1980-15
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ICMA
RETIREMENT
CORPORATION
~.
.
lCMA RETIREMENT CORPORATION
TRIPARTITE AGREEMENT
1101
~nnecticut
Avenue
Northwest
Suite 1009
Washington DC
20036
Area Code 202
293.2716
Toll free 800
424-9249
The following definitions and facts apply to this agreement:
Date of This Agreement:
~ ~Oj/ClY/)
EMPLOYER A: City of Clermont
who has entered into a Trust Agreement with the ICMA Retirement
Corporation.
EMPLOYER B: City of Daytona Beach
who has entered into a Trust Agreement with the lCMA Retirement
Corporation.
EMPLOYEE:
Gordon D. Tiffany
'Previously employed by Employer A.
DEFERRED COMPENSATION AGREEMENT A: An agreement between Employer A and the
'Employee for which Deferred Compensation Account A numbered 127-32
has been established.
DEFERRED COMPENSATION AGREEMENT B: An agreement between Employer B and the
Employee for which Deferred Compensation Account B numbered 709-17
has been established.
AGREEMENT, made and entered into this day between Employer A in whose
employ the above named employee has previously served and Employer B, and
between the Employee and Employers A and B.
WHEREAS, Employer A has entered into Deferred Compensation Employment
Agreement A with the Employee, and Trust Agreement A with the ICMA Retirement
Corporation; and,
~~EREAS, Employer A has maintained Deferred Compensation Account A with the
IC~~ Retirement Corporation, and has ownership, dominion, control and right of
withdrawal of the funds of said account together with the assets and accumulations
thereof, pursuant to said Trust Agreement; and,
Tile leMA Reti,ement Co,po,atlon IS IlIe admin,sl,ato, 01 a delelled comPflnsatoon ,elrrement plan '0' state and local government unde, tile sponso,shlp 01
Inlernahonal City Management ASSOCiation. MuniCipal Finance OH,ce,s Association. Into,nat,onal Pe,sonnel Management Assoclaloon . National InSh'ute .01
MunICipal Law Oftlcers . National League of Cities. Untted Stales Conterence 0' Mayors. National ASSOclallon 01 Coun,'es . Ame/lcan Society for Public
AdminIstration. AmerICan Instllute 0' Planners. Amellcan Society 01 PlannIng OH,clals. Amellcan PUbliC Wor1<s Assoclallon. Amellcan Public Powe, Assoclallon
· BUilding Qt1,c.als and Cooe Adm,nlstrato,s InlernatlOnal . Amellcan ASsoclallon 01 ArrDOIt Execuhves . InlernatlonallnShlule ot MunICipal Clerks. Ame"can
PubliC Gas Assocrahon . International Assoclatoon ot Assesstng OH'ce's
{,
WHEREAS, Employer A is now fiscally independent. of the funds, assets and
a~cumulations in Deferred Compensation Account A with the IC~~ Retirement
Corporation and has no reason to believe that there is or will be in the
foreseeable future any necessity for it to use said funds, assets and accumulations
for the payment of claims ~f its general creditors; and,
WHEREAS, the Employee is no longer employed by Employer A and is now
. employed by Employer B; and,
WHEREAS, Employer A desires to avoid the continued expenses of maintaining
records of Deferred Compensation Account A and of examining and filing annual
reports thereto with the ICMA Retirement Corporation, and further desires to
be released from its contractual obligation to pay deferred compensation to the
Employee upon his retirement, permanent disability or death, in consideration
for which Employer A is willing to transfer absolute ownership, dominion, control
and right of withdrawal of the funds, assets and accumulations in Deferred
Compensation A~cou~t A; a~d,
WHEREAS, Employer B has entered into Deferred Compensation Employment
Agreement B with the Employee and Trust Agreement B with the ICMA Retirement
Corporation, and has opened Deferred Compensation Account B with the ICMA
Retirement Corporation with respect to which Employer B has the ownership,
dominion, control and right of withdrawal of all funds, assets and accumulations
therein, pursuant to said Trust Agreement; and,
WHEREAS, Employer B is willing to maintain all records and examine and
file all reports with respect to Deferred Compensation Account A with the
ICMA Re~irement Corporation and is further willing to assume all contractual
obligations of Employer A to the Employee under the Deferred Compensation
Employment Agreement A in exchange for the transfer to Employer B by Employer
A of the ownership, dominion, control and right of withdrawal of the funds, assets
and accumulations in Deferred Compensation Account A with the IC~~ Retirement
Corporation; and,
WHEREAS, the Employee, as an accomodation to his past and present employers,
is willing to release Employer A from any and all obligations under Deferred
Compensation Employment Agreement A and to substitute and accept Employer B as
the obligor and debtor under said Agreement.
NOW THEREFORE, in consideration of the above, the parties hereto agree
as follows:
1.
Employer A will direct the IC~~ Retirement Corporation to transfer the
ownership, dominion, control and right of withdrawal of the funds, assets
and accumulations in its Deferred Compensation Account A to Employer B's
Deferred Compensation Account B with the IC~~ Retirement Corporation, or to a
new combined numbered Account if the rules and regulations of the Retirement
Corporation so require. Thereafter, Employer A will not claim or exert
any ownership, dominion, control or right of withdrawal of such funds,
assets and accumulations.
e2.
Employer B agrees:
(a) To maintain records and examine and file all reports with the
.J
.
.
.
2
'ICHA Retirement Corporation wi.tll respect to all funds, assets, and
accumulations presently in Deferred Compensation Account A; and,
(b) To assume all contractual obligations of Employer A to the Employee
under Deferred Compensation Employment Agreement A.
3.
The Employee agrees to release Employer A of all contractual obligations
under Deferred Compensation Employment Agreement A and to substitute
and accept Employer B as the obligor and debtor of such obligations under
said Agreement.
4.
It is understood that Employer B shall have the absolute ownership, dominion,
control and right of withdrawal of said funds, assets and accumulations
transferred by this Agreement and that the Employee shall have no interest
or claim by way of trust, escrow, annuity or otherwise, in and to such
specific funds, assets and accumulations.
5.
It is further understood and agreed that nothing contained herein shall
accelerate the Employee's right to receive deferred com~ensation under
his Deferred Compensation Employment Agreement A and that said deferred
compensation shall be due and payable to the Employee or his beneficiary
only upon the earlier of the Employee's retirement, permanent disability
or death.
lN WITNESS WHEREOF, the parties hereto have set forth their signatures and
affixed their seals on the day and year first above-written.
EHPLOYER A
CITY OF CLERMONT
S E...4.L
BY: ~-<~/O' t:;,L
ATTEST: ~~ (f). Yr
TITLE: c-f Ac741~
TITLE: C11 ~.R-
F1-IPLOYER B
CITY OF DAYTONA BEACH
SEAL
TITLE:
TITLE:
EMPLOYEE: