Resolution No. 85451
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RESOLUTION NO. 8545
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
VERNON APPROVING AND AUTHORIZING THE EXECUTION OF
AN AMENDMENT TO THE ADMINISTRATIVE SERVICES
AGREEMENT FOR PLAN NUMBER 301376 AND 109759 BY AND
BETWEEN THE CITY OF VERNON AND ICMA RETIREMENT
CORPORATION
WHEREAS, on November 16, 1982, the City Council of the City
of Vernon adopted Resolution No. 4955 approving a Deferred
Compensation Plan (the "Plan") with the International City Management
Association ("ICMA") Retirement Corporation to provide retirement
income and other deferred benefits to employees; and
WHEREAS, on September 20, 1983, the City Council of the City
of Vernon adopted Resolution No. 5042 approving amendments to the
Plan, authorizing the execution of the ICMA Retirement Trust and
appointing the City Administrator to be the coordinator of the program
on behalf of the City of Vernon; and
WHEREAS, on November 23, 1993, the City Council of the City
of Vernon adopted Resolution No. 6357 approving an Administrative
Services Agreement with the ICMA Retirement Corporation respecting
Plan Number 301376; and
WHEREAS, on December 15, 1998, the City Council of the City
of Vernon adopted Resolution No. 7254 adopting a Money Purchase
Retirement Plan and Trust (Number 109759) to be administered by the
ICMA Retirement Corporation and funds held under such Plan 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; and
1 WHEREAS, on September 5, 1989, the City Council of the City
2 of Vernon adopted Resolution No. 5671 approving an agreement with
3 Great -West Life and Annuity Insurance Company ("Great -West") to provide
4 and administer alternative investment opportunities for participants in
5 the City's Plan; and
6 WHEREAS, on October 20, 1992, the City Council of the City of
7 Vernon adopted Resolution No. 6177 approving an Administrative and
8 Communications Services Agreement with Great -West and its subsidiary,
9 Benefits Corp Equities, Inc.; and
10 WHEREAS, the ICMA Retirement Corporation has offered to
11 gradually eliminate fees under its agreements contingent upon being an
12 exclusive provider of administrative and investment services under the
13 Plan; and
14 WHEREAS, on October 6, 2004, the Finance Committee considered
15 the recommendation of Bruce V. Malkenhorst, Director of Finance, dated
16 September 28, 2004, that an amendment to the Administrative Services
17 Agreement with ICMA Retirement Corporation be approved and executed;
18 and
19 WHEREAS, the City Council of the City of Vernon has
20 determined that, pursuant to the provisions of subsection (a) of
21 Section 2.27 of the Vernon City Code, it is in the public interest and
22 necessity to enter into a new agreement with ICMA Retirement
23 Corporation.
24 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
25 CITY OF VERNON AS FOLLOWS:
26 SECTION 1: The City Council of the City of Vernon hereby
27 finds and determines that the recitals contained hereinabove are true
28 and correct.
'r'
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SECTION 2: The City Council of the City of Vernon hereby
approves the Amendment to the Administrative Services Agreement for
Plan Number 301376 and 109759 with ICMA Retirement Corporation, a copy
of which is attached hereto as Exhibit A and incorporated by
reference.
SECTION 3: The City Council of the City of Vernon hereby
authorizes the Mayor and the City Clerk to execute said Amendment for,
and on behalf of, the City of Vernon.
SECTION 4: The City Council of the City of Vernon hereby
authorizes the City Administrator, or his designee, to execute any and
all documents necessary to implement and carry out the purposes
specified in the Amendment, for, and on behalf of, the City of Vernon.
SECTION 5: The City Council of the City of Vernon hereby
directs the City Clerk, or his designee, to send one fully executed
Amendment to:
ICMA Retirement Corporation
Attn. San Diep, New Business Analyst
777 N. Capitol Street, NE
Washington, DC 20002-4240
SECTION 6: The City Clerk of the City of Vernon shall
certify to the passage of this resolution, and thereupon and
thereafter the same shall be in full force and effect.
APPROVED AND ADOPTED this 6th day of October, 2004.
ATTEST:
BRUCE V. MALKENHORST, City Clerk
LEONIS C. MALBRG, Maybr
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STATE OF CALIFORNIA )
) ss
COUNTY OF LOS ANGELES )
I, BRUCE V. MALKENHORST, City Clerk of the City of Vernon, do
hereby certify that the foregoing Resolution, being Resolution No.
8545, was duly adopted by the City Council of the City of Vernon at a
regular meeting of the City Council duly held on Wednesday,
September 15, 2004, and thereafter was duly signed by the Mayor of the
City of Vernon.
(SEAL)
BRUCE V. MALKENHORST, City Clerk
- 4 -
EXHIBIT
0
AMENDMENT
TO THE
Administrative Services Agreement
for Plan Number 301376 and 109759
This Amendment to the Administrative Services Agreements ("Agreements") for Plan numbers 301376 and
109759 (the "Plans") is entered by and between City of Vernon ("Employer") and ICMA Retirement
Corporation ("RC"), effective as of the date of execution by the Employer below ("Execution Date").
WHEREAS, the Employer sponsors the Plans on behalf of its eligible employees and retirees; and
WHEREAS, the Employer entered the Agreements to engage RC to provide administrative services and
investments for the Plans under the terms specified in the Agreements; and
WHEREAS, the parties wish to amend the Agreements to provide for an annual reduction in the Plan
Administration fee paid under the Agreements and elimination of the Mutual Funds Fee under the Agreements
contingent upon RC acting as the exclusive provider of administrative and investment services for the Plan over
the term of the Agreements and contingent on the Employer's use of EZLink for enrollment and contribution
processing over the term of the Agreements; and
WHEREAS, Section 10(a) of the Agreements provide that the Agreements may be amended pursuant to a
written instrument signed by the parties;
NOW, THEREFORE, the Agreements are hereby amended as follows:
The following is added as a new section 3 to the Agreements, and the current provisions of the
Agreements are re -numbered accordingly:
Employer agrees that for the initial or succeeding term of this Agreement specified in Section 10,
so long as RC continues to perform in all material respects the services to be performed by it
under this Agreement, Employer shall not obtain plan administration and investment advisory
services from anyone other than RC. Employer acknowledges that RC has agreed to the
compensation to be paid to RC under this Agreement in the expectation that RC will be able to
offset costs allocable to performing this Agreement with revenues arising from Employer's
exclusive use of RC at the rates provided herein throughout the initial or succeeding term.
SECOND
Re -numbered section 7 of the Agreements, titled "Compensation and Payment" is amended by replacing
subsections (a) and (d) with the following:
z
(a) Plan Administration Fee. The amount to be paid for plan administration services under this
Agreement shall be: (i) For the first year of this Agreement, 0.29% per annum of the amount
of Plan assets invested in the Trust; and (ii) For years two through five of this Agreement.
0.00% 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.
(d) Mutual Fund Services Fee. There is an annual charge of 0.0% assessed against average daily
net Plan assets invested in the Trust's Mutual Fund Series.
The compensation and payment set forth in this section 7 is contingent upon Employer's continued use
of EZLink for enrollment and contribution processing over the term of this Agreement.
Re -numbered section 10 of the Agreements, titled "Term" is amended to provide as follows:
This Agreement shall be in effect for an initial term beginning on the Execution Date and ending
5 years after the Execution Date. This Agreement will be renewed automatically for two one
year terms and each succeeding year unless written notice of termination is provided by either
party to the other no less than 60 days before the end of such Agreement year.
The fee amendment specified in section 7 of the Agreements will take effect in the calendar
quarter following the Retirement Corporation's receipt of one fully -executed copy of this
Amendment based upon the following schedule:
- Received by February 20:
Effective April
- Received by May 20:
Effective July
- Received by August 20:
Effective October
- Received by November 20:
Effective January
In all other respects, the Agreements are hereby ratified and affirmed.
IN WITNESS WHEREOF, Employer has caused this Amendment to be executed by its duly authorized officer
this day of , 2004.
CITY OF VERNON
By:
Print Name:
Title:
ICMA RETIREMENT CORPORATION
by:
Paul Gallagher
Corporate Secretary
SECTION F
This Agreement is effective December 1, 1988, and will remain in full force and effect until
terminated as follows:
1. Automatically upon the date the F'utureFunds contract, as amended, or a successor
contract, is no longer currently being offered to eligible employees under the Plan;
or
2. Upon cancellation by any party upon 90 days prior written notice by Certified Mail
to the addresses herein.
3. The expense level described in Schedule A is in effect as long as the Great -West Life
& Annuity Insurance Company is acting in its current capacity as the investment
option provider for the Policyholder's plan, and there are not substantial changes in
the operation of the Policyholder's plan, including by not limited to a change in
approved investment option providers, marketers of required administrative services,
This agreement may be modified at any time upon mutual consent of both parties.
City of Vernon
'Leonis C . Malburg
Title Mayor"
Date , 7 :
Mdre:ss: 4305 Santa Fe Avenue
Vernon, CA 9P58
ATTEST:
Bruce V. Ma kenhorst
City Clerk
APPROVED AS TO FORIM
David B. Brear ey, City Attorney
The Great -West Life Assurat Company
By:
Title
Dater , XvG
Address: 8505 East Orchard Road
Englewood, Colorado 80111
BenefitsCorp Equities, Inc.
Title Oeii
Date
Address: 8505 East Orchard Road
Englewood, Colorado 80111
SUPPORTING
DOCUMENTS
AMENDMENT
TO THE
Administrative Services Agreement
for Plan Number 301376 and 109759
This Amendment to the Administrative Services Agreements ("Agreements") for Plan numbers 301376 and
109759 (the "Plans") is entered by and between City of Vernon ("Employer") and ICMA Retirement
Corporation ("RC"), effective as of the date of execution by the Employer below ("Execution Date").
WHEREAS, the Employer sponsors the Plans on behalf of its eligible employees and retirees; and
WHEREAS, the Employer entered the Agreements to engage RC to provide administrative services and
investments for the Plans under the terms specified in the Agreements; and
WHEREAS, the parties wish to amend the Agreements to provide for an annual reduction in the Plan
Administration fee paid under the Agreements and elimination of the Mutual Funds Fee under the Agreements
contingent upon RC acting as the exclusive provider of administrative and investment services for the Plan over
the term of the Agreements and contingent on the Employer's use of EZLink for enrollment and contribution
processing over the term of the Agreements; and
WHEREAS, Section 10(a) of the Agreements provide that the Agreements may be amended pursuant to a
written instrument signed by the parties;
NOW, THEREFORE, the Agreements are hereby amended as follows:
FIRST
The following is added as a new section 3 to the Agreements, and the current provisions of the
Agreements are re -numbered accordingly:
Employer agrees that for the initial or succeeding term of this Agreement specified in Section 10,
so long as RC continues to perform in all material respects the services to be performed by it
under this Agreement, Employer shall not obtain plan administration and investment advisory
services from anyone other than RC. Employer acknowledges that RC has agreed to the
compensation to be paid to RC under this Agreement in the expectation that RC will be able to
offset costs allocable to performing this Agreement with revenues arising from Employer's
exclusive use of RC at the rates provided herein throughout the initial or succeeding term.
SECOND
Re -numbered section 7 of the Agreements, titled "Compensation and Payment" is amended by replacing
subsections (a) and (d) with the following:
2
(a) Plan Administration Fee. The .amount to be paid for plan administration services under this
Agreement shall be: (i) For the first year of this Agreement, 0.29% per annum of the amount
of Plan assets invested in the Trust; and (ii) For years two through five of this Agreement.
0.00% 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.
(d) Mutual Fund Services Fee. There is an annual charge of 0.0% assessed against average daily
net Plan assets invested in the Trust's Mutual Fund Series.
The compensation and payment set forth in this section 7 is contingent upon Employer's continued use
of EZLink for enrollment and contribution processing over the term of this Agreement.
THIRD
Re -numbered section 10 of the Agreements, titled "Term" is amended to provide as follows:
This Agreement shall be in effect for an initial term beginning on the Execution Date and ending
5 years after the Execution Date. This Agreement will be renewed automatically for two one
year terms and each succeeding year unless written notice of termination is provided by either
party to the other no less than 60 days before the end of such Agreement year.
The fee amendment specified in section 7 of the Agreements will take effect in the calendar
quarter following the Retirement Corporation's receipt of one fully -executed copy of this
Amendment based upon the following schedule:
- Received by February 20:
Effective April
- Received by May 20:
Effective July
- Received by August 20:
Effective October
- Received by November 20:
Effective January
In all other respects, the Agreements are hereby ratified and affirmed.
IN WITNESS WHEREOF, Employer has caused this Amendment to be executed by its duly authorized officer
this I q4�N day of , 2004.
CITY OF VERNON
By:
Print ame: I e6'fi s - CC <_Malburg
Title: Mayor
ICMA RETIREMENT CORPORATION
by:
Paul Gallagher
Corporate Secretary
Attest:
Bruce V. Malkenhorst
City Clerk
Approved As to Form:
27-:��,-
Eric Fresph, City Attorney
SUPPORTING
DOCUMENTS
City of Vernon
Section 457 Deferred Compensation Plan
November 7, 2003
Presented by
The ICMA Retirement Corporation
Shawn Baker
Retirement Plans Specialist
Tel: (310) 379-2773
Fax: (310)379-7703
Email: sbaker@icmarc.org
Corporate Headquarters
777 North Capitol Street, NE
Suite 600
Washington, DC 20002-4240
The City of Vernon, California
Section 457 Deferred Compensation Plan
Table of Contents
ExecutiveSummary................................................................................1
ReducedFees.........................................................................................3
EmployeeEducation...............................................................................6
Value -Added Service............................................................................10
TechnologicalServices.........................................................................16
QualityInvestments.............................................................................22
Commitment to the Public Sector........................................................30
ICMA RETIREMENT CORPORATION
The City of Vernon, California
Section 457 Deferred Compensation Plan
Executive Summary
The ICMA Retirement Corporation:
A Dedicated Partner for You and Your Employees
As one of the City of Vernon's retirement plan providers, the ICMA Retirement Corporation (RC)
welcomes this opportunity to describe the advantages of selecting us as your exclusive provider
of 457 plan educational, administrative, and investment management services.
RC is the only firm in the nation dedicated to serving the public sector exclusively, and we
stand alone in our singular focus on meeting the retirement needs of public sector employees.
Highlights of how we can add value to the City's program are summarized below:
-.
Solution
Reduced Fees: The City
• RC will implement a fee reduction program to eliminate the plan
can greatly reduce the
administration fee in the fourth year of our relationship as sole provider for
cost of participation in
your program.
the plan.
• Our proposed fee reduction will provide significant value to your plan.
Based on current assets served and the $1 million that will be transferred to
our service, the reduction and eventual elimination of our plan
administration fee will save the City more than $300,000 over the next five
ears.
Employee Education:
• On -site educational seminars and individual consultations by a salaried
The value of your
representative who currently serves the City.
program is maximized
• Communication materials designed specifically for public sector employees.
when participants are
. Website focused on enhancing participant knowledge; includes interactive
fully knowledgeable on
tutorials with streaming video.
how to use the plan.
Value Added Service:
• RC is a "one -stop -shop" provider of comprehensive services.
RC is committed to
. Participant payout options are the most flexible allowed by law.
providing the City with
. Access to a comprehensive range of mutual funds that are selected and
the best possible service.
monitored by a team of experienced investment professionals.
. Legal and regulatory changes, as well as new Federal legislative
developments, are communicated in the Employer Bulletin and through
our Vanta el -ink website.
Technological
. Personal available toll -free from NASD registered Investor Services
Services: RC maintains
Representatives.
a leading -edge suite of
• State-of-the-art Internet and voice response transaction and information
services for the City's
delivery systems.
plan.
. Web -based VantageView account aggregation service.
. Independent investment advice from Morningstar Advice Online* for
those wishing additional guidance in designing ortfolio.
Quality Investments:
• Eight investment options actively managed by multiple subadvisers where
ICMA RETIREMENT CORPORATION
The City of Vernon, California
Section 457 Deferred Compensation Plan Executive Summary
Need
Solution
The City can offer its 457
appropriate.
plan participants a full
. Five passively managed index funds.
range of investment
options designed
. Five lifestyle model portfolios covering a broad risk -return spectrum.
specifically for retirement
" Access to a number of brand name mutual funds.
investment.
Commitment to the
• RC is a not -for -profit corporation serving public employees exclusively.
Public Sector: As a
• RC's program is endorsed by 19 public sector organizations, including the
governmental entity, the
National League of Cities, the Government Finance Officers
City wants a provider
Association, the American Society for Public Administration, and
with a proven
many others.
commitment to public
. RC maintains the Vantagepoint Public Employee Memorial
employees.
Scholarship Fund for spouses and children of government employees
killed in the line of duty.
These are just a few of the strengths and enhancements we bring to the City of Vernon. We
look forward to your review of our proposal, and to providing additional information upon your
request.
*Morningstar Advice Online is an independent provider of investment advice not affiliated with the ICMA Retirement Corporation.
Investment advice and analysis tools are offered to participants through the ICMA Retirement Corporation, a federally registered
Investment Adviser.
ICMA RETIREMENT CORPORATION
The City of Vernon, California
Section 457 Deferred Compensation Plan
Reduced Fees
RC currently charges an administration fee based on assets served, average participant
balances, and services provided. We currently assess an administration fee of 0.55% on all
assets in the City's plan as co -provider.
In the event the City of Vernon selects RC as its sole provider of deferred compensation plan
administration and investment management services, RC proposes to reduce the annual plan
administration fee as follows:
Year 1: 0.22%
Year 2: 0.15%
Year 3: 0.08%
Year 4: Plan administration fee eliminated
In addition our current 0.15% mutual fund services fee will be eliminated and expenses on our
index funds will be reduced by 0.20%.
This proposal is based on the transfer of approximately $1 million from the current co -provider
with a five-year exclusive contract with one-year annual renewal each year after, and consistent
usage of EZLink for remittance of funds and data transfer.
At RC, we believe the City and its participants should not be penalized with fees and restrictions
merely for withdrawing assets from our program. We therefore have no front-end loads,
deferred sales charges, or market value adjustments in the RC program. We support all efforts
to eliminate these expensive and inflexible restrictions on participants' funds, and we encourage
all members of the pension industry to remove these impediments to the effective long-term
investment and disbursement of public employee retirement savings.
The following are fund -specific fees and expenses that are also incurred by participants:
DomesticLarge Cap
Vanta eTrust Growth Fund
Morningstar
Category'Fund
Large Growth
Fund Fees/
0.92%
VT American Century Ultra°
Large Growth
0.99%
VT Putnam Voyager Fund
Large Growth
0.96%
Vanta eTrust 500 Stock Index Fund
Large Blend
0.28%
Vanta eTrust Broad Market Index Fund
Large Blend
0.30%
Vanta eTrust Growth & Income Fund
Large Blend
0.85%
VT Calvert Social Investment Fund
Large Blend
1.29%
VT Fidelity Contrafund°
Large Blend
0.99%
,�� ICMA RETIREMENT CORPORATION 3
The City of Vernon, California
Section 457 Deferred Compensation Plan Reduced Fees
VT Fidelity Ma ellan° Fund
Morningstar
Category'Fund
Large Blend
Fund Fees/
0.76%
VT MFS Lar a Company Growth Fund
Large Blend
0.94%
Vanta eTrust Equity Income Fund
Large Value
0.93%
VT Lord Abbett Lar a Corring[Ly Value Fund
Mid/Small Cap Domestic Stock Funds
Vanta eTrust Aggressive Opportunities Fund
Lar a Value
Mid -Cap Growth
0.85%
1.19%
Vanta eTrust Mid/Small Co Stock Index Fund
Mid -Cap Blend
0.34%
VT American CenturyO Value Fund
Mid -Cap Value
1.00%
VT Gabelli Value Fund
Mid -Cap Value
1.40%
VT INVESCO Small Company Growth Fund
Small Growth
1.45%
VT T. Rowe Price° Small Cap Stock Fund Adv
Small Blend
1.19%
VT T. Rowe Price° Small -Ca Value Fund Adv
Foreign/World Stock Funds
VT ]anus Adviser Series Worldwide Fund
Small Value
World Stock
1.06%
1.20%
Vanta eTrust International Fund
Foreign Stock
1.21%
Vanta eTrust Overseas Equity Index Fund
Foreign Stock
0.51%
VT Putnam International Eguity Fund
Bond/Stable
Vanta eTrust PLUS Fund
Forei n Stock
Stable Value
1.16%
0.47%
Vanta eTrust Cash Management
N/A
0.65%
Vanta eTrust US Government Securities
Intermediate Govt.
0.62%
Vanta eTrust Core Bond Index
Intermed Term Bond
0.29%
VT PIMCO Total Return Bond Fund
Intermed Term Bond
0.68%
VT PIMCO High Yield Bond Fund
Domestic Hybrid/ Lifestyle Funds
Vanta eTrust Savings Oriented
Hi h Yield Bond
Domestic Hybrid
0.75%
1.03%
Vanta eTrust Conservative Growth
Domestic Hybrid
1.02%
Vanta eTrust Traditional Growth
Domestic Hybrid
1.05%
Vanta eTrust Long -Term Growth
Large Growth
1.01%
Vanta eTrust All -Equity Growth
Large Growth
1.18%
Vanta eTrust Asset Allocation
Domestic Hybrid
0.76%
VT Fidelity Puritan° Fund
Domestic Hybrid
0.64%
I Categories are from Morningstar as of 3/31/01 for underlying funds where available. Category for the PLUS Fund was determined
by ICMA-RC based on underlying fund characteristics. * Morningstar, Inc.° provides independent analysis of open-ended mutual
fund companies and is not affiliated with the ICMA Retirement Corporation ("ICMA-RC'J. For each fund with at least a three-year
history, Morningstar calculates a Morningstar Rating (based on a Morningstar Risk -Adjusted Return measure that accounts for
variation in a funds monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis
on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next
22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. Highly rated
funds are defined as those that have a four or five star Morningstar rating. Data provided by Morningstar, Inc.®. All rights reserved.
The information contained herein; (1) is proprietary to Morningstar and/or its affiliates; (2) may not be copied or distributed; (3) is
not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers nor ICMA-RC are responsible for any
damages or losses arising from any use of this information. This information is being provided for informational purposes only and is
not intended as or to be relied upon as investment advice or the solicitation or offer of a particular product or service. ICMA-RC does
not review the Morningstar data and, for mutual fund performance information, you should consult the specific fund's current
prospectus for additional information concerning, fees, expenses and trading restrictions.
/A&, I C M A RETIREM ENT CORPORATIO N 4
The City of Vernon, California
Section 457 Deferred Compensation Plan Reduced Fees
Z VantageTrust Mutual Fund Series expenses (applied to funds which are denoted with a "VT" at the start of the fund name) are
based on data derived from the underlying fund's current prospectus as of 2/28/03. VT Fidelity MagellanO is closed to new plan
sponsors. Expenses are subject to change. Please consult both the current specific fund's prospectus and Making Sound Investment
Decisions A Retirement Investment Guide for a summary of all fees, expenses, retained revenue reimbursements and trading
restrictions carefully prior to investing any money. Vantagepoint securities are distributed by ICMA-RC Services, LLC, a broker -dealer
affiliate of ICMA-RC, member NASD/SIPC. ICMA-RC Services LLC, 777 North Capitol Street NE, Washington, DC 20002-4240.
1-800-669-7400. www.icmarc.org.
/A&, I C M A R E T I R E M E N T C 0 R P 0 R A T I O N .5
The City of Vernon, California
Section 457 Deferred Compensation Plan
Employee Education
At RC we call ourselves "The Learning Organization," because we are committed to participant
education.
We believe that informed participation is crucial to the success of your pension program.
Accordingly, we developed our curriculum of seminars and educational materials with one aim
in mind: helping public sector employees make informed retirement investment decisions.
Enrollment and Educational Group Meetings*
Focus groups have shown that many employees do not participate in their retirement plans for
fear of making mistakes in their investment choices. To counteract this concern, a strong
employee education program is essential.
The ultimate success of your program is measured by the added retirement benefit achieved by
employees participating in the plan. RC offers a clear, concise, dynamic educational program
that includes group meetings, individual consultations, and periodic publications to help
participants become successful investors.
Mr. Shawn Baker, your RC Retirement Plans Specialist, conducts group educational meetings to
discuss retirement planning, the investment options available, and the specific features of your
program. Our on -site Investment Education Series enhances the value of your plan as an
employee benefit by giving participants the knowledge they need to make key decisions. This
series, which is customized to your specific requirements, may include the following courses:
■ Fundamentals of Investing Part I. This course is targeted at the novice investor, and
explains the effects of risk on investments and how to manage investments to reduce risk.
• Fundamentals of Investing Part II. This course builds on the information discussed in
Part I, and covers more advanced topics. Participants learn how to read a prospectus, and
how to monitor and evaluate fund performance.
• Retirement Planning. In this course, participants set retirement goals and estimate
assets available for retirement using our publication Charting Your Course.
■ Fundamentals of a Retirement Plan. This workshop covers the basics of the plan, from
current tax benefits to eligibility for withdrawal. An emphasis on how the plan works and
the investment options available make this an excellent workshop for new participants.
• Understanding Your Funds. This course offers detailed information about each of the
investment options available. Topics include fund characteristics, total fees, and historical
performance.
/A&, ICMA RETIREMENT CORPORATION 6
The City of Vernon, California
Section 4S7 Deferred Compensation Plan Employee Education
■ Understanding the VantageLink Website. This class is designed to walk individuals
through VantageLink, the ICMA Retirement Corporation's website. Participants who take
this course emerge with a thorough understanding of the retirement planning tools that are
literally at their fingertips.
Withdrawal Options. This course explains the available withdrawal options for
participants nearing retirement age.
■ Specialized Workshops. Customized seminars can also be developed to meet the specific
needs of your employees. For example, we developed a course on Retirement Planning
Issues for Women, which reviews areas of unique concern to women, such as longer life
expectancies, interruption of working careers, and wage differentials.
* Seminars are provided for educational purposes only and is not intended to be construed as or relied upon as investment advice.
The ICMA Retirement Corporation does not offer specific tax or legal advice. Investors should seek financial advice regarding the
appropriateness of investing in any securities or investment strategies discussed or recommended. Please consult both the current
Vantagepoint Funds prospectus and MAKING SOUND INVESTMENT DECISIONS: A Retirement Investment Guide carefully prior to
investing any money. Vantagepoint securities are distributed by ICMA-RC Services, LLC, a broker -dealer affiliate of ICMA-RC, member
NASD/SIPC. ICMA-RC Services, LLC, 777 North Capitol Street NE, Washington, DC 20002-4240. 1-800-669-7400.
Education Pays Off:
Our Participants Understand Their Time Horizons and Risk Tolerance
Under 35
Individual Consultations
46-55
42%
11 :30%.
Following the group presentations, your Retirement Plans Specialist provides individual
consultations to offer unbiased assistance in the selection of investment options and completion
of enrollment materials.
One-on-one counseling sessions focus on the financial concerns of individual participants. Using
our proprietary benefit calculation software on a laptop computer, Mr. Baker performs
personalized benefit and tax savings illustrations for each participant. Our benefits calculation
program performs two main functions:
I C M A R E T I R E M E N T C O R P O R A T I O N
The City of Vernon, California
Section 457 Deferred Compensation Plan Employee Education
■ Illustrations. Benefit and tax -savings illustrations are based on a participant's age, salary,
employee pre-tax deferral rate (if applicable), the amount required at retirement, and
disbursement schedule. The maximum deferral amount, incorporating an assumed cost -of -
living increase, is also shown.
■ Investment Information. Investment information helps employees determine which
options or investment strategies are best for them, given their level of risk tolerance and
time horizon. The desired return rates determine the projected yield and targeted amount
to save.
These personalized illustrations show the effect that various contribution and investment
allocation scenarios can have on potential benefits. All illustrations can be printed in hard copy
for employees' records. This distinguishing feature of the RC program helps participants design
a portfolio that meets their retirement goals.
As a non-commercial provider of public sector retirement services, we have the independence
necessary to provide service that is focused on meeting your employees' needs. Our
representatives have no economic incentive to favor any investment products or withdrawal
options over others.
Communication Materials
All of the materials we provide to you and your employees were designed specifically for public
retirement plans. Our materials seek to educate participants —not 'sell" products. We provide
your employees with the following educational guides:
Educational Publications
■ RC 457 Plan Employee Enrollment Kit. Contains educational brochures and all the
forms participants need to enroll in the plan.
■ A Tax Shelter for Your Future. Provides a summary of 457 deferred compensation
retirement plans.
■ Charting Your Course: A Retirement Planning Guide for Public Sector Employees.
This retirement savings kit helps participants set savings goals based on estimated
retirement expenses and assets.
■ Fund Option Sheet. Reviews the investment options administered by the Retirement
Corporation, and describes each fund's portfolio, objective, and risk level.
I C M A R E T I R E M E N T C 0 R P 0 R A T I O N 1 8
The City of Vernon, California
Section 457 Deferred Compensation Plan Employee Education
Newsletters
■ The Vantagepoint. Our quarterly participant newsletter that discusses market trends, new
plan features and services, regulatory developments, and other issues.
■ Vantagepoint Perspective. Our online newsletter that provides current fund
performance, benchmarks, and data on the funds of the VantageTrust.
• Employer Bulletin. Our monthly employer newsletter that contains the latest regulatory
changes and other information that affects plan sponsors.
Transactional Publications
■ Managing Your Account Has Never Been Easier. Our brochure that describes how to
use our toll -free information line and how to access and use our comprehensive Internet
services.
• 457 Deferred Compensation Plan Withdrawal Packet. Describes all of the options
available for withdrawal and works through the completion of each form included in the
packet.
Investment Fund Disclosure
• Vantagepoint Funds Prospectus. Provides information on the Vantagepoint Funds,
including specifics on the types of investments, investment managers, fees, expenses, and
other pertinent data.
■ Making Sound Investment Decisions: A Retirement Investment Guide. Provides
specific information about the types of investments, investment managers, fees, expenses,
and other pertinent data about the VantageTrust.
■ VantageTrust Annual Report. Provides specific information to participants on the
financial performance of investments through the VantageTrust. Includes the audited
financial statements for the Trust.
I C M A R E T I R E M E N T C O R P O R A T I O N 9
The City of Vernon, California
Section 457 Deferred Compensation Plan
Value -Added Service
The RC Philosophy: A Customer -Oriented Approach to Client Service
The ICMA Retirement Corporation has a fundamental mission: to provide the highest quality
retirement plan administration and investment management services at the lowest possible
cost. Since our inception in 1972, we have remained true to that original vision. These are just
a few examples of our philosophy at work:
■ Our programs have never had any type of market value adjustment or discontinuance
charge —either on a participant- or plan -level basis.
• We voluntarily lower fees as plan characteristics, economies of scale, and productivity
improve. Plan service components have been continually added without charge.
■ We have independent, unbiased relationships with investment firms and mutual funds
contracted to supply investment management.
• On -site representatives are non-commissioned. This ensures that your employees receive
unbiased financial planning assistance, since the compensation of our representatives is not
affected by participant investment/disbursement decisions.
■ The aggregate investment allocation among our 600,000 participants is comparable to that
of institutionally managed defined benefit plans (employee investors with access to strong
defined benefit plans rarely select annuities).
• Our state-of-the-art OmniPlus recordkeeping system meets the administrative service
requirements of our plan sponsors. Automated transactions and instant access to
plan/participant account information are just the beginning of the services available.
• VantageLink, our website, is the only Internet site dedicated solely to public sector
retirement investment. VantageLink provides participants with the ability to make
automated transactions, and gives them access to sophisticated education modules and
worksheets. We continually expand and update the site to ensure ongoing quality of
service.
Service Performance Standards
The ICMA Retirement Corporation is fully committed to continuing to deliver the best possible
service to plans and participants. Current performance standards for specific processing events
are shown in the grid on the following page:
"Allik` ICMA RETIREMENT CORPORATION 10
The City of Vernon, California
Section 457 Deferred Compensation Plan Value -Added Service
Processing Event
Contributions
Same day, upon receipt of good data by 1:00 p.m. Pacific
Time
Distributions
Mailed within one business day of receipt (after all required
waiting periods)
Transfers/Exchanges
Same day, upon receipt of good data by 1:00 p.m. Pacific
Time
Investment Elections
Same day, upon receipt of good data by 1:00 p.m. Pacific
Time
VRU and Call Center
98% of all calls within one ring
Participant Statements
Mailed within 10 days of quarter end
Plan Sponsor Reports
Mailed within 15 days of quarter end
Regulatory and Compliance Services
Our in-house legal staff continuously monitors regulatory and statutory requirements.
The responsibility of our in-house compliance department is to ensure that our processing
environment is in compliance with applicable SEC, NASD, and IRS requirements. All
documents, including our plan documents, are reviewed and updated as needed. In addition,
we perform numerous tests to ensure compliance with plan and Internal Revenue Code
provisions, including checks for participant adherence to minimum distribution requirements.
RC reports on legal and regulatory changes affecting public sector retirement plans to plan
sponsors via our monthly Employer Bulletin and on our Vantagel-ink website. Other RC
legislative publications and services include:
EGTRRA: A Guide for Public Employers, our publication that provides a comprehensive
overview of how the new legislation affects your plans.
■ Pension Portability Unit, our toll -free information center staffed by live representatives
available to help participants understand the new rules and determine the best course of
action.
Legislative Action Center, our interactive online legislative research service, features the
Today in Congress legislative news update, a search function on current bills and
legislation, and an email service that allows participants to send a message to Congress to
support important 457 and 401 plan provisions in future legislation (suggested letters
included).
lA&, I C M A R E T I R E M E N T C 0 R P 0 R A T I 0 N 11
The City of Vernon, California
Section 457 Deferred Compensation Plan Value -Added Service
RC's Fully Flexible Payout Options
RC offers the most flexible selection of payout options allowed by law. Participants may specify
a fixed period over which to receive benefits, a fixed amount to receive each month, or another
payment schedule of their choice, consistent with IRS regulations. Participants who receive
regular distributions can have their payments electronically deposited directly to their bank
accounts. Examples of available payment schedules include:
• Lump sum payment of accumulated assets
■ Rollovers to other plans or to an IRA consistent with the Internal Revenue Code
• Monthly, quarterly, semiannual or annual payments based on participant -selected schedule:
• Specified amount at regular intervals until the account balance is depleted
■ Fractional payments to ensure account depletion over a defined period of time
• Declining payments within Internal Revenue Code minimums
• Internal Revenue Code minimum, recalculated annually
• Payments estimated to deplete the account over a specified number of years
• Payments estimated to deplete the account over the life expectancy of the participant,
participant and spouse, or beneficiary
• COLA (cost -of -living -adjusted) periodic payments for §457 plans, which increase at the
beginning of each calendar year, at the rate of increase of the Consumer Price Index for
All Urban Consumers (CPI-U)
■ Combination of lump -sum and periodic payments
Partial or full annuitization through RC's Income for Life Program*, which offers access
to lower cost "group rate" annuities from multiple providers
Additionally, during distribution participants can:
• Select the order of investment funds to be depleted
• Transfer funds among investment options
In addition, RC never levies hidden deferred sales charges or stable value adjustments:
participants leaving the Plan may withdraw all assets without RC -imposed charge or
penalty. The amount that an individual participant can withdraw, or the amount available to
eligible beneficiaries, is always equal to the full value of the participant's account at
time of disbursement, never less.
* Annuities are insurance products available through companies not affiliated with the ICMA Retirement Corporation. Please consult
"Income for Life Annuity Program: Immediate Annuities for Retirement Income," prior to purchasing an annuity. 1-800-669-7400.
--A&— I C M A R E T I R E M E N T C 0 R P 0 R A T I O N 1 12
The City of Vernon, California
Section 457 Deferred Compensation Plan Value -Added Service
Standard Plan Sponsor Reports
RC provides the City with the following reports as a standard feature of our program:
• Quarterly and Annual Employer Statements. Statements provide a summary of plan
contributions, investment gains and losses, disbursements, fund transfers, and beginning
and ending balances.
■ Monthly Employer Bulletin. Newsletter containing the latest regulatory changes and
specific information that affects employers.
• Vantagepoint Perspective. Our online quarterly investment newsletter that provides
current fund performance, benchmarks, and data on the funds of the VantageTrust.
■ The RC Employer Manual. A complete reference of RC's services is available online at
www.icmarc.ora. A condensed hardcopy Employer Guide is also available.
Custom Plan Sponsor Reports
We can also prepare customized hard copy reports upon request based on information retained
by our system. Customized reports of reasonable quantity and complexity are provided at no
extra cost. RC is developing flexible online employer reporting and download capabilities for
release later this year. The following data is now available online:
Plan Information
■ Plan balances by investment as of the most recent business date
• Plan level investment allocations
■ Pie chart of plan investments by age range
• Contribution transactions for various date ranges for the plan
■ Transactions by type summarized for various date ranges for the plan
• Participant addresses for participants by specified status or for all participants
• Daily share prices and short-term investment performance measures
• Total return performance in the SEC "standardized" presentation
■ A library of RC publications
_A I C M A R E T I R E M E N T C 0 R P 0 R A T I O N 1 13
The City of Vernon, California
Section 457 Deferred Compensation Plan Value -Added Service
Participant Information
• Account balance by investment
• YTD contributions and contributions by specified date range
• Allocation percentages
• Statements on demand
■ Personal information (name, address, birthdate etc.)
Standard Participant Reports
RC provides the City's employees with the following reports as a standard feature of our
program:
• Quarterly statements of account activity showing contributions, investment gains and
losses, disbursements, fund transfers, service charges (if applicable), and beginning and
ending account balances. In addition, participant statements include pie charts depicting
asset allocations, and a calculation of the internal rate of return the participant achieved in
the account.
• The Vantagepoint, our quarterly participant newsletter, discusses investment issues,
market trends, new plan features and services, regulatory developments.
Custom Participant Reports
VantageLink, the RC website at www.icmarc.ora, offers participants online access to
account information and automated reporting capabilities, including:
Account Information
• Holdings and prices (updated daily)
■ Statements on demand
• Investment performance (numerically and on charts)
■ Pie charts of participant investment allocation
/A&, I C M A RETI REM ENT CORPORATION 14
The City of Vernon, California
Section 457 Deferred Compensation Plan Value -Added Service
Plan Information
■ Articles from experts in retirement personal finance
■ Publications, including MarketView, that provide in-depth commentary and investment
resources for long-term investors
■ Chart of the Week
■ Fund descriptions, including objectives, strategies, risk, and subadvisers
■ 457 plan features
■ Legislative updates
■ Library of retirement articles
■ Glossary
lA&, I C M A R E T I R E M E NT CORPORATION I 1s
The City of Vernon, California
Section 457 Deferred Compensation Plan
Technological Services
Toll -Free Participant Telephone Access
We offer participants the following toll -free telephone services:
• VantageLine. Our VantageLine voice response unit allows participants to make automated
transactions and access account information 24 hours a day. Participants can transfer funds,
change investment allocations, and obtain information on account balances, fund allocation,
current rates, and investment performance, as well as vesting status and outstanding
amounts on RC -administered loans.
• Investor Services Representatives. Our registered Investor Services Representatives
have immediate online access to plan data and participant account information. They can
answer your employees' questions about:
■ Investments • Reallocation
■ Account status ■ Transactions
• Account balances • Loan status
• Current investment allocation • Benefit payments and tax withholding
Investor Services Representatives can provide benefit illustrations, carry out instructions to
reallocate contributions, transfer assets between funds, and initiate loans. Representatives are
available from 5:30 AM to 6:00 p.m. Pacific Time.
TDD Line. We provide a toll -free TDD line for hearing -impaired participants. To access
account information, the participant dials the TDD line and keys in the inquiry; an Investor
Services Representative answers by typing in a response.
■ Help for Non -English Speakers. We also provide a toll -free line for Spanish-speaking
participants featuring bilingual Investor Services Representatives. An additional 140
languages can be accommodated through AT&T's Language Line translation service.
Toll -Free Employer Telephone Access
Our specially designated employer service representatives are trained to support the day-to-day
needs of plan sponsors. They assist you with answers to general and technical plan questions,
plan adoption and implementation procedures, regulatory changes, contribution submittals, and
orders for publications and forms. Employer representatives are available Monday through
Friday, from 5:30 AM to 4:30 p.m. Pacific Time.
/�� ICMA RETIREMENT CORPORATION 16
The City of Vernon, California
Section 457 Deferred Compensation Plan Technological Services
Internet Access
VantageLink, the RC website at www.icmarc.ora, offers participants access to account
information and automated transaction capability online. We were the first vendor in the public
sector retirement plan industry to offer participants access to account data over the Internet,
and we continuously strive to enhance the utility of this powerful communications tool.
VantageLink offers the following features for your participants:
Accounts
■ Holdings and prices (updated daily)
• Statements on demand
■ Investment performance (numerically and on charts)
• Pie charts of participant investment allocation
Transactions
• Fund transfers
• Contribution allocation changes
■ Rebalance to contribution allocation
• E-mail to the Retirement Corporation
Learning Center
• Online classes
■ Articles from experts in retirement personal finance
• Publications, including MarketView, that provide in-depth commentary and investment
resources for long-term investors
• Financial planning calculators*:
■ Autos ■ Credit line
• Budgeting ■ Home
• Credit cards ■ Insurance
■ IRA —Roth vs. traditional
• Retirement planning
• Savings
* These calculators are designed to provide general assistance in making informed decisions. Their accuracy is not guaranteed
and some results may vary from those provided by other systems.
--A&, I C M A R E T I R E M E N T C 0 R P 0 R A T I 0 N 1 17
The City of Vernon, California
Section 457 Deferred Compensation Plan Technological Services
Legislative Action Center
• Instructions on how to contact the Legislature, the Executive Branch, and the Judiciary
■ Today in Congress
■ Search engine for bills and legislation
• E-mail messaging to Congress to support important plan provisions in future legislation
(suggested letters included)
MarketView
■ Latest investment perspective from Girard Miller, RC President and CEO
• Latest Investment.Insight from John Tobey, Vice President and CIO
• Chart of the Week
■ Sites on:
• Economic environment ■ Investment barometers
• Equity markets ■ Investment resources
Additional Information
■ Fund descriptions, including objectives, strategies, risk, and subadvisers
■ 401 and 457 plan features
• Legislative updates
• Library of retirement articles
■ Glossary
Quote Service
• Stock quotes
■ Portfolio tracking
■ Custom news
■ Personal home pages
I C M A RETIRE M ENT CORPORATION 18
The City of Vernon, California
Section 457 Deferred Compensation Plan Technological Services
■ Email alerts
• Chart stocks & indices
• Market commentary
IRA Wizard
Available online at our VantageLink website, the VantageLink IRA Wizard makes setting up an
IRA as easy as clicking your computer mouse. This new online application takes participants
step-by-step through the process of establishing a new Vantagepoint Roth, Traditional, or
rollover IRA —and even handles rollover requests from other financial institutions as well as
from RC.
■ Open a Vantagepoint Roth or Traditional IRA
• Consolidate retirement assets:
■ Roll over 457, 401, or 403 plan assets from another provider
■ Roll over RC -administered 457 or 401 plan assets
• Combine IRAs into one easy -to -manage Vantagepoint IRA
■ Fund an IRA online
Online Investment Advice
Available at our VantageLink website, RC offers portfolio allocation recommendations as well as
independent investment advice through Morningstar Advice Online*.
We have partnered with Morningstar Advice Online to offer employees online access to
investment advice and recommendations based on the investment options under their plan.
With Morningstar Advice Online's user-friendly platform, RC integrates data from our
systems with additional data entered by participants.
Two levels of service are available:
PortfolioBuilder. PortfolioBuilder is a service from RC that allows employees to complete a
personal profile and receive a recommendation on how to allocate investment among
different asset classes. It then compares the recommendation with the current asset class
allocation. Users may also choose from various strategies to see how RC's funds can be
used to implement the recommendation
I C M A R E T I R E M E N T C 0 R P 0 R A T I O N 19
The City of Vernon, California
Section 457 Deferred Compensation Plan Technological Services
Morningstar Advice Online Personal Advisor.* Personal Advisor is offered through
Morningstar, one of the nation's leading providers of online investment advice. Based on
the information you provide, it gives independent advice based on all of the funds available
through the City's plan. Additionally, Morningstar Advice Online Personal Advisor contains
modules that allow the user to enter information pertaining to his or her retirement
investments and receive projections on how much they may need for retirement, as well as
how much they may accumulate based on their present situation. Users can also change
certain variables to see how their projection is affected.
PortfolioBuilder is available free of charge. Morningstar Advice Online* will be free for our first
year as sole provider for the plan and will subsequently be available for an annual fee of $35 to
the user. As described below, participants in our VantagePoints program may apply their
VantagePoints to offset the cost of Morningstar Advice Online Personal Advisor.
*Morningstar Advice Online is an independent provider of investment advice not affiliated with the ICMA Retirement Corporation.
Investment advice and analysis tools are offered to participants through the ICMA Retirement Corporation, a federally registered
Investment Adviser.
EZLink Employer Online Services
RC is committed to offering the most robust Internet services in the industry, and we believe in
using its power to provide plan sponsors with comprehensive and detailed plan information.
Our EZLink (www.icmarc.org) Internet service offers customized electronic access to plan
data that can be used as a critical tool to fulfill your fiduciary responsibility as a plan sponsor.
We also provide the ability to implement transactions electronically to enhance your
administrative efficiency. RC currently provides plan sponsors the following plan level activity
online:
Plan Information
■ Plan balances by investment as of the most recent business date
• Plan level investment allocations
• Pie chart of plan investments by age range
• Contribution transactions for various date ranges for the plan
■ Transactions by type summarized for various date ranges for the plan
• Participant addresses for participants by specified status or for all participants
• Daily share prices and short-term investment performance measures
■ Total return performance in the SEC "standardized" presentation
I C M A R E T I R E M E N T C 0 R P 0 R A T I O N 1 20
The City of Vernon, California
Section 457 Deferred Compensation Plan Technological Services
■ A library of RC publications
Participant Information
■ Account balance by investment
• YTD contributions and contributions by specified date range
• Allocation percentages
■ Statements on demand
• Personal Information (name, address, birth date etc.)
Automated Transactions
RC's EZLink Internet service provides plan sponsors the ability to streamline operations, speed
processing, and reduce paperwork. This service currently includes transmission of:
• Employer -approved enrollments
■ Contribution data
■ Participant data (name and address changes)
Plan Administration
• Ability to create custom messages that appear in Account Access for all participants or
specific participant
■ Change Plan Contact names and specify functions allowed within EZLink
• View previous payroll submissions
-A& I C M A R E T I R E M E N T C 0 R P 0 R A T I O N 1 21
The City of Vernon, California
Section 457 Deferred Compensation Plan
Competitive Investment Products
The Retirement Corporation has been helping local government employers meet their
employees' retirement investment needs since 1972.
The RC Investments Division has over 175 years of combined investment experience. Our
commitment to customized institutional consulting and education has enabled us to create
answers to the investment issues faced by our clients every day.
The value of these services is quantifiable. In 1993, we initiated a nationwide effort to provide
asset allocation tools, and promoted long-term investment in strategically diversified portfolios.
The benefits of education are apparent in the evolution of the distribution of assets in the RC
program:
Total VantageTrust Investment Allocation: 1993 vs. 2002
Participant Asset Allocation in 1993 Participant Asset Allocation in 2002
RC believes that diversified investment, consistently applied toward specified goals, is the best
way to help your employees meet their retirement objectives.
In keeping with this philosophy, we offer a wide array of investment products suited to different
investment styles and strategies. And we offer further support by providing the educational
resources participants need to make informed decisions. Our approach to participant education
is designed to help your employees reach a level of sophistication where they will feel
comfortable using the tools we provide to reach their investment goals.
Our fund offerings* are structured along multiple tracks that attempts to meet the needs of all
investors as they design investment programs that meet their specific objectives, levels of risk
tolerance, and time horizons:
*Please consult both the current specific fund's prospectus and MAKING SOUND INVESTMENT DECISIONS: A Retirement Investment
Guide carefully prior to investing any money. Vantagepoint securities are distributed by ICMA RC Services LLC, a broker dealer
affiliate of ICMA RC, member NASD/SIPC. ICMA RC Services LLC, 777 North Capitol Street NE, Washington, DC 20002-4240. 1-800-
669-7400.
/A&, ICMA RETIREMENT CORPORATION 1 22
The City of Vernon, California
Section 457 Deferred Compensation Plan Quality Investments
• Lifestyle -type funds for those who want their investments automatically diversified in a
defined and consistent manner.
• Index funds that provide low-cost access to equity, bond, and international markets, and
are designed to closely track a broad and defined market.
• Institutionally managed mutual funds that often blend the styles of multiple managers
in an effort to invest at the optimal point on the efficient frontier.
■ A series of funds that invest in nationally recognized retail mutual funds.
RC: the Manager of Managers
With the exception of the stable value PLUS Fund, which is managed by RC, assets of all funds
are managed by independent, external managers hired to invest toward defined objectives.
This approach allows us to focus exclusively on the interests of our participants -and provides
the flexibility to make changes as manager abilities, markets, and investor needs evolve. Our
investment group of fourteen professionals, with a combined total of over 175 years of
institutional investment experience, is responsible for the selection and monitoring of these
outside managers.
Our philosophy of diversified and consistent investing, however, is best exemplified by the
institutionally managed Vantagepoint Funds. Where possible, multiple managers are employed
to blend styles in an effort to invest at the optimal risk/return point (the efficient frontier).
Individual managers within a fund are replaced as necessary, which prevents the disruption
participants typically experience when retail mutual funds are removed from a program.
The Model Portfolio Funds are structured to give participants consistent asset allocations in a
fashion similar to defined benefit plan management. Allocations among Vantagepoint funds are
defined and assets are reallocated quarterly, or more frequently, when allocation shifts exceed
defined parameters.
VantageTrust Funds*
VantageTrust Funds are exclusively available through our program and are structured to offer
the core risk/return options needed for any investment portfolio. Each of the VantageTrust
Funds is invested solely in the shares of a single underlying Vantagepoint Fund, which has the
same investment objectives as the corresponding VantageTrust Fund.
* Please consult both the current specific fund's prospectus and MAKING SOUND INVESTMENT DECISIONS: A Retirement Investment
Guide carefully prior to investing any money. Vantagepoint securities are distributed by ICMA RC Services LLC, a broker dealer
affiliate of ICMA RC, member NASD/SIPC. ICMA RC Services LLC, 777 North Capitol Street NE, Washington, DC 20002-4240. 1-800-
669-7400.
/A&, I C M A R E T I R E M E N T C 0 R P 0 R A T I O N 1 23
The City of Vernon, California
Section 457 Deferred Compensation Plan Quality Investments
The first Vantagepoint Funds were registered on March 1, 1999. Predecessor funds operated
prior to that date with an exemption from the SEC. The following chart lists the subadvisers of
the Vantagepoint Funds, also indicating the inception date of the predecessor fund.
Name Morningstar
Category
Philosophy/ObjectiveFund
..
Large . Domestic Stock Funds
VantageTrust Growth Fund Large Growth
Seeks capital growth through stocks with above-
Fidelity Mgmt Trust Co.
average potential for corporate earnings growth and
Barclays Global Investors
by applying a growth strategy.
Tukman Capital Mgmt.
Brown Capital Mgmt.
Peregrine Capital Mgmt.
VT American Century
Large Growth
Seeks aggressive growth of capital by investing in
American Century
Ultra° Fund'
stocks with greater than average growth prospects
VT Putnam Voyager Fund
Large Growth
Seeks rapid growth of capital through small -to -mid-
Putnam Management
sized companies.
VantageTrust 500 Stock
Large Blend
Seeks growth by paralleling the large cap S&P 500
Barclays Global Investors
Index Fund
Index.
VantageTrust Broad
Large Blend
Seeks long-term growth by paralleling the broad equity
Barclays Global Investors
Market Index Fund
Wilshire 5000 Index.
VantageTrust Growth &
Large Blend
Seeks long-term growth through capital appreciation
T. Rowe Price Assoc.
Income Fund
and current income.
Capital Guardian
Wellington Capital Mgmt.
VT Calvert Social
Large Blend
Seeks to invest at least 80% of assets in equity
Atlanta Capital Mgmt.
Investment Fund
securities including common stocks, convertible
securities, and preferred stocks.
VT Fidelity Contrafund°
Large Blend
Seeks capital appreciation through out -of -favor,
Fidelity Investments
turnaround stocks with significant growth potential.
VT Fidelity Magellan @2
Large Blend
Seeks long-term capital appreciation by investing in
Fidelity Investments
equity securities with potential for high long-term
returns.
VT MFS Large Company
Large Blend
Seeks long-term growth of capital and future income
MFS Investment Mgmt
Growth Fund
rather than current income. Invests primarily in large -
cap stocks, but may also invest in mid -cap and
international stocks.
VantageTrust Equity
Large Value
Seeks long-term growth through dividend income and
T. Rowe Price Assoc.
Income Fund
capital appreciation.
Southeastern Asset Mgmt.
Barrow, Hanley, Mewhinney
& Strauss
VT Lord Abbett Large
Large Value
Seeks long-term growth of capital and income,
Lord Abbett Company
Company Value Fund'
consistent with low volatility. It primarily invests in
large, seasoned companies that are selling at prices
the manager believes are undervalued.
I C M A RETIRE M ENT CORPORATIO N 1 24
The City of Vernon, California
Section 457 Deferred Compensation Plan Quality Investments
Name
Morningstar
Category
Philosophy/Objective'Fund
..
Domestic
Stock Funds
VantageTrust Aggressive
Mid -Cap Growth
Seeks long-term growth of capital by investing in
T. Rowe Price Assoc.
Opportunities Fund
smaller companies and utilizes both value and growth
Wellington Mgmt. Co.
strategies.
Southeastern Asset Mgmt
VantageTrust Mid/Small
Mid -Cap Blend
Seeks long-term capital appreciation by paralleling the
Barclays Global Investors
Company Stock Index
small and mid cap Wilshire 4500 Index.
Fund
VT American Century°
Mid -Cap Value
Seeks growth by investing in stocks perceived to be
American Century
Value Fund'
below market value.
Investments
VT Gabelli Value Fund
Mid -Cap Value
-selling
Seeks long-term capital appreciation by investing
Gabelli Funds
stocks perceived to be selling at prices below market
value. May be concentrated in a few securities.
VT INVESCO Small
Small Growth
Seeks long-term capital growth. The Fund normally
INVESCO Funds Group
Company Growth Fund
invests at least 65% of assets in companies with
market capitalizations of less than $1 billion.
VT T. Rowe Price° Small
Small Blend
Seeks long-term capital growth by investing in the
T. Rowe Price Assoc.
Cap Stock Funds
stocks of rapidly growing small companies. The Fund
considers small companies as those with market
capitalizations that fall within the range of the Russell
2000 Index.
VT T. Rowe Price° Small-
Small Value
Seeks long-term capital growth by investing primarily
T. Rowe Price Assoc.
Cap Value Fund Adv5
in small -capitalization companies whose stock prices
do not appear to adequately reflect their underlying
value. The Fund invests in companies with a market
capitalization of $1 billion or less.
Foreign/World Stock Funds
VT Janus Adviser Series
World Stock
Seeks to invest primarily in foreign and domestic
Janus Capital Mgmt
Worldwide Fund
stocks. It normally invests in at least five countries,
including the U. S.
VantageTrust International
Foreign Stock
Seeks diversification and capital appreciation through
Capital Guardian Trust Co.
Fund
companies doing business outside the U.S.
Artisan Partners
VantageTrust Overseas
Foreign Stock
Seeks long-term growth diversification by paralleling
Barclays Global Investors
Equity Index Fund
the non-U.S. equity EAFE Index
VT Putnam International
Foreign Stock
Seeks capital appreciation. Looks to invest in
Putnam Investments
Growth Fund
companies of any size that it judges to be in a strong
growth trend or that it believes to be undervalued.
May invest in both developed and emerging markets.
May engage in various hedging strategies.
Bond/Stable
VantageTrust PLUS Fund
Stable Value
Seeks preservation of principal and current income
ICMA Retirement Corporation
through investment contracts issued by a number of
high -quality companies.
VantageTrust Cash
N/A
Seeks current income through money market
AIM Advisors
Management Fund'
instruments and short-term bonds.
�� I C M A RETIREM ENT CORPORATION 1 25
The City of Vernon, California
Section 457 Deferred Compensation Plan Quality Investments
Fund Name Morningstar
Category
Philosophy/Objective
..
:.Funds
VantageTrust US Intermediate
Seeks income and return equivalent to intermediate-
Seix Inv. Advisors, Inc.
Government Securities Govt.
term (5-15 years) fixed -income securities, while
Fund
minimizing credit risk.
VantageTrust Core Bond
Intermediate
Seeks long-term capital growth and current income.
Vantagepoint Investment
Index Fund
Term Bond
The fund normally invests up to 75% of assets in
Advisors
domestic and foreign equities. It may also invest in
preferred stocks, warrants, convertibles and debt.
VT PIMCO Total Return
Intermediate
Seeks to invest at least 65% of assets in debt
Pacific Investment Mgmt.
Bond Fund
Term Bond
securities, corporate bonds, and mortgage related
securities.
VT PIMCO High Yield Bond
High Yield Bond
Seeks to invest mainly in bonds that are obligations of
Pacific Investment Mgmt.
Fund
U.S. corporations. It also typically invests in securities
that are below investment in quality and have
intermediate to long-term maturities.
Domestic
VantageTrust Savings
Domestic Hybrid
The fund's primary investment objective is to provide
Vantagepoint Investment
Oriented Fund
conservation of principal, reasonable current income,
Advisors
and the potential for limited profit.
VantageTrust Conservative
Domestic Hybrid
The fund's primary investment objective is to provide
Vantagepoint Investment
Growth Fund
conservation of principal, reasonable current income,
Advisors
and small growth potential through exposure to
stocks.
VantageTrust Traditional
Domestic Hybrid
The fund's primary investment objective is to offer
Vantagepoint Investment
Growth Fund
capital growth with moderate risk through exposure to
Advisors
domestic and international stocks.
VantageTrust Long -Term
Large Growth
The fund's primary objective is to offer significant
Vantagepoint Investment
Growth Fund
growth potential through substantial exposure to
Advisors
domestic and international stocks.
VantageTrust Model
Large Growth
The fund's primary objective is to offer high long-term
Vantagepoint Investment
Portfolio All -Equity Growth
capital growth through exposure to stocks.
Advisors
Fund
VantageTrust Asset
Domestic Hybrid
Seeks conservative growth by actively allocating assets
Mellon Capital Mgmt.
Allocation Fund
among stocks, bonds and cash. Designed to take
advantage of volatile markets by varying the
percentage mix of those asset classes.
VT Fidelity Puritan° Fund
Domestic Hybrid
Seeks total return through high current income by
Wilshire Asset Mgmt.
investing in a diversified portfolio of high -yielding
stocks and bonds.
I- Investments in the Cash Management Fund are not insured or guaranteed by the Federal Deposit Insurance Corporation or any
other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose
money by investing in the Fund.
* Please consult both the current specific fund's prospectus and MAKING SOUND INVESTMENT DECISIONS: A Retirement Investment
Guide carefully prior to investing any money. Vantagepoint securities are distributed by ICMA RC Services LLC, a broker dealer
affiliate of ICMA RC, member NASD/SIPC. ICMA RC Services LLC, 777 North Capitol Street NE, Washington, DC 20002-4240. 1-800-
669-7400.
ICMA RETIREMENT CORPORATION 1 26
The City of Vernon, California
Section 457 Deferred Compensation Plan quality Investments
RC's Due Diligence Process
RC conducts independent oversight and review of all funds offered to plans (with the exception
of the PLUS Fund, which is managed in-house). RC's Investments Division is responsible for
the management of all assets in the VantageTrust.
All Vantagepoint funds are funds created by RC, and each has a stated investment objective.
RC hires professional investment management organizations (referred to as subadvisers) to
manage specific segments of each fund. Each subadviser is in turn bound by a set of
guidelines specific to the Vantagepoint fund segment they are hired to manage. The guidelines
not only characterize the investment objectives, but also set limits on the types of securities
each subadviser is allowed to invest in. These limits are designed to control the risk of the
portfolio, yet allows the manager to add value to the Vantagepoint fund in its area of expertise.
Riskier types of investments and strategies are specifically addressed in each manager's
assignment and are monitored closely by RC.
Each subadviser's portfolio is analyzed regularly. Risk, return and diversification measures are
assessed for each subadviser and for the entire Vantagepoint fund. RC uses several types of
analytical software to independently evaluate each portfolio, performance and transactions.
Analytical tools are combined with qualitative research to:
• Confirm that the objectives and guidelines of each fund are met;
■ Measure the risk, return and diversification of the portfolio; and
• Make any appropriate adjustments to the portfolios to maintain the overall investment
objectives of the Vantagepoint fund.
RC also offers a number of popular mutual funds in the VantageTrust Mutual Fund Series. RC
monitors these funds as well, but unlike the Vantagepoint funds, RC does not have control over
the investment objectives and guidelines of these funds. Both quantitative and qualitative
analyses are conducted to determine the fund's adherence to stated objectives, prospectus
parameters, and to identify the specific types of risk incurred by the fund. Regular analysis and
reporting are done. Adjustments to the VantageTrust Mutual Fund Series are made when a
fund fails to meet RC's expectations for the fund given the fund's stated objectives.
This independent oversight allows RC to add a level of portfolio analysis and risk management
over the subadvisers, Vantagepoint funds and VantageTrust Mutual Fund Series funds.
I C M A R E T I R E M E N T C 0 R P 0 R A T I O N 1 27
The City of Vernon, California
Section 457 Deferred Compensation Plan Quality Investments
Performance
The Vantagepoint Perspective is our online quarterly investment newsletter supplement that
provides current fund performance, benchmarks, and data for funds of the VantageTrust.
Fund Name
DomesticLarge Cap
Vanta eTrust Growth Fund
Yearto
Date
16.01%
Annualized
I Year
23.26%
Returns
as of September
3 Year
-12.77%
(Net
30,
5 Year
4.42%
of Fees)
00
10 Year
8.55%
Since
Incept
-
Incept
Date
4 83
VT American Century Ultra° Fund'
14.90%
18.89%
-14.61%
0.69%
-
5.75%
1/96
VT Putnam Voyager Fund
14.51%
20.28%
-17.92%
1.14%
-
7.41%
6/95
Vanta eTrust 500 Stock Index Fund
14.13%
23.72%
-10.65%
0.38%
-
3.40%
6/97
Vanta eTrust Broad Market Index Fund
16.43%
25.39%
-10.45%
1.33%
-
9.38%
10/94
Vanta eTrust Growth & Income Fund
15.65%
26.15%
-6.05%
-
-
7.02%
10/98
VT Calvert Social Investment Fund
11.14%
23.23%
-
-
-
13.97%
7/02
VT Fidelity Contrafund°
14.69%
16.02%
-5.60%
5.17%
-
9.35%
1/96
VT Fidelitv Ma ellan° z
12.33%
20.73%
-11.97%
1.30%
-
5.81%
1/96
VT MFS Large Company Growth Fund
13.84%
16.70%
-19.29%
-
-
0.40%
10/98
Vanta eTrust Equity Income Fund
16.10%
21.78%
3.21%
3.98%
-
11.07%
4/94
VT Lord Abbett Lar a Company Value Fund
DomesticMid/Small Cap
Vanta eTrust Aggressive Opportunities Fund
14.72%
29.09%
26.32%
34.55%
-
-17.44%
-
4.21%
-
-
-3.03%
9.64%
10/00
10/94
Vanta eTrust Mid/Small Co Stock Index Fund
25.22%
31.92%
-9.21%
4.82%
-
4.31%
6/97
VT American CenturyO Value Fund'
13.31%
22.67%
7.81%
7.46%
-
5.64%
9/97
VT Gabelli Value Fund
14.91%
28.72%
-0.57%
7.88%
-
11.50%
10 95
VT INVESCO Small Company Growth Fund
21.62%
27.66%
-
-
-
-18.60%
10/00
VT T. Rowe PriceO Small Cap Stock Funds
16.07%
24.25%
-
-
-
2.48%
10/00
VT T. Rowe Price° Small Cai2 Value Funds
Foreign/World Stock Funds
VT ]anus Adviser Series Worldwide Fund
8.79%
12.30%
-
-
-
15.74%
6.58%
7/02
7 02
Vanta eTrust International Fund
14.20%
21.30%
-10.01%
0.49%
1.95%
10 94
Vanta eTrust Overseas Equity Index Fund
17.81%
25.14%
-9.40%
-0.41%
-
-1.21%
//97
VT Putnam International Growth Fund
Bond/Stable
Vanta eTrust PLUS Fund*
11.95%
3.91%
20.97%
4.02%
-10.05%
4.62%
-
5.03%
-
5.66%
-1.30%
-
6/99
1/91
Vanta eTrust Cash Management Fund**
0.28%
0.49%
2.06%
3.18%
3.65%
-
2/89
Vanta eTrust US Government Securities Fund
1.75%
2.28%
7.35%
4.95%
5.28%
-
7/92
Vanta eTrust Core Bond Index Fund
3.49%
5.08%
8.71%
5.80%
5.88%
-
12/74
VT PIMCO Total Return Bond Fund
4.44%
6.76%
-
-
-
8.97%
7/02
VT PIMCO High Yield Bond Fund
16.56%
26.78%
-
- I
- 1
26.39%
7/02
/A, ICMA RETIRE M ENT CO RPO RATIO N 28
The City of Vernon, California
Section 457 Deferred Compensation Plan Quality Investments
Fund Name
Domestic
Vanta eTrust Savings Oriented Fund
Yearto
Date
5.71%
Annualized
1 Year
8.30%
Returns
as of September
3 Year
2.76%
(Net of Fees)
30, 00
5 Year 10 Year
4.45% -
Since
Incept
6.48%
Incept
Date
2/95
Vanta eTrust Conservative Growth Fund
8.61%
12.08%
0.15%
4.46% -
6.26%
4/96
Vanta eTrust Traditional Growth Fund
11.85%
16.73%
-2.95%
4.45% -
6.51%
4/96
Vanta eTrust Long -Term Growth Fund
15.30%
21.56%
-5.72%
5.58% -
6.77%
4/96
Vanta eTrust All -Equity Growth Fund
18.01%
25.39%
-
- -
-9.22%
10/00
Vanta eTrust Asset Allocation Fund
1 14.32%
24.96%
-4.37%
1.66% 7.94%
-
12/74
VT FidelityPuritan° Fund
10.67%
18.23%
0.96% 1
4.39% - 1
8.26%
6/95
*Because there is no trading market for investment contracts, PLUS Fund returns consist of yield only. Returns are annualized for
ease of comparison with other stable value investments. The minimum annualized effective yield for the fund for the three-month
period ending 12/31/03 is 3.52%.
**Investments in the VantageTrust Cash Management Fund are not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share,
it is possible to lose money by investing in the Fund.
'American Century & Ultra are registered trademarks of American Century Services Corporation.
z Closed to new plans
3 Invests solely in MFS Massachusetts Investors Growth Stock Fund.
4Invests solely in the Lord Abbett Affiliated Fund.
5 T. Rowe Price is a registered trademark of T. Rowe Price Group, Inc. - all rights reserved. Adviser series fund invests solely in
underlying fund. Adviser series created 03/2000 - fund data provided for underlying fund. Please note that the Adviser Series Fund
and the underlying Fund are two separate and distinct Funds.
Categories are from Morningstar as of 3/31/03 for underlying funds where available. Category for the PLUS Fund was determined by
ICMA-RC based on underlying fund characteristics. Morningstar, Inc. is a global investment research firm that is not affiliated with
ICMA-RC. Morningstar used as a source for some data.
* This information is being provided for educational purposes only and is not intended to be construed as or relied upon as
investment advice. This information is not intended to be construed as a solicitation for particular product or security. Performance
reflected above represents past performance. Investment returns and principal value of an investment will fluctuate so that an
investor's shares, when redeemed, may be worth more or less than their original cost. Past performance is not indicative of future
returns. Individuals are advised to consider any new investment strategies carefully prior to implementing. Please consult both the
current Vantagepoint Funds prospectus and MAKING SOUND INVESTMENT DECISIONS. A Retirement Investment Guide, which
contains additional information on management fees, other fund expenses, and investment risks and objectives carefully prior to
investing any money. Vantagepoint securities are distributed by ICMA RC Services LLC, a broker dealer affiliate of ICMA RC,
member NASD/SIPC. ICMA RC Services LLC, 777 North Capitol Street NE, Washington, DC 20002-4240. 1-800-669-7400.
iA&, ICMA RETIREM ENT CORPORATIO N 29
The City of Vernon, California
Section 457 Deferred Compensation Plan
Commitment to the Public Sector
About the ICMA Retirement Corporation
The ICMA Retirement Corporation is a not -for -profit corporation that administers retirement
plans for state and local government employers exclusively.
RC was founded through the International City/County Management Association (ICMA) in 1972
with a grant from the Ford Foundation. From the beginning, our sole purpose has been to
provide low-cost, portable retirement plans tailored to the needs of public sector employees.
We administered the first nationally available deferred compensation plan in 1972, and in 1985
we began offering qualified defined contribution plans. The quality of our service is reflected in
our growth: in the past five years the RC program has more than doubled. There are now more
than 625,000 public employees with total assets of approximately $18 billion participating in RC
plans.
RC serves as the investment adviser to the ICMA Retirement Trust (Trust), a separate entity
established in 1983 to provide for the commingled investment of the assets of retirement plans
administered by RC. As an instrumentality of state and local governments, the Trust has
received an exemption from registration with the SEC —but in many ways, it functions like a
registered investment company. The Trust offers a range of funds, all of which have been
designed for retirement plan investment.
On June 21, 2001, the Trust converted its form of organization to a bank trust company to be
known as VantageTrust Company ("Trust Company'. VantageTrust Company sponsors a trust
that is virtually identical to the Retirement Trust.
The Trust Company is a non -depository New Hampshire Banking Corporation governed by a
nine -member Board of Directors, five of whom must be full-time employees of Public
Employers, one of whom, at the time of election, must be a present or former member of the
Executive Board of the International City/County Management Association, and one of whom,
at the time of election, must be a present or former Director of the Retirement Corporation.
Three of the Directors are nominated for election by Public Employers that have adopted the
Retirement Trust or who have previously adopted the ICMA Retirement Trust, each Public
Employer having one vote.
Participants experienced no change in investment options, services or fees as a result of this
change. The same persons who served on the Board of the Retirement Trust, at the time of
conversion, also served as the directors of VantageTrust Company, immediately following the
conversion.
/�� ICMA RETIREMENT C O R P O RATIO N 1 30
The City of Vernon, California
Section 457 Deferred Compensation Plan Commitment to the Public Sector
The RC System
The Retirement Corporation, an independent and not -for -profit corporation with no commercial
affiliations, is one of several associated but legally separate entities:
• The ICMA Retirement Corporation, which serves as investment adviser to the
VantageTrust. RC is not a subsidiary of any corporation.
• The VantageTrust, which holds the pooled retirement investments of participants in RC -
administered 457 and 401 plans. Participant assets are allocated among the Trust's
investment funds. Employers become eligible to participate in the Trust by Resolution
passed by their governing body. The Trust may not accept contributions in the absence of
such a resolution.
• ICMA-RC Services, LLC, which is the broker -dealer affiliate through which Vantagepoint
securities are distributed. ICMA-RC Services, LLC is a member of the NASD/SIPC.
■ The Vantagepoint Funds, which are sponsored by RC, is a SEC -registered "series"
investment company (mutual fund) offering 19 distinct portfolios. Each portfolio has a
different investment objective and strategy. Thirteen of the funds of the VantageTrust each
invest solely in the shares of a corresponding Vantagepoint Fund, with each Vantagepoint
Fund having investment objectives that are identical to those of the investing Trust Fund.
• Vantagepoint Investment Advisers, LLC (VIA), which serves as investment adviser to
The Vantagepoint Funds. VIA is an affiliate of RC.
■ Vantagepoint Transfer Agents, LLC (VTA), which serves as transfer agent for The
Vantagepoint Funds. VTA is an affiliate of RC.
Sponsoring Organizations
RC's program is endorsed by the following public sector organizations:
■ American Association of Airport Executives
■ American Institute of Certified Planners
■ American Planning Association
■ American Public Gas Association
■ American Public Power Association
■ American Public Transit Association
■ American Public Works Association
■ American Society for Public Administration
• Building Officials and Code Administrators, International
■ Government Finance Officers Association
■ International Association of Assessing Officers
■ International Association of Chiefs of Police
■ International Association of Fire Chiefs
■ International City/County Management Association
■ International Institute of Municipal Clerks
■ International Municipal Lawyers Association
■ National Association of Regional Councils
■ National League of Cities
• Public Risk Management Association
I C M A RETIREM ENT CORPORATION 31
The City of Vernon, California
Section 457 Deferred Compensation Plan Commitment to the Public Sector
Vantagepoint Public Employee Memorial Scholarship Fund
RC has established the only competitive scholarship program of its kind serving public
employees.
The Vantagepoint Public Employee Memorial Scholarship Fund assists the children and/or
spouses of deceased public employees who died in the line of duty, who plan to continue to
education in college or vocational school programs. Scholarships are offered each year for full-
time study at an accredited institution of the student's choice.
This scholarship program is administered by Scholarship Management Services, a department of
Citizens' Scholarship Foundation of America, Inc. (CSFA). CSFA is a national nonprofit
educational support and student aid service organization that seeks to involve and assist the
private sector in expanding educational opportunities and encouraging educational
achievement.
I C M A R E T I R E M E N T C 0 R P 0 R A T I O N 1 32