International City Management Association Retirement Corporation (1993) ICMA
RETIREMENT
CORPORATION
ADMINISTRATIVE SERVICES AGREEMENT
Type: 457
Account Number: 1077
110 1110
ICMA
RETIREMENT
CORPORATION
Plan # 1077
ADMINISTRATIVE SERVICES AGREEMENT
This Agreement, made as of the (1 day of
1993(herein referredto as the "Inception Date"), between a Intetwernational
City Management Association Retirement Corporation ("RC"), a nonprofit
corporation organized and existing under the laws ofthe State of Delaware;
and the City ofRancho Palos Verdes ("Employer"), a(n) City organized and
existing under the laws of the State of California with an office at 30940
Hawthorne Boul evard,Rancho Palos Verdes, California, 90274.
Recitals
" " Employer acts as a public plan sponsor for a retirement plan
Plan with responsibility to obtain investment alternatives and services
for employees participating in that Plan;
The ICDA 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 principal disclosure
document, "Making Sound Investment Decisions: A Retirement Investment Guide".
The Funds are available only to public employers and only through the Trust.
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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ICMA
RETIREMENT
T
CORPORATION
Plan # 1077
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. Replacement of Employer Trust
RC and Employer are parties to a Trust Agreement entitled
"Trust Agreement with the ICMA Retirement Corporation" (the "Employer Trust")
for the administration of the Plan. The Employer hereby terminates the
Employer Trust (not the Declaration of Trust of ICMA Retirement Trust)
intending that this Administrative Services Agreement evidence the.
understandings between RC and the Employer with respect to the matters covered
by it. Employer continues to be a party to the Declaration of Trust of the
ICMA Retirement Trust and agrees that operation of the Plan and investment,
management and disbursement of amounts deposited in the Trust shall be subject
tote 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) asthose terms
and conditions may be adjusted from time to time.
3. Employer Duty to Furnish Information
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
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ICMA
RETIREMENT
CORPORATION
Plan # 1077
participant accounts to Funds in the Trust, and information as to the
employment status of participants, and participantages, addresses and other
identifying information (including tax 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 arisingfrom its
reliance on such information. If within ninety (90) days aftert e mailing of
any report, statement or accounting to the Employer or a participant, the
Employer or participant has not notified RC in writing of any error or
objection, such report, statement, or accounting shall be deemed to have been
accepted by the Employer and the participants.
4. Certain Representations, Warranties, and Covenants
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 aninvestment 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:
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(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
withthe 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 organizedi n 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
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ICMA
RETIREMENT
CORPORATION
Plan # 1077
and•participants in the manner contemplated ated i n this •
delivery, andperformancep Agreement. ,Execution,
rule, . of this Agreement will not conflict with anylaw,
regulation or contract by which the Employer is bound or to which '
a party. it is
5. Participation in Certain Proceedings
9
The Employer hereby authorizes RC to act as agent, t
its behalf, and to join the Employer as a necessary9 appear on
proceedings involving the garnishment party �n all legal
� t of benefits or the transfer ofbenefits
pursuant
to the divorce or separation of participants in the Employer
The Employer consents to the disbursement byP yer Plan.
garnished or transferred to a former spouse, RC of benefits that have been
spouse or child pursuant to a
domestic relations order.
6. Compensation and Payment
(a) Plan Administration Fee. The amount to bepaid for•
administration services under this Agreement shall beplan
amount of Plan assets invested in the Trust. Such fee shallbe computed and
0.9% per annum of the
paid at the end of each month on plan assets in the Trust at that time.
(b) Account Maintenance Fee. There shall be an annual account
maintenance fee of $18.00. The account maintenance fee accountn
is payable in full
January 1 of eachyear on eachon
in existence on that date. For y
accounts established after January 1, the fee is payable on the first da of
the calendar quarter following establishment and isprorated byreference
the number of calendar quarters remaining eference to
o n the day of payment.
(c) . Compensation for AdvisoryServices to
acknowledges that �n addition the Trust. Employer
to amounts payable under this Agreement, RC
receives fees from the Trust for investment advisory services furnished hed to the
(d) Payment Procedures. All payments to RC pursuant to this
Section 6 shall be paid out of the Plan Assets held bythe Trust and
paid by the Trust. The amount of Plan Assets shall be
adjusted bythe held �n the Trust shall be
Trust as required to reflect such payments.
7. Custody
• Employer understands that amounts invested in the Trust
be remitted directly to the Trust in accordancewith are to
Employer RC andare instructions provided to
by . not to be remitted to RC. In the event that.an check
or wire transfer is incorrectly labelled or transferred to ' y
authorized, actingon behalfof RC, RC �s
the transferor, to transfer such check or wire
transfer to the Trust.
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ICMA
RETIREMENT
CORPORATION
Plan # 1077
8. Responsibility
RC shall not be responsible for any acts or omissions of a
person other than RC in connection with the administration or operation fy
Plan.
P on of the
9. Term
This Agreement may be terminated without penaltybyeither
other.
party on sixty days advance notice in writingto the
10. Amendments and Adjustments
(a) This Agreement may not be amended except bywritten
instrument signed by the parties. P
(b) The parties agree that compensation for services under
this Agreement and administrative and operational arrangements
adjusted as follows:
9 may he
RC may propose an adjustment by written notice to the Employer
-given at least 60 days before the effective date of the adjustment and
notice may appear in disclosure documents such the
Retirement Investment as Employer oyer Sul 1 eti nes and the
Guide. Such adjustment shall become effective unless
within the 60•day period before the effective date the Employer not '
writing that i t does not accept such adjustment, innotifies i l l RC in
under no obligation toprovide � �this which event RC shall be
services under this Agreement.
(c) No failure to exercise and no delay in exercising
right, remedy, power or privilege hereunder shall operate any
right, remedy, P P as a waiver of such
9 power or privilege.
11. Notices
All notices required to be delivered under this Agreement shall
be delivered personally or by registered or certified mail , 9
return receipt requested, to (i) at Postageprepaid,
RC 777 North Capitol Street, N ., Suite
600, Washington, D.C, 20002 240, (ii) Employer at the office set forth
the first paragraph hereof, or to anyother address in
receive the same designated by the party to
by written notice similarly given.
12. Complete Agreement
This Agreement shall constitute the sole agreement between RC
and Employer relating to the object of this Agreement and correctly
the complete rights, duties and obli atians of sets forth
its date. 9, each•party to the other as of
Any prior agreements, promises, negotiations or representations,
verbal or otherwise, not expressly set � P '
P y forth in this Agreement are of no force
110
ICMA
RETIREMENT
N • CORPORATION
1.
Plan # 1077
and effect.
13. Governing Law
This agreement shall be governed by and construed in accordance
with the laws of the State of California 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.
CITY OF RANCHO PALOS VERDES
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Tna ure la e
C—ef i f7TrsM&4J1
time and title (Please Print)
INTERNATIONAL CITY MANAGEMENT
ASSOCIATION RETIREMENT CORPORATION
by:
ep =n "In. 'ors o I • e
Corporate Secretary
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ICMARC MANAGED ACCOUNTS SERVICES AGREEMENT SIGNATURE PAGE
iCMARC
BuildingRairemsou
To offer Managed Accounts to your employees,please read the ICMA-RC Managed Accounts Services
Y
Agreement, sign this Managed Accounts Services Agreement signaturepage, and return to ICMA-RC
�
in the enclosed envelope as soon as possible.
In Witness Whereof,the parties hereto certify that they have read and fully understand the complete ICMA-RC .
Managed Accounts Services Agreement found in this package and have caused the ICMA-RC Managed Accounts
Services Agreement to be executed by their duly authorized officers as of the Date below.
EMPLOYER
By
dify �. fle 4G o 0 eSEmployer/ .Name
e_"s\.icres.- -1?'iFtk3Zk kek I E:S
Employer Signatur Date
Cam,iv Cift sky VA ow\c.
Namej
and Title(Please Print)
?cit0 Acd4cYne 4/eic/ l‘fa/44s acies,CX
Street Address City and State
SC)/10 /7
Applicable ICMA RC Plan Number(s)
INTERNATIONAL CITY COUNTY MANAGEMENT ASSOCIATION RETIREMENT CORPORATION
By
64/i. 0,7)1u)
Angela Montez
Assistant Secretary
Please return fully executed Signature page to:
New Business Unit
ICMA RC 4.. 2 F 2003
777 North Capitol Street,NE
Suite 600
Washington,DC 20002-4240 . _ .
Managed Accounts Service Agreement ICMA4C