The Committee shall consist of 11 members appointed by the County Executive, provided that two of such members shall be appointed upon the written recommendation of the majority leader of the County Legislature and that one of such members shall be appointed upon the written recommendation of the minority leader of the County Legislature. The County Executive shall also name one member of the Committee as Chairperson.
The Committee shall enter into a formal written agreement with each trustee, which shall, in all respects, constitute a valid trust under the laws of the State of New York. The agreement shall contain, at least, the following conditions and terms:
A. It must satisfy all the requirements of § 457(g) of the Internal Revenue Code of the United States.
B. It must declare that the assets of the trust are held for the exclusive benefit of the participants in the Deferred Compensation Plan and their beneficiaries.
C. It must provide that assets of the trust funds may be spent only to pay plan benefits, or to defray reasonable administrative expenses of the plan.
D. It must prohibit the reversion or escheat of any assets of the plan to the local employer, or to the state, until all plan benefits have been paid to plan participants and their beneficiaries.
E. It must name each trustee and vest them, as a unit, with exclusive authority to manage and control the assets of the trust fund except to the extent that such management and control has been delegated, in accordance with the terms of the plan, to one or more administrative service agencies and/or financial organizations as provided by the rules and regulations of the New York State Deferred Compensation Board.
F. It must prohibit the loan of any assets of the trust fund to any participant or other person and forbid any trustee to select other trustees, administrative service agencies, consultants, accountants or financial organizations to invest the trust funds or otherwise provide services in respect to the plan.
[Amended 12-12-2000 by L.L. No. 9-2000, approved 12-27-2000]
Six members shall constitute a quorum of the Committee. All actions which a quorum, or a majority thereof, shall take or authorize to be taken shall be valid and binding on the Committee. The Committee shall, upon reasonable notice from its Chairperson, meet at least once in each calendar quarter and shall provide an annual report of its activities and operations, and those of the Trustees, to the County Executive and to the County Legislature. The Committee members shall serve without compensation and shall be reimbursed for reasonable and necessary expenses. The Committee may retain counsel and accountants and other experts to aid it in the performance of its duties. The cost of such service shall be a proper charge against the trust fund, except to the extent that the county has assumed the obligation to pay them.
Three members shall constitute a quorum of the trustees of the Deferred Compensation Trust Fund, and the concurring vote of three trustees shall be necessary to authorize any valid action regarding the trust fund. The trustees shall meet at least once in each calendar quarter and shall file an annual report of their activities and operations with the Committee. The trustees may retain counsel, accountants and other experts to aid them in the performance of their duties, or to defend them against claims of misfeasance, nonfeasance or malfeasance in their official capacity as trustees. The cost of such services shall be a proper charge against the trust fund, except to the extent that the county has assumed the obligation to pay them.