HomeMy WebLinkAbout952680.tiffCERTIFICATE
Weld County
We, the members of the Retirement Board for the County of Weld, State of
Colorado, do hereby certify that a true and correct copy of the Amendment to the Weld
County Retirement Pension Trust (As Amended and Restated Effective March 15, 1989)
was adopted by Resolution of the Weld County Board of Retirement on the Z 7 day
f �, 19 9J
IN WITNESS WHEREOF, hereunto affixed our names this
19 gJ .
day of
WITNESS:
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952660
ban".
RESOLUTION OF THE
WELD COUNTY BOARD OF RETIREMENT
WHEREAS, the Weld County Board of Retirement (the "Retirement Board")
established the Weld County Retirement Pension Trust (the 'Trust") dated May 22, 1969,
to carry into effect the provisions of the Weld County Retirement Plan (the "Plan");
WHEREAS, the Trust has previously been amended and restated by action of the
Retirement Board, effective March 15, 1989;
WHEREAS, the Retirement Board reserved the power under Paragraph 11.01 to
amend the Trust in whole or in part; and
WHEREAS. the Retirement Board does desire to amend said Trust in part.
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
(1) That the Trust be amended effective November 4, 1994.
(2) This Amendment to the Trust, copies of which have been presented to the
Retirement Board at this meeting, be and it hereby is approved and adopted effective as
of November 4, 1994.
(3) The Retirement Board be and is hereby authorized to execute forthwith
this Amendment to the Trust and to do all other acts and things necessary and proper to
keep the Trust in full force and effect and to make such amendments and changes, if
any, as may be necessary to maintain the qualification of the Trust under the applicable
sections of the Internal Revenue Code of 1986, as amended from time to time.
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AMENDMENT TO THE
WELD COUNTY RETIREMENT PENSION TRUST
(AS AMENDED AND RESTATED EFFECTIVE MARCH 15. 1989)
Pursuant to the authority of the Weld County Board of Retirement and the
provisions of Paragraph 11.01 of the Trust, the Weld County Retirement Pension Must
(As Amended and Restated Effective March 15, 1989) (the 'Trust") is hereby amended,
effective November 4, 1994.
1. A new paragraph 6.02 is added to read as follows:
"6.02 Notwithstanding any other provision of this Agreement, the Trustee
may cause any part of the money or property of this Trust Fund to be
commingled with the money or property of trusts created by others by causing
such assets to be invested as a part of any group or common trust fund in which
the Plan's Trust participates, but only as long as such group or common trust
fund remains qualified under Section 401(a), and exempt from taxation under
Section 501(a), of the Internal Revenue Code of 1986, as amended, in
accordance with Revenue Ruling 81-100, and money or property of this Trust
Fund so added to one or more of said Funds at any time shall be subject to all of
provisions of said group or common trust, as amended from time to time, and
said group or common trust is made a part of this Agreement. The Trustee, by
execution of this paragraph, has authorized the participation of the Plan in The
Trust Fund For Retirement Accounts of Pacific Norwest Trust Company, a
majority owned subsidiary of the Crabbe Huson Group, Inc., dated July 1, 1987,
and as may be amended and restated from time to time; and the Scudder Trust
Company Investment Funds for Pension and Profit Sharing Trusts of the
Declaration of Trust, dated September 6, 1989, as amended November 30,
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1990, as amended and restated August 21, 1991, and as may further be amended
and restated from time to time."
2. A new Paragraph 12 is added to read as follows:
"12.00 - INVESTMENT MANAGEMENT.
12.01 The Board or its duly appointed delegate, including an investment
committee, is hereby given the right and the power to appoint one or more
Investment Manager(s) to manage (including the power to acquire and to dispose
of) those assets so delegated to said Investment Manager(s) pursuant to written
directions from the Board, or its delegate. Such management shall be in
accordance with a written investment management agreement. An Investment
Manager shall mean an investment adviser registered under the Investment
Advisers Act of 1940, a bank (as defined in that Act), or an insurance company
qualified to perform investment management services under State law in more
than one State. The appointment of such Investment Manager(s), and the
continuing use of such appointment shall be determined by the Board, or its
delegate, solely upon consideration of the best interests of the participants and
beneficiaries of the Plan. Any Investment Manager must acknowledge and
accept in writing that such Manager is a fiduciary of this Trust. The Trustee
shall be given copies of the instruments appointing such Investment Manager(s)
and evidencing acceptance thereof. Thereafter, the Trustee shall make even sa'.
or investment as directed in writing by the Investment Manager. The Trustee
shall be under no duty to question any such direction of the Investment Manager,
to review any securities or other property held in any such investment account or
accounts acquired by it pursuant to such directions, or to make any
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recommendations to the Investment Manager with respect to such securities Dr
other property.
12.02 The Board, or its delegate, shall have the right and power in its
sole discretion to direct the Trustee and/or the Investment Managers) to rake
any of the actions set out in Paragraph 7 hereof. The nonexercise of the right to
direct investments by the Board, or its delegate, shall not be a round of
individual liability of the Board, or its delegate. The Board, or its delegate, shall
not be liable for any acts or omission of the Trustee and/or Investment
Manager(s) provided that the selection and continuance of said Trustee and/or
Investment Manager(s) meets the statutory requirements of ordinary care.
12.03 Any Investment Manager shall perform all acts within its authority
hereunder for the exclusive purpose of providing benefits to Plan participants and
their beneficiaries and defraying reasonable expenses of ariminictering the Plan
and Trust, and shall perform such acts with the care, skill, prudence, and
diligence under the circumstances then prevailing that a prudent man acting in a
like capacity and familiar with such matters would use in the conduct of an
enterprise of a like character and with like aims. Any Investment Manager shall
diversify the investments of the assets under its control so as to minimize the risk
of large losses, unless under the circumstances it is clearly prudent not to do so.
Diversification factors to be considered by an Investment Manager shall include
(1) the purpose of the Plan; (2) the amount of the Plan assets; (3) financial ants
industrial conditions; (4) the type of investment, whether mortgages, bonds or
shares of stock or otherwise; (5) distribution as to geographical location; (6)
distribution as to industries; and (7) the date of maturity. Neither the Trustee
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nor an Investment Manager shall be liable for failure of diversification of
investments separately assigned to another.
12.04 Any one of the fiduciaries referred to above (i.e., Trustee or
Investment Manager) shall be liable for a breach by any other fiduciary
hereunder only if:
(a) the one fiduciary participates knowingly in, or knowingly
conceals, the other fiduciary's breach; or
(b) the one fiduciary fails to comply with the prudent man
standard set forth in ERISA and by such failure, has enabled the other
fiduciary to commit such breach; or
(c) the one fiduciary has knowledge of the other fiduciary's breach
and does not make a reasonable effort to remedy such breach.
No fiduciary hereunder shall be under any obligation to invest or manage
any of the assets of the Trust Fund which are subject to the management of
another fiduciary. A fiduciary hereunder shall have exclusive control and
management of only those assets assigned separately to such fiduciary in writing
by the Board, or its delegate.
12.05 The Board, or its delegate, shall have the power to remove an
Investment Manager at any time, for any reason. An Investment Manager may
resign by delivering to the Board, or its delegate, a written resignation to take
effect sixty (60) days after the delivery thereof. All of the provisions set forth
herein with respect to the Investment Manager(s) shall relate to any successor
Investment Manager with the same force and effect as had been applicable to the
predecessor Investment Manager(s).
Upon the removal or resignation of an Investment Manager, the removed
or resigning Investment Manager(s) shall transfer and deliver the assiffied assets
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to such successor as the Board, or its delegate, shall specify. No successor
fiduciary shall be liable for the acts or omission of any predecessor fiduciar.,, or
be obliged to examine the accounts, records or acts or any prior fiduciary.
If an Investment Manager should cease to exist, the Board, or its de's :: tL.
may appoint a successor Investment Manager in the same manner, and subject to
the same conditions, as described above with respect to removals and
resignations."
3. Old Paragraphs 12 through 14 are renumbered Paragraphs 13 through 15,
respectively, all cross references are changed accordingly.
The foregoing resolution as submitted `,/ the County Board of Retirement was
duly approved by the following vote the Z day of
WITNESS,zem
BANK ONE, GREELEY, N.A.
Now known as BANK ONE, COLORADO, N.A.
By: �}uyei.,., ka—
Gayl en R '!i 11 i ams
Vice President and Trust Officer
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