HomeMy WebLinkAboutResolution 3500 Establish 401 money purchase retirement plan through ICMA
COMMISSION RESOLUTION NO. 3500
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOZEMAN,
MONTANA, ESTABLISHING A 401 MONEY PURCHASE RETIREMENT PLAN
THROUGH THE ICMA RETIREMENT CORPORATION.
WHEREAS, the Employer has employees rendering valuable services; and
WHEREAS, the establishment of a money purchase retirement plan benefits employees
by providing funds for retirement and funds for their beneficiaries in the event
of death; and
WHEREAS, the Employer desires that its money purchase retirement plan be administered
by the ICMA Retirement Corporation and that the funds held under such plan be invested
in the
ICMA Retirement Trust, a trust established by public employers for the collective
investment of
funds held under their retirement and deferred compensation plans.
NOW, THEREFORE, BE IT RESOLVED by the City Commission of the City of Bozeman,
Montana, that the Employer hereby establishes a money purchase retirement plan
(the "Plan") in
the form of the ICMA Retirement Corporation Governmental Money Purchase Plan &
Trust,
pursuant to the specific provisions of the Adoption Agreement, an executed copy
of which is
attached hereto. The Plan shall be maintained for the exclusive benefits of eligible
employees and
their beneficiaries.
BE IT FURTHER RESOLVED that the Employer hereby executes the Declaration of Trust
of the ICMA Retirement Trust, attached hereto, intending this execution to be operative
with
respect to any retirement or deferred compensation plan subsequently established
by the Employer,
if the assets of the plan are to be invested in the ICMA Retirement Trust.
BE IT FURTHER RESOLVED that the Employer hereby agrees to serve as trustee under
the
Plan and to invest funds held under the Plan in the ICMA Retirement Trust.
BE IT FURTHER RESOLVED that the Administrative Services Director shall be the
coordinator for the Plan; shall receive reports, notices, etc.; from the ICMA Retirement
Corporation
or the ICMA Retirement Trust; shall cast, on behalf of the Employer, any required
votes under the
ICMA Retirement Trust; may delegate any administrative duties relating to the Plan
to appropriate
departments; and is authorized to execute all necessary agreements with the ICMA
Retirement
Corporation incidental to the administration of the Plan.
PASSED AND ADOPTED by the City Commission of the City of Bozeman, Montana, at
a regular session thereof held on the 17th day of December 2001.
MARJ:!!~u~tc:;;.Yor
ATTEST:
~J~
R BIN L. SULL N
Clerk of the Commission
ICMA RETIREMENT CORPORATION
GOVERNMENTAL MONEY PURCHASE PLAN & TRUST
ADOPTION AGREEMENT
Account Number 10-
7 99 .3
The Employer hereby estabJishes a Money Purchase PJan and Trust to be known as
(the "Phn") in the
form of the lCMA Retirement Corporation Governmental Money Purchase Phn and Trust.
The Plan
shan be known as:
City of Bozeman 401A Plan
[906/
This Plan is an amendment and restatement of an existing defined contribution money
purchase plan.
0 Yes
W No
If yes, please specify the narne of the defined contribution rnoney purchase plan
which this Plan
hereby amends and restates:
L
Employer Name: City of Bozeman
{902]
n.
The Efl(~ctive Date of the PJan shall be the first day of the Plan Year during which the
Employer adopts the Plan, unless an alternate Effective Date is hereby specified:
III.
Plan Year will rnearL
C3
The twelve (12) consecutive month period which coincides with the limita-
tion year. (See Section 5'(J4(i) of the Phn.)
[8OJ]
0
The twelve (12) consecutive month period conllnencing on
and each anniversary thereafter.
[803]
IV.
Normal Retirement Age (not to exceed age 65) shall be age 55
(2881
V.
ELIGIBILITY REQUIREMENTS:
1. The following group(s) of Employees are eligible to participate in the Plan:
~ All Employees
- An Full-Time Employees
~ Salaried Employees
- Non-union Employees
- Management Employees
- Public Safety Employees
- Ceneral Ernployees
X Other (specifY belmv):
City Manager
MPP Adoption Agreement 4/30/2000
1
[Picked up contributions are excludable from the Participant's gross
incorne under section 414(h) (2) of the Internal Revenue Code of 1986
only if they rneet the requirements of Rev. Rul. 81-35, 198 J -1 CD.255.
Those requirements are (1) that the Employer must specify that the
contributions, although designated as employee contributions, are being
paid by the Employer in lieu of contributions by the employee; and (2)
the employee must not have the option of receiving the contributed
amounts directly instead of having them paid by the Employer to the
plan.)
0 Fixed Employer Match of Participant Contributions.
I'he Employer shall contribute on behalf of each Participant ~% of
Earnings for the Plan Vear (subjcct to the limitations of Article V of the
Plan) for each Plan Vear that such Participant has contributed
%
of Earnings or $
. Under this option, there is a single, fixed rate
of Employer contributions, but a Participant may decline to make the
required Participant contributions in any Plan Vear, in which case no
Employer contribution will be made on the Participant's behalf in that
Plan Vear.
0 Variable Employer Match Of Participant Contributions.
The Employer shall contribute on behalf of cach Participant an amount
determined as follows (subjcct to the limitations of Article V of the
Plan) :
%) of the contributions made by the Participant for the Plan
Vear (not including Participant contributions exceeding
'X) of
Earnings or $
) ;
PLUS
% of the contributions Inade by the Participant ft.)r the
Plan Vear in excess of those included in the above paragraph (but not
including Participant contributions exceeding in the aggregJte
%J
of Earnings or $
) .
Ernployer Contributions on bell<llf of a Participant for a Plan Vear shall
not exceed $ or
_% of Earnings, whichever
is
more or less.
2.
Each Participant rnay make a voluntary (unmatched), after-tax contribution, subject to
the lirnitations of Section 4.05 and Article V of the Plan.
[XI
Yes 0
No
MPP Adoption Agreement 4130/2000
-'
----
--...---
0 Other Method. (Note to Employer: Provide below language which
will satisfy the 1.0 limitation of section 415(e) of the Code. Such
language must preclude Employer discretion. See section 1.415-1 of
the Regulations for guidance.)
3. 'The limitation year is the fc)llowing 12-consecutive month period:
January 1 -
December 31st
IX.
VEST'INC PROVISIONS
The Ernployer hereby specifies the following vesting schedule, subject to (1) the minimum
vesting requirements as noted and (2) the concurrence of the Plan Administrator.
Years of
Service
Percent
Completed
Vesting
Zero
- %
One
~%
Two
- %
Three
- %
Four
- %
Five
%
Six
%
Seven
(%
Eight
- %
Nine
- %
"Ten
- (X)
X.
Loans are permitted under the PIan, as provided in ArticJe XIII:
0 Yes
~ No [751 ]
XI.
The Elnployer hereby attests that it is a unit of state or local government or an agency or
instnnnentaIity of one or more units of state or local government.
XII.
The Plan Administrator hereby agrees to inform the Employer of any alnendments to the
Plan nude pursuant to Section 14.05 of the Plan or of the discontinuance or abandonment
of the Plan.
XIII.
The Elnployer hereby appoints the ICMA Retirelnent Corporation as the Plan Administra-
tor pursuant to the terms and conditions of the ICMA RETIREMENT CORPOI~A-
TION GOVERNMENTAL MONEY PURCHASE PLAN & TRUST.
The Employer hereby agrees to the provisions of the Plan and Trust.
MPP Adoption Agreemellt 4130/2000
5
-..--.----.-----.------- ----.
_.._ .._n.._.____
401 Qualified Plan Implementation Data Form
~
.
Instructions to Employer: Provide necessary information to establish your plan properly.
Please contact Employer Services at 1-800-326-7272, if you have any questions. ICMA
RETIREMENT CORPORATION
-~._.~~~
ICMA-RC Use Only
1. Employer Number: 10 7 '1' 1f-3
General 2.
(902) Employer's Full Name: City of Bozeman, Montana
Information 3.
(924) Street Address: 411 E Main Street
(925)
POBox 1230
4.
(918) City: Bozeman
(919) State: MT
(920) Zip Code:__ 59771-1230
5.
(633) Primary Contact Name: Kiral Gamradt
6.
(634) Primary Contact Title: Administrative Services Director
7.
(631) Primary Contact Telephone#: ( 406
) 582-2325
8.
(632) Fax #:( 406 )
582-2344
9.
(882) Employer's Federal Tax Identification Number: 81-6001238
10. # of Employees:
one
11. # of Employees Eligible for Plan Participation: one
12. (803) Plan Year End Date: __. 12-31-01
Plan 13. Plan Level Quarterly Statements: (Note: * == default)
Implemen-
tation a.
Sort Order: (629) [XI S",SSN*
o N",Name
Information
b. Output Media: (627) IX) P""Paper*
o M""Microfiche
c. Type: (626) 0 S""Summary*
!XI D==Detail
14. Contribution Information
a. Deposit Medium: (624) ~ Check *
DWire DACH
b. Media Transmission: (623) ~ EZ Link
If you do not have Internet access,
please contact ICMA-
RC's Employer Services Unit at 1-800-326-7272
for alterna-
tive submittal options.
c. Sort Order: (612)
III (S) SSN* [..J (N) Name
15. Allocation Change Frequency: 00 (0) No Restrictions *
o (3) 1 per 4 months
(220)
o (1) 1 per 12 months
U (4) 1 per 3 months
o (2) 1 per 6 months
o (5) 1 per Plan Year
P<Jge 1 of 3
401
Qualified Plan Implementation Data Form
~
ICMA.RC Use Only
I
Employer Number: 10
ICMA RETIREMENT CORPORATION
Plan
16. Default Fund for Investment Allocations:
Implemen-
Instructions - Use the Vantagepoint Funds Brochure or sheet to complete this section.
tation
Information
A. Default investment allocation. List the fund
Investment restrictions. List
the fund code(s) that
(can't)
B.
code(s) and percentage for investment
are NOT eligible for contributions or fund
allocation if a participant elected allocation
transfers:
is not available. (Note: If no fund code is
listed, the default will be Fund 77 - PLUS
Fund.)
n_.._
........---.... ._....__..u__..___
--..--..---
._-_..~,.. . _.-
---...- ... ---....-.-
------.".-....,
..-.--
....,.,....--
__... ._.__".m
PLAN CONTACTS
(If any item #18-25 is left blank, the Primary Contact in Q. #5 will receive mailings)
Disbursement!
17. PT07 Contact Signature:
--.
-~'~.~,,~
Loan Contact
Information
(200) Contact NamefTitle:
.~-~-,._.~~
(420)
Telephone: ( )
Fax:L ___)
-
Please
18. PT08 Contact Signature:
indicate
---
alternate
(200) Contact NamefTitle:
~.w,
Disbursement!
Loan Contacts
(420) Telephone: (~~)
Fax:(_) __._~_.__
19. PT09
Contact Signature:
--
-,~-
(200)
Contact NamefTitle:
-
(420)
Telephone: (_) ~_~_
Fax:(_)
-'.'.
Contributionl
Terry Clark, Payroll Clerk
EZ Link
20. PT02 (200) Contact Name{Title:_
.-
Contact
(420) Telephone: C 406) 582-2336
Fax:( 406 ) _?_~.~-2}23
Information
Quarterly
21. PT04 (200) Contact NamefTitle:
Terry C~~!k, Payroll Clerk
Statement
~----~~~~
Contact
(420) Telephone: ( 406 )
582-2336
____ Fax:L~.9JiJ 582-2323
Information
Plan
22. PT05 (200) Contact Name: Miral D.
Gamradt
.~~~~._,~_.~.-
Coordinator
Administrative Services Director
Contact
Contact Title: ~~~._.~,~-~-_.
Information
Note: Changing this title requires an amendment to your resolution.
(420)
Telephone: ( 406 )
582-2325 Fax:(~)
582-2344
Page 2 of 3
401
Qualified Plan Implementation Data Form ~
ICMA.RC Use Only
Employer Number: 10
ICMA RETIREMENT CORPORATION
Billing
23. PT06 (200) Contact NamefTitle: Terry Clark.
Payroll Clerk
(Fees)
Contact
(420) Telephone: (iQL) 582-2336
Fax:( 406) 582-2323
~~~ -
Information
Remittance
Terry Clark Payroll
Clerk
Reconcilia.
24. PTO? (200) Contact NamefTitle:
tion
(420) Telephone: cL.!:QL) 582:-2336
Fax:L~QLJ 582-2323
Contact
Comments:
Tclark @ bozeman.net
(Alternate
Email:
Addresses
for #18.26)
Transferred
25. Is there a transfer of assets? o Yes
~ No
Plan Asset
Will total plan assets be transferred or is co-administration required"
Information
o In total
o Co-administration
Administrator Name (if app.) __~~_r
Company
--
Add ress..__.__.___.___..___.._.... ... ....._____~.______
---
Telephone (_)__.__~_.._.____ Fax (_)
How many participants will be eligible to transfer assets to ICMA-RC? ___
What is the estimated cash value of the assets to be transferred to ICMA-RC? $
Date and methods (check, wire, etc.) the assets will be transferred to ICMA-RC: ____
-
To ensure your funds are posted timely and accurately, please forward the following information
to your
ICMA-RC plan analyst before any assets are transferred.
0
Copies of most recent participant statements.
0
Complete list of participant names. social security numbers. total assets to be transferred.
Employer plan conversion form for each participant for allocation of funds or letter from employer if allocations
are the same as contributions.
.
Administrative enrollment for retired or terminated participants with assets.
,
. Copies of participant disbursement request forms for those currently receiving
disbursements.
Copy of existing plan document for individually designed plan.
How many participant loans are currently outstanding with your current Plan Administrator?
We must
receive the information for all outstanding loans to ensure a successful transition of
the loan balances to
ICMA-RC.
o Participant Name
o Loan payment amount
o Social Security Number
. Payment
frequency
. Original loan amount
o Current
loan balance
o Original loan issue date
. Highest
12 month balance
. Loan interest rate
. Loan number
. Current balance by source (employer dollars, employee pre-tax dollars, etc.)
Page 3 of 3
. ,
. ~
777 North Capitol Street, NE
-
Washington, DC 20002-4240
1-202-962-4600
FAX 1-202-962-4601
Toll Free 1-800-669-7400
Internet http://www.icmarc.org
ADMINISTRATIVE SERVICES AGREEMENT
Type: 401
Account Number: 7993
ICMA RETIREMENT CORPORATION
The publiC service Vantagepoint" since 1972
ICMA-RC Services. LLC. is a broker/dealer affiliate of the ICMA Retirement Corporation, member NASO and SIPC.
,
Plan # 7993
777 North Capitol Street, NE
Washington, DC 20002.4240
1.202.962 .4600
ADMINISTRATIVE SERVICES AGREEMENT ~:~ ~;;~~~~~~~:~~~7400
Internet: http://www.icmarc.org
This Agreement, made as of the /Jt!J.day of
Oec..i31n pe;- , 2001
(herein referred to as
the "Inception Date"), between The International City Management Association Retirement
Corporation ("RC"), a nonprofit corporation organized and existing under the laws
of the
State of Delaware; and the City of Bozeman ("Employer") a City organized and existing
under the laws of the State of Montana
with an office at 411 East Main, Bozeman,
Montana 59771.
RECITALS
Employer acts as a public plan sponsor for a retirement plan ("Plan") with responsibility
to
obtain investment alternatives and services for employees participating in that
Plan;
The ICMA Retirement Trust (the "Trust") is a common law trust governed by an elected
Board of Trustees for the commingled investment of retirement funds held by state
and
local governmental units for their employees;
RC acts as investment adviser to the Trust; RC has designed, and the Trust offers,
a series
of separate funds (the "Funds") for the investment of plan assets as referenced
in the
Trust's principal disclosure document, "Making Sound Investment Decisions: A Retirement
Investment Guide."
The Funds are available only to public employers and only through
the Trust and RC.
In addition to serving as investment adviser to the Trust, RC provides a complete
offering
of services to public employers for the operation of employee retirement plans
including,
but not limited to, communications concerning
investment alternatives, account
maintenance, account record-keeping, investment and tax reporting, form processing,
benefit disbursement and asset management.
AGREEMENTS
1.
Appointment of RC
Employer hereby designates RC as Administrator of the Plan to perform all non-
discretionary functions necessary for the administration of the Plan with respect
to assets
in the Plan deposited with the Trust. The functions to be performed by RC include:
(a)
allocation in accordance with participant direction of individual accounts to
investment Funds offered by the Trust;
(b)
maintenance of individual accounts for participants reflecting amounts deferred,
income, gain, or loss credited, and amounts disbursed as benefits;
(c)
provision of periodic reports to the Employer and participants of the status of Plan
investments and individual accounts;
ICMA RETIREMENT CORPORATION
Tho public sorvice Vantagepoint'" since 1972
ICMA-RC Services. LLC. is a broker/dealer affiliate of the ICMA Retirement Corporation, member NASa and SIPC.
. ------......--..-..-..
_.._____..__...._..___._._...
.n_.._ ___... ___....
".
Plan # 7993
777 North Capitol Street.
NE
Washington, DC 20002-4240
1-202 -962-4600
(d)
communication to participants of information regarding their rights GW\~I~~S
d th PI d Toll Free 1-800-669-7400
un er e an; an Internet: http://www.icmarc.org
(e)
disbursement of benefits as agent for the Employer in accordance with terms of the
Plan.
2.
Adoption of Trust
Employer has adopted the Declaration of Trust of the ICMA Retirement Trust and
agrees
to the commingled investment of assets of the Plan within the Trust. Employer agrees
that
operation of the Plan and investment, management and disbursement of amounts
deposited in the Trust shall be subject to the Declaration of Trust, as it may
be amended
from time to time and shall also be subject to terms and conditions set forth in
disclosure
documents (such as the Retirement Investment Guide or Employer Bulletins) as those
terms and conditions may be adjusted from time to time.
It is understood that the term
"Employer Trust" as it is used in the Declaration of Trust shall mean this Administrative
Services Agreement.
3.
Employer Duty to Furnish Information
Employer agrees to furnish to RC on a timely basis such information as is necessary
for
RC to carry out its responsibilities as Administrator of the Plan, including information
needed to allocate individual participant accounts to Funds in the Trust, and information
as
to the employment status of participants, and participant ages, addresses and other
identifying information (including tax identification numbers). RC shall be entitled
to rely
upon the accuracy of any information that is furnished to it by a responsible official
of the
Employer or any information relating to an individual participant or beneficiary
that is
furnished by such participant or beneficiary, and RC shall not be responsible for
any error
arising from its reliance on such information.
RC will provide account information in
reports, statements or accountings.
4.
Certain Representations. Warranties, and Covenants
RC represents and warrants to Employer that:
(a)
RC is a non-profit corporation with full power and authority to enter into this
Agreement and to perform its obligations under this Agreement. The ability of RC to
serve as investment adviser to the Trust is dependent upon the continued
willingness of the Trust for RC to serve in that capacity.
(b)
RC is an investment adviser registered as such with the Securities and Exchange
Commission under the Investment Advisers Act of 1940, as amended. ICMA-RC
Services, Inc. (a wholly owned subsidiary of RC) is registered as a broker-dealer
with the Securities and Exchange Commission (SEC) and is a member in good
standing of the National Association of Securities Dealers, Inc.
ICMA RETIREMENT CORPORATION
The public service Vantagepoint" since -1972
ICMA-RC Services, ltC, is a broker/dealer affiliate of the ICMA Retirement Corporation, member NASD and SIPC.
. . ..._.___.__."._. _... ... _u . m__..___._ ._..__ ....._.......
.
.
Plan # 7993
777 North Capitol Street. NE
Washington, DC 20002-4240
1-202-962-4600
FAX 1-202-962-4601
RC covenants with employer that:
Toll Free 1-800-669-7400
Internet: httpJ/www.icmarc.org
(C)
RC shall maintain and administer the Plan in compliance with the requirements
for plans which satisfy the qualification requirements of Section 401 of the
Internal Revenue Code; provided, however, RC shall not be responsible for the
qualified status of the Plan in the event that the Employer directs RC to
administer the Plan or disburse assets in a manner inconsistent with the
requirements of Section 401 or otherwise causes the Plan not to be carried out
in accordance with its terms; provided, further, that if the plan document used by
the Employer contains terms that differ from the terms of RC's standardized plan
document, RC shall not be responsible for the qualified status of the Plan to the
extent affected by the differing terms in the Employer's plan document.
Employer represents and warrants to RC that:
(d)
Employer is organized in the form and manner recited in the opening paragraph of
this Agreement with full power and authority to enter into and perform its obligations
under this Agreement and to act for the Plan and participants in the manner
contemplated in this Agreement. Execution, delivery, and performance of this
Agreement will not conflict with any law, rule, regulation or contract by which the
Employer is bound or to which it is a party.
5.
Participation in Certain Proceedinas
The Employer hereby authorizes RC to act as agent, to appear on its behalf, and
to join the
Employer as a necessary party in all legal proceedings involving the garnishment
of
benefits or the transfer of benefits pursuant to the divorce or separation of participants
in
the Employer Plan. Unless Employer notifies RC otherwise, Employer consents to
the
disbursement by RC of benefits that have been garnished or transferred to a former
spouse, spouse or child pursuant to a domestic relations order.
6.
Compensation and Payment
(a)
Plan Administration Fee. The amount to be paid for plan administration services
under this Agreement shall be 0.55% per annum of the amount of Plan assets
invested in the Trust. Such fee shall be computed based on average daily net Plan
assets in the Trust.
(b)
Account Maintenance Fee. (i) There shall be an annual account maintenance fee
of $25.00. The account maintenance fee is payable in full on January 1 st of each
year on each account in existence on that date. For accounts established AFTER
January 1 st, the fee is payable on the first day of the calendar quarter following
establishment and is prorated by reference to the number of calendar quarters
remaining on the day of payment.
ICMA RETIREMENT CORPORATION
Tho public "ervice Vantagopoint'"' since 1972
ICMA-RC Services, LLC. is a broker/dealer affiliate of the ICMA Retirement Corporation, member NASD and SIPC.
.. .-.-.........-----...-
.......u._._._..__..__... _ ..._.
.
.
Plan # 7993
777 North Capitol Street. NE
Washington, DC 20002-4240
1-202-962-4600
FAX '-202-962-4601
C) Th t' t f 'II b . db' . . th ~e h80~00
II e accoun main enance ee WI e waive eglnnlng In e year ~W _ marc.org
year in which total Plan assets exceed $4 million.
(c)
Compensation for Management Services to the Trust and Advisory and other
Services to the Vantagepoint Funds. Employer acknowledges that in addition to
amounts payable under this Agreement, RC receives fees from the Trust for
investment management services furnished to the Trust. Employer further
acknowledges that certain wholly-owned subsidiaries of RC receive compensation
for advisory and other services furnished to the Vantagepoint Funds, which serve as
the underlying portfolios of a number of Funds offered through the Trust. The fees
referred to in this subsection are disclosed in the Retirement Investment Guide.
These fees are not assessed against assets invested in the Trust's Mutual Fund
Series.
(d)
Mutual Fund Services Fee. There is an annual charge of 0.40% assessed against
average daily net Plan assets invested in the Trust's Mutual Fund Series.
(e)
Payment Procedures. All payments to RC pursuant to this Section 6 shall be paid
out of the Plan assets held by the Trust and shall be paid by the Trust. The amount
'of Plan assets held in the Trust shall be adjusted by the Trust as required to reflect
such payments.
7.
Custody
Employer understands that amounts invested in the Trust are to be remitted directly
to the
Trust in accordance with instructions provided to Employer by RC and are not to
be
remitted to RC.
In the event that any check or wire transfer is incorrectly labeled or
transferred to RC, RC will return it to Employer with proper instructions.
8.
Responsibilitv
RC shall not be responsible for any acts or omissions of any person other than
RC in
connection with the administration or operation of the Plan.
9.
Term
This Agreement may be terminated without penalty by either party on sixty days
advance
notice in writing to the other.
10.
Amendments and Adjustments
(a)
This Agreement may not be amended except by written instrument signed by the
parties.
ICMA RETIREMENT CORPORATION
The public service Vantagepoint~ since 1972
ICMA-RC Services, LLC, is a broker/dealer affiliate of the ICMA Retirement Corporation,
member NASD and SIPC.
.
.
Plan # 7993
777 North Capitol Street, NE
Washington, DC 20002"4240
1- 202 .962 -4600
(b)
The parties agree that compensation for services under this Agr~M~~t2-~t\d
d ' 't r d r I t b d' t d f II Toll Free 1-800.669-7400
a minis ra Ive an opera lona arrangemen s may e a JUs e as 0 QMV~i: http//www.icmarc.org
RC may propose an adjustment by written notice to the Employer given at least 60
days
before the effective date of the adjustment and the notice may appear in disclosure
documents such as Employer Bulletins and the Retirement Investment Guide,
Such
adjustment shall become effective unless, within the 60 day period before the effective
date the Employer notifies RC in writing that it does not accept such adjustment,
in which
event the parties will negotiate with respect to the adjustment.
(c)
No failure to exercise and no delay in exercising any right, remedy, power or
privilege hereunder shall operate as a waiver of such right, remedy, power or
privilege.
11.
Notices
All notices required to be delivered under Section 10 of this Agreement shall be
delivered
personally or by registered or certified mail, postage prepaid, return receipt
requested, to (i)
Legal Department, ICMA Retirement Corporation, 777 North Capitol Street, N.E.,
Suite
600, Washington, D.C,
20002-4240; (ii) Employer at the office set forth in the first
paragraph hereof, or to any other address designated by the party to receive the
same by
written notice similarly given.
12.
Complete Aareement
This Agreement shall constitute the sole agreement between RC and Employer relating
to
the object of this Agreement and correctly sets forth the complete rights, duties
and
obligations of each party to the other as of its date. Any prior agreements, promises,
negotiations or representations, verbal or otherwise, not expressly set forth in
this
Agreement are of no force and effect.
13.
Governinq Law
This agreement shall be governed by and construed in accordance with the laws of
the
State of Montana, applicable to contracts made in that jurisdiction without reference
to its
conflicts of laws provisions.
In Witness Whereof, the parties hereto have executed this Agreement as of the Inception
Date first above written.
CITY OF BOZEMAN
by: ~/J~/~
Signature/Date /2- / 11'/0 (
ICMA RETIREMENT CORPORATION
The public service Vantagepoint" since 1972
ICMA-RC Services. LLC. is a broker/dealer affiliate of the ICMA Retirement Corporation, member NASa and SIPC
.
.
Plan # 7993
777 North Capitol Street. NE
Washington, DC 20002-4240
1-202-962-4600
FAX 1-202-962-4601
Toll Free 1-800-669-7400
Internet: http://www.icmarc.org
Name and Title (Please Print)
INTERNATIONAL CITY MANAGEMENT
ASSOCIATION RETIREMENT
CORPORATION
by:
1l11,Jd+
Paul Gallagher
Corporate Secretary
ICMA RETIREMENT CORPORATION
The public .service Vantagepoint"' since 1972
ICMA-RC Services, LLC, is a broker/dealer affiliate of the ICMA Retirement Corporation,
member NAsa and SIPC.