RESIGNATION, REMOVAL AND SUCCESSION OF TRUSTEE
9.01 The Board, by resolution, may remove the Trustee and appoint a
successor Trustee, and such removal or appointment shall become effective when
a copy of said resolution certified by the secretary of the Board, and an
acceptance of the Trust signed by the successor so appointed, is delivered to
the Trustee.
5
9.02 The Trustee nay resign by delivering to the Board a written
resignation to take effect sixty days after the delivery thereof unless prior
thereto the Board shall have appointed a successor Trustee by resolution and
shall have delivered to the Trustee a copy of said resolution, certified by the
secretary of the Board, and an acceptance of the Trust signed by the successor
Trustee so appointed.
9.03 Any successor Trustee shall be a bank or trust company incorporated
under the laws of the United States of America or some state thereof. All of
the provisions set forth herein with respect to the Trustee shall relate to
each successor Trustee with the same force and effect as if such successor
Trustee originally had been named herein as Trustee.
9.04 Upon the appointment of a successor Trustee the removed or
resigning Trustee after reserving such reasonable amount as it shall deem
necessary to provide for any suns chargeable against the Fund for which it may
be liable. No successor Trustee shall be liable for the acts or omissions of
any prior Trustee or be obliged to examine the accounts, records or acts of any
prior Trustee or Trustees.
9.05 In the event that any corporate Trustee hereunder shall be
converted into, shall merge or consolidate with, or shall sell or transfer
substantially all of its assets and business to another corporation, state or
federal, the corporation resulting fran such conversion, merger or
consolidation, or the corporation to which such sale or transfer shall be made,
shall thereupon become and be the Trustee under this Agreement with the same
effect as though originally so named.
10.00 - TERMINATION.
10.01 The Board may at any time notify the Trustee of its intent to
terminate the Trust by delivery to the Trustee a resolution of the Board to
that effect, certified by the secretary. After receipt of such notice the
Trustee shall continue to hold, invest, administer, liquidate and distribute
the Fund pursuant to the provisions of this Trust Agreement. The Trust shall
terminate only when no assets of the Trust remain in the possession of the
Trustee.
10.02 In no event shall any assets be returned to the County except
such, if any which remain as a result of erroneous actuarial computation after
the satisfaction of all fixed and contingent liabilities to persons entitled to
benefits from the Trust.
10.03 The Board may, by resolution, on thirty-day written notice
terminate this manner of funding of its retirement plan and give notice to the
Trustee of its decision by this resolution, including within such resolution, a
direction to the Trustee as to disposition of its funds and a statement,
satisfactory to the Trustee relieving them of further liability.
11.00 - AMENDMENTS.
11.01 The Board shall have the right at any time or times to amend this
Trust Agreement, in whole or in part.
6
11.02 No amendment to this Trust Agreement may be effective
retroactively to a date prior to the beginning of the fiscal year in which it
is adopted by the Board, except amendments which are necessary to establish or
maintain, without interruption, the qualification of the Plan and Trust for tax
exemption under the Internal Revenue Code (as amended from time to time) and
the regulations promulgated thereunder.
11.03 Each amendment to this Trust Agreement shall be made by delivery
to the Trustee of a certified copy of the resolution of the Board which sets
forth such amendment. The certified copy of the resolution shall constitute
the instrument of amendment.
11.04 No amendment shall be made to this Trust Agreement pursuant to the
foregoing provisions which shall:
A. Make it possible, at any time prior to the satisfaction
of all liabilities under the Plan with respect to
employees of the County and their beneficiaries, for
any part of the Fund to be used for, or diverted to,
purposes other than for the exclusive benefit of
employees of the County or their beneficiaries;
B. Increase the duties or liabilities of the Trustee
without its written consent.
12.00 - CONTROLLING LAW AND LEGAL ACTIONS.
12.01 This instrument shall be construed and enforced, and the Trust and
Fund shall be administered according to the laws of the State of Colorado.
12.02 In case any provisions of this Trust Agreement shall be held
illegal or invalid for any reason, said illegality or invalidity shall not
affect the remaining provisions of this Trust Agreement, but shall be fully
severable and the Trust Agreement shall be construed and enforced as if said
illegal or invalid provisions had never been inserted herein.
12.03 The Board shall have the authority either jointly or severally to
enforce this Agreement on behalf of any and all persons having or claiming any
interest in the Fund. In any action or proceeding affecting the Fund or the
administration thereof, or for instructions to the Trustee, the Board and the
Trustee shall be the only necessary parties, and no employees or former
employees of the County or their beneficiaries, or any other person having or
claiming to have an interest in the Fund shall be entitled to any notice or
process, and any judgment that may be entered in such action or proceeding
shall be binding on all persons having or claiming to have any interest in the
Fund.
12.04 Any actions required or permitted to be taken hereunder by the
Board, except those which this instrument indicates are to be evidenced by a
resolution.
13.00 - MISCPLLANEDUS.
13.01 No person dealing with the Trustee shall be required or entitled
7
to see the application of any money paid or property delivered to the Trustee,
or to determine whether or not the Trustee is acting pursuant to authorities
granted to it hereunder or to authorizations or directions herein required.
The certificate of the Trustee that it is acting in accordance with this
Agreement shall protect any person relying thereon.
13.02 The Trust is hereby designated as constituting a part of a plan
intended to qualify and to be tax exempt under Section 401(a) and Section
501(a) respectively, of the Internal Revenue Code of 1954, as amended fran time
to time. Until advised otherwise, the Trustee may conclusively assume that
this Trust is qualified under Section 401(a) (2) of the Internal Revenue Code as
amended from time to time, and that this Trust is exempt from federal inane
taxes.
13.03 Neither the creation of this Trust nor anything contained in this
Agreement shall be construed as giving any person entitled to benefits
hereunder or other employees of the County any equity or other interest in the
assets, business, or affairs of the County.
14.00 - EXECUTION.
14.01 This agreement may be executed in any number of counterparts, each
of which shall be considered an original, and no other counterpart need be
produced.
IN WITNESS WHEREOF, the Board, to evidence the establishment of the
Trust, and the Trustee, to evidence their acceptance of the Trust, have�� caused
this agreement to be signed by their officers this /f day of ,Wj - / ,
A.D., 19 �e .
THE WELD COUNTY BOARD OF RETIREMENT
ms
' CM".leetileCA
Francis M. Loustal t, Chairman
BY
THE GREELEY NATIONAL BANK
•
Hello