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.