1979-06
~.
l-B
leMA
RETIREMENT
CORPORATION
RECEIVEDJUN 2 1 1979~
1101
Connecticut
Avenue
Northwest
Suite 1009
Washington DC
20036
Area Code 202
293-2716
T olllr99 800
424-9249
To:
CITY CLERK
CITY OF CLERMCNT
#1 WEST GAT~ PLAZA
CLERMONT, FL 32711
012708
Employer B
.
CITY MANAGER
CITY OF YANKTON
P. O. BOX 176
YANKTON, SO 51078
007205
Employer A
Employee:
George D. Forbes
Subject:
Tripartite Agreement for Transfer of Deferred Compensation Funds.
The above
plan with
(above).
employee has participated in the ICMA-RC deferred compensation
employer A (above) and is curreritly a participant with employer B
A primary purpose of the ICMA-RC plan is to provide portability of retirement
benefits for mobile public servants. To simplify the administrative procedures
related to the plan, it provides for the transfer of deferred compensation funds
from the ownership of one employer to another, subject to the conditions imposed
by the Internal Revenue Service which are incorporated into the enclosed
tripartite agreement.
You are requested to sign the enclosed agreement at the appropriate place
and return it to us, retaining a copy for your records. Please note that
this signature should be properly attested. Upon receipt of an executed
agreement from all three parties we will effect the transfer.
P ffit ~. ,s Mum
!peter L DeGroote' / (
General Manager
1U6/5/f77
te I
The ICMA Retiremenl Corporallon is the administrator of a deferred compensation retirement plan lor state and local government under the sponsorShip of:
International City Management Association. Municipal Finance Officers Association. International Personnel Management Association. National Instltule 01
. Municipal Law Officers. Natoonal League of Cities. United States Conference of Mayors. National Association 01 Counlles . American Society lor Public
AdmlnistratlO~ . American Institute 01 Planners. Amer.ican Society ot Planning .officials. American Public Wor1<s Association. Amellcan Public Power ASSOCiation
. BUilding OffIcIals and Code Administrators International. Amencan ASSOCiation 01 Airport Executoves . Internatoonal Inslltute 01 MunICipal Clerks. Amencan
Public Gas Association. l'lternational Association 01 Assessing Officers
...
ICMA
RETIREMENT
CORPORATION
2
1101
Connecticut
Avenue
NOr1hwest
Suite 1009
Washington DC
20036
Area Code 202
293.2716
Toll free 800
424.9249
ICMA RETIREMENT CORPORATION
TRIPARTITE AGREEMENT
The following definitions and facts apply to this agreement:
. Date of This Agreement:
EMPLOYER A: City of Yankton, South Dakota
who has entered into a Trust Agreement with the ICMA Retirement
Corporation.
EMPLOYER B: City of Clermont, Florida
who has entered into a Trust Agreement with the ICMA Retirement
Corporation.
EMPLOYEE: George D. Forbes Previously employed by Employer A.
DEFERRED COMPENSATION AGREEMENT A: An agreement between Employer A and the
Employee for which Deferred Compensation Account A numbered 72-72
has been established.
DEFERRED COMPENSATION AGREEMENT B: An agreement between Employer B and the
Employee for which Deferred Compensation Account B numbered 127-40
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,
WHEREAS, Employer A has maintained Deferred Compensation Account A with the
ICMA 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,
The ICMA Retirement Corporation is the administrator of a deferred compensation retirement plan for slate and local government under the sponsorship 01:
International City Management Association. Municipal Finance Officers Association. International Personnel Management Association. National Institute of
'Municipal Law Officers. National League of Cities. United Slates Conference 01 Mayors. National Association 01 Counties. American Society lor Public
AdmInistration. American InstItute of Planners ..American Society 01 Planning Officials. American Public Wor1<s Association. American Public Power ASSOCiation
· Building OfficialS and Code Administrators Inlernational . American Association of Airport Executives. International Institute 01 Municipal Clorks . American
Public Gas Associallon . International Associallon 01 AsseSSIng Off'cers
WHEREAS, Employer A is now fiscally independent of the funds, assets and
accumulations in Deferred Compensation Account A with the ICt~ 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 acc:..:mula tions
for the payment of claims of 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 wit~ 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 Account A; and,
1\\
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 Retirement Corporation and is fucther willing to assume all contractual
obligations of Employer A to the Employee under the Deferred Compensation
Employment Agreem~nt 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:
l. 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 ICMA 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.
2. Employer B agrees:
(a)
To maintain records and examine and file all reports with the
1
f\
~.
~.5.
.
2
ICMA Retirement Corporation with 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.
It is further understood and agreed that nothing contained herein shall
accelerate the Employee's right to receive deferred compensation 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.
IN WITNESS WHEREOF, the parties hereto have set forth their signatures and
affixed their seals on the day and year first above-written.
EMPLOYER A
City of Yankton, South Dakota
BY:
TITLE:
SEAL
ATTEST:
TITLE:
EMPLOYER B
City of Clermont, Florida
SEAL
BY: J1~9~ 9rbf TITLE: ~~ C!eJ.)
ATTEST: \.. J'R- ) ,;\.... . TITLE: ~ P-1/"v)cL(
EMPLOYEE: j;p~-<. f). F~_