HomeMy WebLinkAboutInternational City Management Association Retirement Corporation
Augusta Richmond GA
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ICMA
RETIREMENT
CORPORATION
ADMINISTRATIVE SERVICES AGREEMENT
Type: 457
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Account Number: 4270
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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.
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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
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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
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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
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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
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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
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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.
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./ Kecia Morton
Plan Analyst
Enclosure
cc:
Marie Vieira, Territory Director
Stephen Kelly, Marketing Representative
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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
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ICMA-RC Services, Inc.
Member NASD and SIPC, is a wholly owned broker.dealer subsidiary of the ICMA Retirement Corporation