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Confidential — for Internal Use Only
Associate Handbook August 2016 |
9
Governance and Structure
Since our founding in 1972, ICMA‑RC’s mission has been to help public employees build retirement security.
Following is a brief outline of our corporate structure supporting that mission. For additional information, be
sure to visit our website,
www.icmarc.org.
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ICMA Retirement Corporation (ICMA‑RC)
is a Delaware, non-profit financial services corporation and an Internal
Revenue Code (“Code”) section 501(c)(3) tax exempt organization. ICMA‑RC is committed to lessening
the burdens of state and local government by providing plan administration and recordkeeping services
to deferred compensation plans and qualified retirement plans established by public employers for their
employees under Code Sections 457 and 401, respectively. The corporation is governed by a 10-member
Board of Directors composed of public employer representatives and members of the business community
with expertise in areas relevant to the corporation’s business. The majority of Directors serving on
ICMA‑RC’s Board are independent of ICMA‑RC management. ICMA‑RC is registered as an investment
adviser with the Securities and Exchange Commission (SEC).
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VantageTrust Company, LLC (“VTC”)
is a New Hampshire non-depository trust company and is a wholly owned
subsidiary of ICMA‑RC. ICMA‑RC acts as investment adviser to VTC. VTC has established and acts as
trustee for two collective investment trusts: (1) VantageTrust, a group trust through which investment options
are made available to 457 and 401 plans administered by ICMA‑RC; and (2) the VantageTrust Multiple
Collective Investment Funds Trust (“VantageTrust II”), a group trust providing for the collective investment
of assets of RHS and EIP plans administered by ICMA‑RC in funds made available through the trust. A
range of investment options designed to meet the needs of public sector plans and participants is made
available through VantageTrust and VantageTrust II, including the individual actively-managed and index
funds, target- date and target-risk funds-of-funds, a guaranteed income fund, and VantageTrust CD Accounts.
VantageTrust and VantageTrust II are overseen by the VTC Board of Directors, a seven-member Board, a
majority of whom, at the time of their respective elections, must be full-time employees of a public employer
that has adopted a plan administered by ICMA‑RC or participants in a plan administered by ICMA‑RC.
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Vantagepoint Investment Advisers, LLC (“VIA”)
, a wholly owned subsidiary of ICMA‑RC and an SEC-registered
investment adviser, serves as the investment adviser to The Vantagepoint Funds, for which ICMA‑RC
is the sponsor. The Vantagepoint Funds is an SEC-registered series investment company with each of
the funds in the series having different investment objectives and strategies. The Vantagepoint Funds is
overseen by a seven-member Board of Directors, a majority of whom must be independent of ICMA‑RC
and its affiliates. VIA, along with The Vantagepoint Funds’ Board of Directors, enters into agreements with
external subadvisers for the performance of some or all of VIA’s duties and responsibilities to the Funds.
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ICMA‑RC Services, LLC (“RC Services”)
, a wholly owned subsidiary of ICMA‑RC, is a broker-dealer registered with
the SEC and a member of the Financial Industry Regulatory Authority. Certain employees of ICMA‑RC are
also registered representatives of RC Services. RC Services serves as the distributor for The Vantagepoint Funds.
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Vantagepoint Transfer Agents, LLC (“VTA”)
a wholly owned subsidiary of ICMA‑RC, is The Vantagepoint Funds’
designated transfer agent and facilitates ICMA‑RC’s client service arrangements by providing a full range of
administration and recordkeeping services to plan sponsors and participants.
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In 2001, ICMA‑RC founded the
ICMA‑RC Public Employee Memorial Scholarship Fund (“Scholarship Fund”)
, a section
501(c)(3) public charity, to honor state and local government employees who lost their lives in service to
their communities. Since inception, the Scholarship Fund has awarded more than $950,000 in scholarships
to the surviving children and spouses of fallen public employees.