HomeMy WebLinkAbout952683.tiffSCUDDER
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INVESTMENT MANAGEMENT AGREEMENT
This Investment Management Agreement (the "Agreement") is made and entered
into between SCUDDER TRUST COMPANY, a trust company organized under the
laws of the State of New Hampshire ("Scudder") and the Weld County Board of
Retirement (the "Plan Sponsor") as sponsor of Weld County Retirement Plan (the
"Plan"), and as the plan fiduciary (the "Plan Fiduciary") (as such term is defined in
Section 1.8 of the Declaration of Trust dated September 6, 1989 establishing the
SCUDDER TRUST COMPANY INVESTMENT FUNDS FOR PENSION AND
PROFIT SHARING TRUSTS, as amended and restated August 21, 1991 (the
Declaration of Trust")) for the Plan.
33'_ITNESSETH:
WHEREAS, the Plan was established by the Plan Sponsor and is a governmental
plan described in Sections 401(a) (24) and 818 (a) (6) of the Internal Revenue Code of
1986, as amended (the "Code");
and the Trust is intended to be exempt from taxation under Code Section 501(a) by
reason of forming a part of plans qualified under Code Section 401(a); and
WHEREAS, the Plan Sponsor is the Plan Fiduciary; and
WHEREAS, the Plan Fiduciary is empowered under the Trust Agreement to
appoint one or more agents, including investment managers, to render services to the
Trust and to exercise discretionary authority with respect to the management and
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investment of certain assets of the Plan; and
WHEREAS, the Plan Fiduciary desires to enter into an agreement whereby
Scudder will render services to the Trust upon such terms and conditions as are
hereinafter set forth:
NOW, THEREFORE, the Plan Fiduciary and Scudder do hereby agree as
follows:
1. The Plan Fiduciary hereby appoints Scudder, and Scudder agrees
to act as investment manager with respect to that portion of the assets of the
Trust designated by the Plan Fiduciary, which assets, as invested and reinvested,
and together with any assets added to or withdrawn therefrom from time to time
by the Trustee, and any income therefrom, shall be identified collectively as the
Weld County Retirement Pension Trust (the "Account") upon the records of the
Trust and Scudder.
2. Scudder shall hold and invest and reinvest the assets of the Account
without distinction between principal and income, in such investments and in
such shares and proportions as directed by the Plan Fiduciary. Scudder shall be
responsible hereunder only to act as investment manager with respect to the
assets in the Account and shall have no responsibility with respect to any other
assets of the Trust. The Plan Fiduciary directs Scudder to invest the assets of
the Account in the Scudder International Equity Trust and the Scudder Growth
and Income Equity Trust (collectively herein after referred to as the "Investment
Fund") in amounts to be directed by the Plan Fiduciary from time to time. The
Plan Fiduciary hereby represents and warrants that the decision to allocate
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assets of the Account to the Investment Fund is not (and shall not in the future
be) based on investment advice rendered by Scudder or an affiliate of Scudder.
3. Scudder shall keep accurate and detailed accounts of all
investments, receipts, disbursements, and other transactions with respect to the
Account and all accounts, books, and records relating thereto shall be open to
inspection and audit at all reasonable times by the Plan Fiduciary or its duly
authorized representative. Scudder shall provide the Plan Fiduciary with such
periodic reports (but not more frequently than quarterly) concerning the status of
the Account, transactions effected with respect thereto and valuation of the assets
therein as the Plan Fiduciary may reasonably request. The Plan Fiduciary shall
approve or disapprove any report rendered to it or to its duly authorized
representative within sixty (60) days of its receipt. If no written objections are
received within such period, such report shall be deemed ratified and approved
by the Plan Fiduciary as to all matters shown therein.
4. Scudder acknowledges that it is a fiduciary with respect to the Plan
and agrees that it shall exercise reasonable care and diligence in the performance
of its duties hereunder and, except to the extent otherwise provided by ERISA,
shall not be liable or responsible for any action taken by it pursuant to
instructions received by it from the Plan Fiduciary or from any other person
authorized to give such instruction. Scudder is an investment manager as
defined in ERISA Section 3(38). To the extent permitted by law, Scudder may
from time to time consult with counsel, who may be counsel to the Investment
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Fund, and shall be fully protected in acting upon the advice of such counsel.
5. This Agreement may be modified at any time upon mutual written
agreement of the Plan Fiduciary and Scudder and may be terminated unilaterally
at any time by any of these parties upon thirty (30) days' written notice to the
other or upon such lesser period of notice as may be mutually satisfactory.
6. Any written notice required to be given pursuant to this Agreement
shall be delivered or mailed as follows:
(a) To the Plan Fiduciary:
Mr. Dave Worden
Weld County Board of Retirement
915 Tenth Street - Room - 350
Greely, CO 80632
(b) To Scudder:
Treasurer
Scudder Trust Company
5 Industrial Way
Salem, NH 03079
Additional Copy to:
Treasurer
Scudder Trust Company
Two International Place
Boston, MA 02110-4103
7. Scudder's duties and obligations to the Trust shall be limited to
those expressly set forth herein. The performance by Scudder of its duties
hereunder shall be governed by ERISA.
8. It is understood that, in fairness to all investors in the Investment
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Fund, the cash being contributed to an Investment Fund investing in equities may be
put into a segregated account and invested in securities and the securities are then
transferred to the regular account. Unless a distribution is made in cash or in kind,
securities may be transferred from the regular account before a distribution. This
policy is intended to help the Investment Fund maintain its objective of being
substantially fully invested at all times.
9. The Plan Fiduciary hereby acknowledges receipt of a copy of the
Declaration of Trust, and the Fund Declaration(s) for the Investment Fund.
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IN WITNESS WHEREOF, the respective parties have executed this Agreement, or
caused this Agreement to be executed by their duly authorized representatives, on the dates
indicated.
Effective Date: January 1, 1995
Plan Fi ciary: Weld
�Co. Retirement Board
By: in Ca4b--
Title: Personnel Director
Date: March 13, 1995
SCUDDER TRUST COMPAQ
Title: U! U / resiet
Date:
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