HomeMy WebLinkAbout690300.tiffRetirement Trust
The Weld County Board of Retirement
The Weld County Board of Retirement hereby establishes the Weld
County Retirement Pension Trust (hereinafter referred to as the "Trust"),
to carry into effect the provisions of the Weld County Retirement Plan (herein-
after referred to as the "Plan").
690300
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TRUSTEES AND TRUST FUND
1. 1 The Greeley National Bank, Greeley, Colorado, a National Banking
Association, The First National Bank, a National Banking Association and the Weld
County Bank, organized and existing under the state banking laws of the State of
Colorado, (hereinafter referred to as the "Co-Trustees")are hereby designated
as Co -Trustees of the Trust, to take, hold, invest, administer and distribute,
in accordance with the following provisions, all contributions paid to it pursuant
to the Plan.
1.2 The assets at any time held hereunder by the Co -Trustees are here-
inafter referred to as the "Fund". Alt right, title and interest in and to the assets
of the Fund shall at all times be vested exclusively in the Co -Trustees.
1.3 The Greeley National Bank is hereby designated as Primary Trustee
for the purposes of administration of the trust fund. All contributions to the trust
shall be made to The Greeley National Bank and distribution, therefrom, shall be
made at its direction. All contributions received by the Primary Trustee shall be
divided among the banks approximately as follows: 50% to the Greeley National
Bank, 25% to the First National Bank, and 25% to the Weld County Bank.
PLAN
2.1 The Board shall deliver to the Co -Trustees 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 Co -Trustees shall be governed solely by this instrument without reference
to the Plan.
RETIREMENT BOARD
3.1. 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 Primary 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 Primary Trustee
shall be fullyprotected in acting upon the assumption that the membership
of the Board has not been changed.
3.2 All directions by the Board to the Primary 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 distributions to be made to himself.
3.3 The County shall furnish to the Primary Trustee a specimen
signature of each Board member and of the Secretary at the time he is
appointed.
3.4 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.
CONTRIBUTIONS
4. 1 The Co -Trustees shall be separately accountable for all contri-
butions 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 Pan.
PAYMENTS FROM TRUST FUND
5. 1 Payments shall he made from the Fund by the Primary Trustee to
such persons, in such manner, at such times and in such amounts as the Board shall
direct. The Primary Trustee shall be fully protected in making, discontinuing or
stopping payments from the Fund in accordance with the directions of the Board. The
Co -Trustees shall have no responsibility to see 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 Primary
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
P:imary Trustee and made in accordance with the direction of the Board. The
Primary Trustee will, from time to time call on the other Co -Trustees for funds
with which to make any payments called for under this section or any other.
5. 2 The Co -Trustees 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 Co -Trustees. To the extent the Board does not pay such
expenses and compensation, they shall he paid from the Fund.
5. 3 The Primary Trustee is authorized, but not required, to withhold
from distributions to any payee such sum as the Primary Trustee may reasonably
estimate as necessary to cover federal and state taxes for which the Primary Trustee
may be liable, which are, or may be, assessed with regard to the amount distributable
to such payee. Upon discharge or settlement of such tax liability the Primary 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 Primary 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 Primary Trustee shalt reasonably
deem necessary for its protection.
5.4 All payments of distribution shall be only on the personal receipt
or endorsed check or draft of the person entitled to such distribution. 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.
5.5 The Primary 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.
INVESTMENT OF FUND
6. 1 The net income and profits of the Fund shall be accumulated,
added to the principal of the Fund and invested and reinvested. Subject to
the direction of the Primary Trustee, the Co -Trustees are authorized to
invest the Fund in such bonds, notes, debentures, mortgages, equipment
trust certificates, investment trust certificates, 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 Primary 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.
POWERS AND RIGHTS OF TRUSTEE
7. 1 Subject to the direction of the Primary Trustee:
a. to hold, manage, improve, repair and control all property,
real or personal, at any time forming part of the Fund; to sell, con-
vey, 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 he issued, held or
registered in the individual name of the Co -Trustee, or in the
name of its nominee, or in such form that title will pass by delivery
provided the records of a Co -Trustee shall indicate the true owner-
ship of such property;
c. to exercise any conversion privilege or subscription right
given to a Co -Trustee as the owner of any security forming part
off the Find; to c::usan: t take any action in cehnec:iun with, and
receive and retain 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 a Co -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. 2 A Co -Trustee shall have full power to apply for or otherwise
acquire, deal with and dispose of group 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 time directed by the Board.
A Co -Trustee shall have no duty to question the propriety of any such direction
nor to inquire into the terms and provisions of any documents executed pursuant
thereto or the terms, provisions or value of any insurance contracts acquired
by or delivered to a Co -Trustee. Delivery of an insurance contract to the Board
to the person designated by it shall constitute a full release and discharge of the
Co -Trustee.
7. 3 No person, including insurance carriers shall be obliged to see
to the application of any money paid or property delivered to a Co -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 a Co -Trustee to do any
act as respects any policy or contract nor the authority of a Co -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 a Co -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.
7.4 A Co -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 a Co -Trustee, in good faith, believes to
he genuine.
7.5 A Co -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.
7.6 A Co -Trustee shall incur no personal liability for any act done or
omitted to be done in good faith in the administration of the Trust, and a Co -Trustee
shall be indemnified and saved harmless by the County Commissioners, or from
the Fund, or both, from and against any and all liability to which a Co -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.
ACCOUNTS OF THE CO -TRUSTEES
8.1 The Co -Trustees 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 Pri mary Trustee will be responsible for filing a consolidated annual
report with the Board.
The Primary 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 may reasonably require. Valuations of the Fund shall
he made on a cash basis unless the Board otherwise directs.
8.3 Within ninety days following the close of each fiscal year of the
County (or following the close of such other annual period as may he agreed upon
by the Primary Trustee and the Board) and following the effective date of the
removal or resignation of a Co -Trustee, the Primary Trustee shall file with the
Board a written account setting forth all transactions effected 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. The Co -
Trustees must furnish the Primary Trustee their reports in sufficient time to
accomplish this system.
8.4 Upon the receipt by the Primary 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 Primary Trustee) shall be deemed to be
approved by the Board except as to matters, if any, covered by written objections
theretofore delivered to the Primary Trustee by the Board regarding which the
Primary Trustee has not given an explanation, or made adjustments, satisfactory
to the Board, and the Co -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 Co -Trustee, the Board, and
all persons having or claiming to have any interest in the Fund. A Co -Trustee,
nevertheless, shall have the right to have its accounts settled by judicial pro-
ceedings if it so elects, in which event the Board and the Co -Trustee shall be
the only necessary parties.
RESIGNATION, REMOVAL AND SUCCESSION OF TRUSTEE
9.1 The Board, by resolution, may remove a Co -Trustee or the
Primary Trustee and appoint a successor Co -Trustee, or Primary 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 Co -Trustee or Primary Trustee so appointed,
is delivered to the Co -Trustee or Primary Trustee.
9.2 A Co -Trustee or the Primary Trustee may 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 Co -Trustee
or Primary Trustee by resolution and shall have delivered to the Co -Trustee or
Primary Trustee a copy of said resolution, certified by the secretary of the Board,
and an acceptance of the Trust signed by the successor Co -Trustee or Primary
Trustee so appointed.
9.3 Any successor Co -Trustee or Primary 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 Co -Trustee or Primary Trustee with the same force
and effect as if such successor Trustee originally had been named herein as Co -
Trustee or Primary Trustee.
9.4. Upon the appointment of a successor Co -Trustee or Primary
Trustee the removed or resigning Co -Trustee or Primary Trustee shall transfer
and deliver the Fund to such successor Co -Trustee or Primary Trustee after
reserving such reasonable amount as it shall deem necessary to provide for
any sums chargeable against the Fund for which it may be liable. No successor
Co -Trustee or Primary 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.
9.5 In the event that any corporate Co -Trustee or Primary Trustee
hereunder shall be converted into, shall merge or consolidate with, or shall sell
or transfer substantially all of its assets and busines to, another corporation,
state or federal, the corporation resulting from such conversion, merger or
consolidation, or the corporation to which such sale or transfer shall be made
shall thereupon become and be the Co -Trustee or Primary Trustee under this
Agreement with the same effect as though originally so named.
TERMINATION
10.1 The Board may at any time notify all Co -Trustees of its intent
to terminate the Trust by delivery to call Co -Trustees a resolution of the Board
to that effect, certified by the secretary. After receipt of such notice all
Co -Trustees shall continue to hold, invest, administer, liquidate and distribute
the Fund pursuant to the provisions of this Trust Agreement. The Trust shall
terminate only wnen no assets of the Trust remain in the possession of the
Co -Trustee.
10.2 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.
10.3 The Board may, by resolution, on thirty day written notice
terminate this manner of funding of its retirement plan and give notice to the
Co -Trustees of its decision by this resolution, including within such resolution,
a direction to the Co -Trustees as to disposition of its funds and a statement,
satisfactory to the Co -Trustees relieving them of further liability.
AMENDMENTS
11.1 The Board shall have the right at any time or times to amend
this Trust Agreement, in whole or in part.
11.2 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 Nan and Trust for tax
exemption under the Internal Revenue Code (as amended from time to time)
and the regulations promulgated thereunder.
11.3 Each amendment to this Trust Agreement shall be made by
delivery to the Co -Trustees 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.
11.4 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 Nan 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 a Co -Trustee without
its written consent.
CONTROLLING LAW AND LEGAL ACTIONS
12.1 This instrument shall be construed and enforced, and the Trust
and Fund shall be administered according to the laws of Colorado.
12.2 In case of 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.
12.3 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 Co -Trustees, the Board and
the Co -Trustees 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 Func 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.
13.1 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.
MISCE LLANEOUS
14.1 No person dealing with a Co -Trustee shall be required or en-
titled to see the application of any money paid or property delivered to a Co -
Trustee, or to determine whether or not the Co -Trustee is acting pursuant to
authorities granted to it hereunder or to authorizations or directions herein
required. The certificate of a Co -Trustee that it is acting in accordance with
this Agreement shall protect any person relying thereon.
14.2 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 from time to
time. Until advised otherwise, the Co -Trustees may conclusively assume that
this Trust is qualified under Section 401 (2) of the Internal Revenue Code as
amended from time to time, and that this Trust is exempt from federal income
taxes.
14.3 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 die County any equity or other interest in the assets, business,
or affairs of the County.
EXECUTION
15.1 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 co -trustees, to evidence their acceptance of the Trust, have caused
this agreement to be signed by their officers this
1969.
lt.L.a't
Attest
purytounfyu!crk _
Attest
Attest
22nd
day of
May
The Weld County -Board ` of Retirement
c---/. re\ ,..-/ / /
Chairman
Th Greeley Tational Bank
The First National Bank of Gry
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fi
The Weld County Bank
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