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HomeMy WebLinkAboutInternational City Management Association Retirement Corporation Augusta Richmond GA DOCUMENT NAME: T () +- -Unc.-~ I ~ \ L; Lj ()Ic.l'\,,"';Jf'r'N-V\. -\- . Q.S~CC-~'lA+ ;()'f\ ~ 1-ire.. ~ c.o(po'(~~Y) DOCUMENT TYPE: ~S'(~t- YEAR: / q Q (0 BOX NUMBER: \ FILE NUMBER: \ ~ lo 33 NUMBER OF PAGES: q .j., ~ . ~ ICMA RETIREMENT CORPORATION ADMINISTRATIVE SERVICES AGREEMENT Type: 457 " Account Number: 4270 ~, .i Plan # 4270 ICMA RETIREMENT CORPORATION ADMINISTRATIVE SERVICES AGREEMENT This Agreement, made as of the 06.2A1J day of Iltrl i' , 199' (herein referred to as the "Inception Date"), between The International City Management Association Retirement Corporation ("RC"), a nonprofit corporation organized and existing under the laws of the State of Delaware; and the City of Augusta ("Employer") a City organized and existing under the laws of the State of Georgia with an office at 530 Green Street, Room 806, Augusta, Georgia 30911. Recitals Employer acts as a public plan sponsor for a retirement plan ("Plan") with responsibiHty to obtain investment alternatives and services for employees participating in that Plan; The leMA Retirement Trust (the "Trust") is a common law trust governed by an elected Board of Trustees for the commingled investment of retirement funds held by state and local governmental units for their employees; RC acts as investment adviser to the Trust; RC has designed, and the Trust offers, a series of separate funds (the "Funds") for the investment of plan assets as referenced in the Trust's principal disclosure documents, "Making Sound Investment Decisions: A Retirement Investment Guide" and "A Retirement Investment Guide for the Mutual Fund Series." The Funds are available only to public employers and only through the Trust and RC. In addition to serving as investment adviser to the Trust, RC provides a complete offering of services to public employers for the operation of employee retirement plans including, but not limited to, communications concerning investment alternatives, account maintenance, account record-keeping, investment and tax reporting, form processing, benefit disbursement and asset management. - 2 - '. ,J Plan # 4270 ICMA RETIREMENT CORPORATI9N Agreements 1. Appointment of RC Employer hereby designates RC as Administrator of the Plan to perform all non-discretionary functions necessary for the administration of the Plan with respect to assets in the Plan deposited with the Trust. The functions to be performed by RC include: (a) allocation in accordance with participant direction of individual accounts to investment Funds offered by the Trust; (b) maintenance of individual accounts for participants reflecting amounts deferred, income, gain, or loss credited, and amounts disbursed as benefits; (c) provision of periodic reports to the Employer and participants of the status of Plan investments and individual accounts; (d) communication to participants of information regarding- their rights and elections under the Plan; and (e) disbursement of benefits as agent for the Employer in accordance with terms of the Plan. 2. Adoption of Trust Employer has adopted the Declaration of Trust of the ICMA Retirement Trust and agrees to the commingled investment of assets of the Plan within the Trust. Employer agrees that operation of the Plan and investment, management and disbursement of amounts deposited in the Trust shall be subject to the Declaration of Trust, as it may be amended from time to time and shall also be subject to terms and .conditions set forth in disclosure documents (such as the Retirement Investment Guide or Employer Bulletins) as those terms and conditions may be adjusted from time to time. It is understood that the term "Employer Trust" as it is used in the Declaration of Trust shall mean this Administrative Services Agreement. 3. Employer Ditty to Furnish InformMion Employer agrees to furnish to RC on a timely basis such information as is necessary for RC to carry out its responsibilities as Administrator of the Plan, including information needed to allocate individual participant accounts to Funds in the Trust, and information as to the employment status of participants, and participant ages, addresses and other identifying information (including tax - 3 - " -' Plan # 4270 ICMA RETIREMENT CORPORATION identification numbers). RC shall be entitled to rely upon the accuracy of any information that is furnished to it by a responsible official of the Employer or any information relating to an individual participant or beneficiary that is furnished by such participant or beneficiary, and RC shall not be responsible for any error arising from its reliance on such information. RC will provide account information in reports, statements or accountings. All account discrepancies must be reported to RC within 120 days of the close of the quarter in which the discrepancy occurs. After that time the report, statement, or accounting shall be deemed to have been accepted by the Employer and the participants 4. CArtain RAprAsAntations, WarrantiAs, and CovAnants RC represents and warrants to Employer that: (a) RC is a non-profit corporation with full power and authority to enter into this Agreement and to perform its obligations under this Agreement. The ability of RC to serve as investment adviser to the Trust is dependent upon the continued willingness of the Trust for RC to serve in that capacity. (b) RC is an investment adviser registered as such with the Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended. ICMA-RC Services, Inc. (a wholly owned subsidiary of RC) is registered as a broker- dealer with the Securities and Exchange Commission (SEC) and is a member in good standing of the National Association of Securities Dealers, Inc. RC covenants with employer that: (c) RC shall maintain and administer the Plan in compliance with the requirements for eligible deferred compensation plans under Section 457 of the Internal Revenue Code; provided, however, RC shall not be responsible for the eligible status of the Plan in the event that the Employer directs RC to administer the Plan or disburse assets in a manner inconsistent with the requirements of Section 457 or otherwise causes the Plan not to be carried out in accordance with its terms; provided, further, that if the plan document used by the Employer contains terms that differ from the terms of RC's standardized plan document, RC shall not be responsible for the eligible status of the Plan to the extent affected by the differing terms in the Employer's plan document. Employer represents and warrants to RC that: (d) Employer is organized in the form and manner recited in the opening paragraph of this Agreement with full power and authority to enter into and perform its obligations under this Agreement and to act for the Plan and participants in the - 4 - . '\ Plan # 4270 ICMA RETIREMENT CORPORATION manner contemplated in this Agreement. Execution, delivery, and performance of this Agreement will not conflict with any law, rule, regulation or contract by which the Employer is bound or to which it is a party. 5. P~rticip~tion in Cert~in Proceedings The Employer hereby authorizes RC to act as agent, to appear on its behalf, and to join the Employer as a necessary party in all legal proceedings involving the garnishment of benefits or the transfer of benefits pursuant to the divorce or separation of participants in the Employer Plan. The Employer consents to the disbursement by RC of benefits that have been garnished or transferred to a former spouse, spouse or child pursuant to a domestic relations order. 6. Compens~tion ~nd P~yment (a) Plan Administration Fee. The amount to be paid for plan administration services under this Agreement shall be 0.90% 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. (b) Account Maintenance Fee. There shall be an annual account maintenance fee of $0.00. The account maintenance fee is payable in full on January 1 of each year on each account in existence on that date. For accounts established after January 1 ,the fee is payable on the first day of the calendar quarter following establishment and is prorated by reference to the number of calendar quarters remaining on the day of payment. (c) Compensation for Advisory Services to the Trust. Employer acknowledges that in addition to amounts payable under this Agreement, RC receives fees from the Trust for investment advisory services furnished to the Trust, except that this fee is f10t assessed in the Mutual Fund Series. _ (d) Mutual Fund Services Fee. There is an annual charge of 0.10% of assets under manag~ment that are held in the Trust's Mutual Fund Series. (e) Payment Procedures. All payments to RC pursuant to this Section 6 shall be paid out of the Plan Assets held by the Trust and shall be paid by the Trust. The amount of Plan Assets held in the Trust shall be adjusted by the Trust as required to reflect such payments. 7. Custody Employer understands that amounts invested in the Trust are to be - 5 - .~ '. Plan # 4270 ICMA RETIREMENT CORPORATION remitted directly to the Trust in accordance with instructions provided to Employer by RC and are not to be remitted to RC.ln the event that any check or wire transfer is incorrectly labeled or transferred to RC, RC is authorized, acting on behalf of the transferor, te transfer such check or wire transfer to the Trust. 8. RAspnnsihility RC shall not be responsible for any acts or omissions of any person other than RC in connection. with the administration or operation of the Plan. 9. Ierm This Agreement may be terminated without penalty by either party on sixty days advance notice in writing to the other. 10. AmAndmAnts and AdjllstmAnts (a) This Agreement may not be amended except by written instrument signed by the parties. (b) The parties agree that compensation for services under this Agreement and administrative and operational arrangements may be adjusted as follows: RC may propose an adjustment by written notice to the Employer given at least 60 days before the effective date of the adjustment and the notice may appear in disclosure documents such as Employer Bulletins. and the Retirement Investment Guide. Such adjustment shall become effective unless, within the 60 day period before the effective date the Employer notifies RC in writing that it does not accept such adjustment, in which event the parties will negotiate with respect to the adjustment. (c) No failure to exercise and no delay in exercising any right, remedy, power or privilege hereunder shall operate as a waiver of such right, remedy, power or privilege. 11 . NnticAS All notices required to be delivered under Section 10 of this Agreement shall be delivered personally or by registered or certified mail, postage prepaid, return receipt requested, to (i) Legal Department, ICMA Retirement Corporation, 777 North Capitol Street, N.E., Suite 600, Washington, D.C, 20002-4240;,(ii) Employer at the office set forth in the first paragraph hereof, or to any other address designated by - 6 - .. .. -" Plan # 4270 ICMA RETIREMENT CORPORATION the party to .receive the same by written notice similarly given. 12. CnmplAtA AgrAAmAnt This Agreement shall constitute the sole agreement between RC and Employer relating to the object of this Agreement and correctly sets forth the complete rights, duties and obligations of each party to the other as of its date. Any prior agreements, promises, negotiations or representations, verbal or otherwise, not expressly set forth in this Agreement are of no force and effect. 13. GnvArning L;:lW This agreement shall be governed by and construed in accordance with the laws of the State of Georgia applicable to contracts made in that jurisdiction without reference to its conflicts of laws provisions. In Witness Whereof, the parties hereto have executed this Agreement as of the Inception Date first above written. Larry E. Sconyers,. Mayor Name and Title (Please Print) INTERNATIONAL CITY MANAGEMENT ASSOCIATION RETIREMENT ;l; PO R...A TI9NQ by: 0. No'rA;A( Stephen Wm. Nordholt/Date Corporate Secretary - 7 - R E C E , V ED APR 1 9 1998 leMA RETIREMENT CORPORATION \, April 22, 1996 Suite 600 777 North Capitol Street, NE Washington, DC 20002.4240 202-962-4600 202-962-4601 FAX Toll-Free 800-669.7400 William H. Carstarphen Consolidation Project Manager August-Richmond County Consolidated Government 530 Greene Street Augusta, GA 30911 Dear Mr. Carstarphen: We are pleased to administer a deferred compensation plan for the Augusta-Richmond County Consolidated Government. Your account with the ICMA Retirement Corporation (RC) has been established and is ready to receive your deferred compensation contributions, In addition to the official Notice of Plan Acceptance and counter-executed copy of the Administrative Services Agreement, this package contains samples of materials which are used regularly in coordinating the plan, Please contact our office if you have questions concerning any aspect of your deferred compensation plan, or if you need additional forms, Our Employer Services Unit toll-free number is 1-800-326-7272. J;' . ~<fUV~- ./ Kecia Morton Plan Analyst Enclosure cc: Marie Vieira, Territory Director Stephen Kelly, Marketing Representative ~ ICMA-RC Services, Inc. Member NASD and SIPC, is a wholly owned broker-dealer subsidiary of the ICMA Retirement Corporation ICMA RETIREMENT CORPORATION ~ Notice of Pl.an Acceptance Suite 600 777 North Capitol Street, NE Washington, DC 20002.4240 202,962-4600 202.962.4601 FAX Toll.Free 800.669,7400 William H. Carstarphen Consolidation Project Manager August-Richmond County Consolidated Government 530 Greene Street Augusta, GA 30911 Effective Date: April 22, 1996 Account Number: 304270 We have received your resolution naming the ICMA Retirement Corporation (RC) as the deferred compensation administrator. Your participation is effective on the above date. As a member of the ICMA Retirement Trust, you are eligible to vote for Trustees. Elections are held annually in April. Ballots will be sent to your official plan coordinator. Please note your employer account number above. Each employee who enrolls in the plan will be identified by this employer plan number along with their social security number. If you have any questions, please call us toll-free at 1-800-326-7272(' \ For the lCMA Retirement Corporation: ~ ~,~~~ Title: Corporate Secretary Date: April 22, 1996 ~ ICMA-RC Services, Inc. Member NASD and SIPC, is a wholly owned broker.dealer subsidiary of the ICMA Retirement Corporation