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TEXAS MUNICIPAL RETIREMENT SYSTEM
AN ORDINANCE AUTHORIZING AND ALLOWING, UNDER THE ACT GOVERNING THE TEXAS MUNIC-
IPAL RETIREMENT SYSTEM, "UPDATED SERVICE CREDITS" IN SAID SYSTEM FOR SERVICE
PERFORMED BY QUALIFYING MEMBERS OF SUCH SYSTEM WHO PRESENTLY ARE IN THE EMPLOY-
MENT OF THE CITY OF GEORGETOWN, TEXAS; AND ESTABLISHING AN EFFECTIVE DATE FOR
SUCH ACTION.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS:
SECTION I. AUTHORIZATION OF UPDATED SERVICE CREDITS.
(a) On the terms and conditions set out in Sections 63.401 through 63.403 of
Title 110B, Revised Civil Statutes of Texas, 1925, as amended, each member of
the Texas Municipal Retirement System who has current service credit or prior
service credit in said System, in force and effect on the lst day of January,
1988, by reason of service in the employment of the City of Georgetown, and on
such date has at least 36 months of credited service with said system, shall be
and is hereby allowed "Updated Service Credit" (as that term is defined in sub-
section (d) of Section 63.402 of said title) in an amount that is 100% of the
"base Updated Service Credit" of the member ,'(calculated as provided in subsec-
tion (c)of Section 63.402 of said title). The Updated Service Credit hereby
allowed shall replace any Updated Service Credit, prior service credit, special
prior service credit, or antecedent service credit previously authorized for
part or the same service.
(b) On the terms and conditions set out in Section 63.601 of said title, any
member of the Texas Municipal Retirement System who is eligible for Updated
Service Credits on the basis of service with this City, and who has unforfeited
credit for prior service and/or current service with another participating
municipality or municipalities by reason of previous service, and was a con-
tributing member on January 1, 1988, shall be credited with Updated Service
Credits pursuant to, calculated in accordance with, and subject to adjustment as
set forth in said 63.601.
(c) In accordance with the ;provisions of subsection (d) of Section 63.401 of
said title, the deposits required to be made to the Texas Municipal Retirement
System by employees of the several participating departments on account of cur-
rent service shall be calculated from and after the date aforesaid on the full
amount of such person's earnings as an employee of the City.
SECTION 2. EFFECTIVE DATE
Subject to approval by the Board of Trustees of Texas Municipal Retirement Sys-
tem, the updated service credits granted hereby shall be and become effective on
the lst day of January, 1989.
Passed and approved on first reading this the 22nd day of November, 1988.
Updated Service Credit Ordinance (Continued) PAGE 2
Passed and approved on second reading this the ;,= day of December, 1988.
ATTEST:
Callander, City Attorney
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merit Trust.
(a) By -Laws The By -Laws referred to in Section 4.1 hereof, as amended from
time to time
(b) Deferred Compensation Plan. A deferred compensation plan established
and maintained by a Public Employer for the purpose of providing retire-
ment income and other deferred benefits to its employees in accordance
with the provisions of section 457 of the Internal Revenue Code of 19544
as amended.
(c) Guaranteed Investment Contract. A contract entered into by the Retire -
merit Trust with insurance companies that provides for a guaranteed rate
of return on investments made pursuant to such contract.
(d) ICMA. The International City Management Association.
(e) ICMAIRC Trustees. Those Trustees elected by the Public Employers who,
in accordance with the provisions of Section 3.1(a) hereof, are also mem-
bers of the Board of Directors of ICMA or RC.
M Investment Adviser. The Investment Adviser that enters into a contract
with the Retirement Trust to provide advice with respect to investment of
the Trust Property.
(g) Employer Trust. A trust created pursuant to an agreement between RC
and a Public Employer for the purpose of investing and administering the
funds set aside by such employer in connection with its deferred compen-
sation agreements with its employees.
(h) Portfolios. The Portfolios of investments established by the Investment
Adviser to the Retirement Trust, under the supervision of the Trustees, for
the purpose of providing investments for the Trust Property.
n Public Employee Trustees Those Trustees elected by the Public Employers
who, in accordance with the provisions of Section 3.1(a) hereof, are full-time
employees of Public Employers.
(D Public Employer. A unit of state or local government, or arry agency or
instnirriertalit)t thereof that has adopted a Deferred Compensation Plan and
has executed this Declaration of Trust.
v
OF PROPERTY
Section 2.1Creation: The Retirement Trust is created and established by
the execution of this Declaration of Trust by the Trustees and the Participating
Public Employers.
Section 2.2 Purpose: The purpose of the Retirement Trust is to provide for
the commingled investment of funds held by the Public Employers in connec-
tion with their Deferred Compensation Plans. The Trust Property shall be invested
in the Portfolios, in Guaranteed Investment Contracts, and in other investments
recommended by the Investment Adviser under the supervision of the Board
of Trustees
Section 2.3 Ownership of Trust Property: The Trustees shall have legal
title to the Trust Property. The Public Employers shall be the beneficial owners
of the Trust Property.
ARTICLE Ill, TRUSTEES
Section 3.1 Plumber and Qualification of Trustees.
(a) The Board of Trustees shall consist of nine Trustees. Five of the Trustees
shall be full-time employees of a Public Employer (the Public Employee
Trustees) who are authorized by such Public Employer to serve as Trustee.
The remaining four Trustees shall consist of two persons who, at the time of
election to the Board of Trustees, are members of the Board of Directors of
ICMA and two persons who, at the time of election, are members of the Board
of Directors of RC (he ICMA/RC Trustees). One of the Trustees who is a director
of ICMA, and one of the Trustees who is a director of RC, shall, at the time
of election, be full-time employees of a Public Employer.
(b) No person may serve as a Trustee for more than one term in any ten-year
period.
Section 3.2 Election and Term.
(a) Except for the Trustees appointed to fill vacancies pursuant to Section 3.5
hereof, the Trustees shall be elected by a vote of a majority of the Public
Employers'in accordance with the pra.edures set forth in the By -Laws.
(b) At the first election of Trustees, three Trustees shall be elected for a term
of three years, three Trustees shall be elected for a term of two years and three
Trustees shall be elected for a term of one year. At each subsequent election,
three Trustees shall be elected for a term of three years and until his or her
successor is elected and qualified.
Section 3.3'Nominations: The Trustees who are full-time employees of Public
Employers shall serve as the Nominating Committee for the Public Employee
The Nominating Committee shall choose candidates for Pubic Employee
Trustees in accordance with the procedures set forth in the By-laws.
(a) Arry Trustee may resign as Trustee (without need for prior or subsequent
accotinting) by an instrument in writing Signed by the Trustee and delivered
-to the other Trustees, and such resignation shall be effective upon such
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'! M'. . •, •.. 1. V:.� r :.. • i.. •-•. ,, • .�-._
employee of a Public Employer.
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Section S,5 Vlacencies: The term of office of a Trustee shall terminate and
a vacancy "I occur in the event of the death, revignation, removal, adjudi-
cated incompetence or other incapacity to perform the duties of the office of
a Trustee In the case of a vacancy, the remaining Trustees shall appoint such
person as they in their discretion shall see fit (subject to the limitations set forth
in this Section),to serve for the unexpired portion of the term N the Trustee
•has resigned or otherwisee• to be -Trustee, The appointment
be made by a written instrument signed by a majority of the Truste� The person
appointed must be the same type of Trustee (i.e. Public Employee Trustee or
ICMAIRC Wustee) as the pawn who has ceased to be a Trustee, An appoint-
ofa Trustee maybe _.•^in anticipationofa vacancy to occur
date by reason of retirement or resignation, provided that such appdtntment
shall not become effective prior to such retirement or resignation. Whenever
a vacancy in the number of Trustees shall occur, until such vacancy is filled
as provided in this Section 3.5, the Trustees in office, regardless of ttieir num-
ber, shall have all the powers granted to the Trustees and shall discharge all
the duties imposed upon the Trustees by this Declaration. A written instrument
certifying the existence of such vacancy signed by a majority of the Trustees
shall be conclusive evidence of the existence of such vacancy.
this Declaration, each Public Employer agrees that the Public Employee Twsle�
d by the Public Employerst. s and represeri-
tatives
the Public•- • -
Section 4.1 GeneralPowers: The Trustees shall have the power to conduct
the business of the Trust and to carry on its operations. Such power sNA include,
W shalt not be limited to, the power to:
(a) receive the Trust Property from the Public Employers or from a Trustee
of any Employer Trust;
(b) enter into a contract with an Investment Adviser providing, among other
things, for the establishment and operation of the Portfolios, selection of the
Guaranteed Investment Contracts in which the Trust Property may be
invested, selection of other investments for the Trust Property and the pay-
ment of reasonable fees to the Investment Adviser and to airy sub -investment
adviser retained by the Investment Adviser;
(c) review annually the performance of the Investment Adviser and approve
annually the contract with such Investment Adviser,
(d) invest and reinvest the Trust Property in the Portfolios, the Guaranteed
Investment Contracts and in any other investment recommended by the
Investment Adviser, provided that it a Public Employer has directed that its
monies be invested in specified Portfolios or in a Guaranteed Investment
Contract, the Trustees of the Retirement Trust shall invest such monies in
ac oxclarce with such directions:
(e) Creep such portion of the Trust Property in cash or cash balances as
the Trustees, from time to time, may deem to be in the best interest of the
Retirement Trust created hereby, without liability for interest thereon;
(f) accept and retain for such time as they may deem advisable any securi-
ties or other property mceived or acquired by them as Trustees hereunder,
whether or not such securities or other property veld normally be pur-
chased as investments hereunder;
(g) cause arry securities or other property held as part of the Trust Property
to be registered in the name of the Retirement Trust or in the name of a
norninee, and to hold arry investments in bearer form, but the books and
records of the Trustees shall at all times show that all such irrvestments are
a part of the Trust Property;
(h) make� exeaft ackno� and deliver any and all documents of trans -
far and conveyance arid arry and all other instruments that may be neces-
sary or appropriate to carry out the powers herein granted:
R
(n) pay out of the Trust Property all real and personal property taxes, income
taxes and other taxes of any and all kinds which, in the opinion of the Trustees,
are properly levied, or assessed under existing or future laws upon, or in
respect of, the Trust Property and allocate any such taxes to the appropri-
ate accounts;
(o) adopt, amend and repeal the By -Laws, provided that such By -Laws are
at all times consistent with the terms of this Doclaration of Trust;
(p) employ persons to make available interests in the Retirement Trust to
employers eligible to maintain a deferred compensation plan under sec-
tion 457 of the Internal Revenue Code, as amended;
(q) issue the Annual Report of the Retirement Trust, and the disclosure docu-
ments and other literature used by the Retirement Trust;
(r) make loans, including the purchase of debt obligations, provided that
all such loans shall bear interest at the current market rate;
(s) contract for, and delegate any powers granted hereunder to, such officers,
agents, employees, auditors and attorneys as the Trustees may select,
provided that the Trustees may not delegate the powers set forth in para-
graphs (b), (c) and (o) of this Section 4.1 and may not delegate any powers
of such delegation would violate their fiduciary duties;
0) provide for the indemnification of the officers and Trustees of the Retire-
ment
etiremerit Trust and purchase fiduciary insurance;
(u) maintain books and records, including separate accounts for each Pub-
lic Employer or Employer Trust and such additional separate accounts as
are required under, and consistent with, the Deferred Compensation Plan
of each Public Employer; and
(v) do all such acts, take all such proceedings, and exercise all such rights
and privileges, although not specifically mentioned herein, as the Trustees
may deem necessary or appropriate to administer the Trust Property and
to carry out the purposes of the Retirement Trust.
Section 4,2 Distribution of Trust Prop": Distributions of the Trust Prop -
be :• behalf of, the Public.r accordance
with the terms of the Deferred Compensation Plans or Employer Trusts. The
Trustees of the Retirement Trust shall be fully protected in making payments
in accordance with the directions of the Public Employers or the Trustees of
the
Employer Trusts4withoutY. ywhetherpayments arments creating ft Employer Trusts.
e in com-
pliance
.• • •:: !t • .t c• � ♦ max` '•
the TnI the Trustees shall perform all acts within their authority for the
ex�lusive purpose of providing beneft for the Public Employers, and shall
perform:Ml.with the camskill,prudence and diligence the circum-
stances
familiar with suich matters would use in the conduct of an enterprise of a like
character and with like alms.
Section 5.2 Lh"Itty: The Trustees shall not be liable for any mistake of Odg-
merd or other action taken in good faith, and for arry action taken or omitted
in reliance in good faith upon the books of acc(iunt or other records of the
Retirement Trust, upon the opinion of counsel, or upon reports made to the
Retirement Trust by arry of its officers, employees or agents or by the Invest-
ment Adviser or arry sulawinvestment adviser, accountants, appraisers or other
experts or consultants selected with reasonable care by the Trustees, officers
or employees the Retirement Trust. The Trustees shall also not be liable for
any toss sustained by the Trust Property by reason of any investment made
in good faith and in accordance c it the standard of care set forth -alt.
ARTICLE YI. ANNUAL REPORT TO SHAREHOLDERS
The Trustees shall annually submit to the Public Employers a written report of
the transactions of the Retirement Trust, including financial statements which shall
be certified by independent public accountants chosen by the Trustees.
P
this t by delivering to the B•. • of
effect. The withdrawing Public Employer Is beneficial interest in the Retirement
lust shall be paid out t6 the Publc Employer or to the Trustee of the Employer
Trust, as appropriate.
Section 7.2 Duration: The Retirement Trust shall continue until terminated
by the vote of a majority of the Public Employers, each casting one vote Upon
termination, all of the Trust Property shall be paid Gul to the Public Employers
or the Trustees of the Employer TrusM as appropriate
Section 7.4 Procedure: A resolution to terminate or amend the Retirement
Trust or to remove a Trustee shall be submitted to a vote of the Public Employers
if: (a) a majority of the Trustees so direct, or; (b) a petition requesting a vote.
signed by not less than 25% of the Public Employers, is submitted to the
Trustees.
Section 8.1 Governing : Except as otherwise required by state or local
taw, this Declaration of Trust and the Retirement Trust hereby created shall be
construed and regulated by the laws of the District of Columns.
Section 8.2 Counterparts: This Declaration may be executed by the Public
Employers and Trustees in two or more counterparts, each of which shall be
deemed an original but all of which together shall constitute one and the same
instrument.
R ! -
•.- • •.
i i
• • -
ARTICLE YI. ANNUAL REPORT TO SHAREHOLDERS
The Trustees shall annually submit to the Public Employers a written report of
the transactions of the Retirement Trust, including financial statements which shall
be certified by independent public accountants chosen by the Trustees.
P
this t by delivering to the B•. • of
effect. The withdrawing Public Employer Is beneficial interest in the Retirement
lust shall be paid out t6 the Publc Employer or to the Trustee of the Employer
Trust, as appropriate.
Section 7.2 Duration: The Retirement Trust shall continue until terminated
by the vote of a majority of the Public Employers, each casting one vote Upon
termination, all of the Trust Property shall be paid Gul to the Public Employers
or the Trustees of the Employer TrusM as appropriate
Section 7.4 Procedure: A resolution to terminate or amend the Retirement
Trust or to remove a Trustee shall be submitted to a vote of the Public Employers
if: (a) a majority of the Trustees so direct, or; (b) a petition requesting a vote.
signed by not less than 25% of the Public Employers, is submitted to the
Trustees.
Section 8.1 Governing : Except as otherwise required by state or local
taw, this Declaration of Trust and the Retirement Trust hereby created shall be
construed and regulated by the laws of the District of Columns.
Section 8.2 Counterparts: This Declaration may be executed by the Public
Employers and Trustees in two or more counterparts, each of which shall be
deemed an original but all of which together shall constitute one and the same
instrument.
._ .r,. APPENDIX C
TRUST AGREEMENT WITH
AGREEMENT made by and between the Employer named in the attached reso-
lution and the International City Management Association Retirement Corpora-
tion (hereinafter the "trustee" or "Retirement Corporation"}, a nonprofit corpora-
tion orgarvzsd and existing under the taws of the State of Delaware, for the purpose
of investing and otherwise administering the funds set aside by Employers in
connection with deterred compensation plans established under section 457 of
the Internal Revenue Code of 9954 (the "Code. This Agreement shall take effect
upon acceptance by the Trustee of its appointment by the Employer to serve
as Trustee in accordance herewith as set forth in the attached resolution.
WHEREAS, the Employer has established a deterred compensation plan under
section 457 of the Code (the "Plan);
WHEREAS, in order that there will be sufficient funds available to discharge
the Employer's contractual obligations under the Plan, the Employer desires to
set aside periodically amounts equal to the amount of compensation deferred;
WHEREAS, the funds set aside, together with any and all assets derived from
the investment thereof, are to be exclusively within the dominion, control, and
ownership of the Employer, and subject to the Employer's absolute right of with-
drawal, no employees having arty interest whatsoever therein:
NOW, THEREFORE, this Agreement witnesseth that (a) the Employer will pay
monies to the Trustee to be placed in deferred compensation accounts for the
Employer; (b) the Trustee covenants that it will hold said sums, and any other
funds which it may receive hereunder, in trust for the uses and purposes and
upon the terms and conditions hereinafter stated, and (c) the parties hereto agree
as follows:
ARTICLE 1, GENERAL DUTIES OF THE PARTIES
Section 1A General Duty of the Employer The Employer shall make regu-
periodic payments equal to the amountsof A • •compensation
which are deferred in accordance with the terms and conditions of the Plan
to the extent that such amounts . • be invested under
Section 1.2 General Duties of the Trust": The Trustee shall hold all funds
received it hereunder,together • -
describedstilute the Trust Funds. It shall administer the Trust Funds, collect the income
thereof, and make payments therefrom, all as hereinafter provided. The Trus -
Ise shall also hold all Tust Funds which are trarisferied to it as successor Thistee
by the Employer from existing deferred compensation arrangements with its
Employees under plans in sectionof the Code &jch Trust Funds
shall be subject to all of the "• provisions • of this Agreement.
-• � i r
ADMINISTRATION, AND i i OF
FUNDS,
Section 2.1 Investment PowersDuties
tee shall have the power to inovest and reinvest the principal and income of
the Trust Funds and keep the Trust Funds imested, without distinction between
principal and income� in securities or in other property, real or personal, wher-
ever situated, including, but not limited to� stoclo� oommon or preferred, bonds,
retirement annuity and insurance policies, mortgages, and other evidences of
indebtedness or ownership, inviestrnent companies, common or group trust funds,
or separate and different types of funds (including equity, fixed income) which
fulfill requirements of state and focal governmental laws, provided, haver, that
the Employer may direct investment by the Trustee among available investment
alternatives in such proportions as the Employer authorizes in connection with
its deferred compensation agreements with its employees. For these purposes,
these Trust Funds may be commingled with Trust Funds set aside by other
Employers pursuant to the terms of the ICMA Retirement Trust. Investment powers
vested in the Trustee by the Section may be delegated by the Trustee to any bank,
insurance or trust company, or any investment adviser, manager or agent selected
by ft.
Section2.2 Administrative Powers of the Mvvstee: The Trustee shall have
the power in its discretion:
(a) To purchase, or subscribe for, any securities or other property and to
retain the same in trust.
(b) To sell, exchange, convey, transfer or otherwise dispose of any securi-
ties or other property held by it, by private contract, or at public auction.
No person dealing with the Trustee shall be bound to see the application
of the purchase money or to inquire into the validity, expediency, or propri-
ety of any such sale or other disposition.
(c) To vote upon any stocks, bonds, or other securities; to give general or
special proxies or powers of attorney with or without power of substitution;
to exercise any conversion privileges, subscription rights, or other options,
and to make any payments incidental thereto: to oppose, or to consent to.
or otherwise participate in, corporate reorganizations or other changes affect-
ing corporate securities, and to delegate discretionary powers, and to pay
arty assessments or charges in connection therewith; and generally to exer-
cise any of the powers of an owner with respect to stocks, bonds, securities
or other property held as part of the Trust Funds.
(d) To cause any securities or other property held as part of the Trust Funds
to be registered in its own name, and to hold any investments in bearer form.
but the books and records of the Trustee shall at all times show that all such
investments are a part of the Trust Funds.
(e) To borrow or raise money for the purpose of the Trust in such amount.
and upon such terms and conditions, as the Trustee shall deem advisable;
and, for any sum so borrowed, to issue its promissory note as Trustee, and
to secure the repayment thereof by pledging all, or any part, of the Trust
Funds. No person tending money to the Trustee shall be bound to see the
application of the money tent or to inquire into its validity, expediency or
propriety of any such borrowing.
(i) To keep such portion of the Trust Funds in cash or.cash balances as
the Trustee, from time to time, may deem to be in the best interest of the
Trust created hereby, without liability for interest thereon.
• • =r a •, • •.•. •... • • •_: •. ..•
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Section 7.04 Post-retfrement Death Benefits: Should the Participant die
afterhehasbegun toreceivebenefitsunder: paymentoption,the remaining
paymerft if any, under the payment option shall be payable to the Partici-
parWs Benefiotary commencing within the 30 -day period commencing with
the 31st.: after t Participant's e Beneficiary elects
ment under a different paymefit option within 30 days of the Participants death.
In nor event shall tie Employer or Administrator be liable to the Beneficiary
for the amount cr( arry payment made in the name of the Participant before
the Administrator receives proof of death of the Participant. Notwithstanding
the foregoing, payments to a Beneficiary shall not extend over a period longer
than @ the Beneficiary's_.- the Participant's
spouse or I[ii) fifteen (15) years if the Beneficiary is not the Participant's spouse.
H no Beneficiary is designated in the Joinder Agreement, or if the designated
Beneficiary does riot survive the Participant for a period of fifteen (15) daM
then e commuted vadue of arry remaining payments•e- the payment option
shall be ... in a lump sum to the estate of the Participant.designated
Beneficiary survives the Participant for a period of fifteen (15) daM but does
not continue to live for the remaining period of payments under Uv payment
opti on (as modified, if necessary, in conformity with the third sentence of this
section), then the commuted value of arry remaining._ the pa
merit opfion shall be paid in a lump sum to the estate of the Beneficiary.
Section 7.05 Pre -retirement Death Benefits: Should the Participant die
before he has begun to receive the benefits provided by Section 7A1, the value
of the Participant's Account shall be payable to the Beneficiary commencing
within the 30 -day period conmendrig on the 91st day after the Participant's
death, unless the Beneficiary elects a different benefit commencement date
within the 90 days of the Participants death. Such benefits shall be paid in
approximately equal annual installments over five years, or over such shorter
period as may be necessary to assure that the amount of any annual install-
ment is not less than $3,500, unless the Beneficiary elects a different payment
option within 90 days of the Participant's death. Notwithstanding the forego-
ing, benefits paid to a Beneficiary under this Section may commence no earlier
than the 91st day atter the Participant's death and no later than 60 days after
the later of the dose of the Plan Year in which the Participant attained or would
have attained Normal Retirement Age or the close of the Plan Year in which
the Participant separated from services. A Beneficiary who may elect a pay-
ment option pursuant to the provisions of the preceding sentence shall be
treated as if he were a Participant for purposes of determining the payment
options available under Section 702; provided, hoavever, that the payment option
chosen by the Beneficiary must provide for payments to the Beneficiary over
a period no longer than the life expectancy of the Beneficiary if the Benefici-
ary is the Participant's spouse and must provide for payments over a period
not in excess of fifteen (15) years if the Beneficiary is not the Participants spouse.
Section 7,06 Unforeseeable Emergencies: In tie event an unforeseeable
emergency occurs,•_ apply to the Employer
•. .f the value .. his accountthat . . • • • to
emer-
gencysuch an application•. • .• by the Employer,the . •.
shall be paid only such amount as the Employer deems necessary to meet
the •need, but payment shall notbe made to the extent that the
financial hardship may be refie.4ed through cessation o( deferral under the Plari,
insurance or other reimbursement, or liquidation of other assets to the extent
such liquidation would not itself cause severe financial hardship. An unforesee-
able emergency shall be deemed to involve only circumstances of sesvere
K,
financial hardship to the Participant resulting from a sudden and unexpected
illness, accident or disability of the Participant or of a dependent (as defined in
section 152(a) of the sternal Revenue Code) of the Participant, loss of the Par-
ticipants property due)tp casualty, or other similar and extraordinary unforesee-
able circumstances arising as a result of events beyond the control of the Par-
ticipant. The need to send a Parficipant's child to college or to purchase a new
home shalt not be considered unforeseeable emergencies. The determination
as to whether such an unforeseeable emergency exists shall be based on the
merits of each individual case.
ARTICLE Vill. NOWASSI BIUTY
No Participant or Beneficiary I have arty right to commute, sell, assign,
pledge, transfer or otherwise co or encumber the right to receive any pay-
ments hereunder, which payments a rights are expressly declared to be non -
assignable and nontransferable.
Lry
• • • •
AGREEMENTS
This Plan serves in addition to any other retirement, pension, or benefit plan
or system presently in existence or hereinafter established for the benefit of the
Employers employees, and participation hereunder shall not affect benefits receiv-
able under any such plan or system. Nothing contained in this Pian shall be
deemed to constitute an employment contract or agreement between any Par-
ticipant and the Employer or to give any Participant the right to be retained in
the employ of the Employer. Nor shall anything herein be construed to modify
the terms of any employment contract or agreement between a Participant and
the Employer.
ARTICLE X. AMENDMENT OR TERMINATION OF PLAN
The Employer may at any time amend this Pian provided that it transmits such
amendment in writing to the Administrator at least 30 days prior to the effective
date of the amendment. The consent of the Administrator shall not be required
in order for such amendment to become effective, but the Administrator shall
be under no obligation to continue acting as Administrator hereunder if it disap-
proves of such amendment. The Employer may at any time terminate this Plan.
The Administrator may at any time propose an amendment to the Plan by an
instrument in writing transmitted to the Employer at least 30 days before the effec-
tive date of the amendment. Such amendment shall become effective unless,
within such 30 -day period, the Employer notifies the Administrator in writing that
it disapproves such amendment, in which case such amendment shall not Mane
effective. In the event of such disapproval, the Administrator shall be under no
obligation to continue acting as Administrator hereunder.
No amendment or termination of the Plan shall divest any Participant of any
rights with respect to compensation deferred before the date of the amendment
or termination.
This Plan shall be construed under the taws of the state where the Employer
is totted and is established with the intent that it meet the requirements of an
'biigible State deferred compensation plan" under section 457 of the Internal Rev-
enue Code of 1954, as amended. The provisions of this Pian shall be interpreted
wherever possible in conformity with the requirements of that section.
The masculine pronoun, whenever used herein, shall include the feminine pro-
noun, and the singular shall include the plural, except where the context requires
otherwise