Great Western Savings and Loan Association (1978) i.r•.r.,......y.air_. _ _ .
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DEFERRED COMPEL:SATION PROGRAM
SAVINGS PRODUCT AGREEMENT
THIS AGREEMENT is entered into on
197E! , between the City of Rancho Palos rid
a City , hereaffter referred fo as
"Political Subdivision" and GREAT WESTERN SAVINGS AND LOAN
ASSOCIATION, a California corporation, hereafter referred
to as. "Great Western. "
RECITALS
A. Political Subdivision, pursuant to Resolution No.
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77-71 of its governing body has established an Employees'
Deferred Compensation Plan ("Plan") , a copy of which is
attached as Exhibit A hereto. The Plan applies to each
employee of Political Subdivision who executes a .ar_ t is i pa•-
p p
tion agreement in accordance with the Plan and files it with
the Treasurer of Political Subdivision ("Participant") .
B. This Agreement sets forth the manner by which
Political Subdivision will invest Plan funds with Great
Western and Great Western will accept such funds for invest--
trent and will account for such funds on a regular basis.
C. This Agreement also sets forth the manner in which
the Plan will administered as determined by Political
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Subdivision in conjunction with the en t i tv selected by
Political Subdivision to perform the necessary administrative
services ("Administrator") . The division of responsibility
for performing such administrative services as between Great
Western and Administrator is set forth in Exhibit B attached
hereto.
THEREFORE, the parties agree as follows:
I . Great Western agrees to accept for deposit funds deliv-
ered to Great Western by Political Subdivision under. the Plan.
2. Great Western will place such funds as received in
one or more public unit certificate accounts ("Account")
having a term of thirty days. Such accounts currently earn.
interest at the rate of 7.75 % per annum compounded daily.
Great Western shall at all times pay interest on each Account
at a rate which will result in the highest return which Great
Western is then offering on thirty-day public unit certificate
accounts. Each Account shall be automatically renewed at the
end of every thirty-day term, except as herein provided and
except to the extent funds are required to meet withdrawals
under the Plan.
3. Each Account shall be titled "The City of, Rancho Palos Verdes
Deferred Compensation Plan. " Ownership of each Account shall
be vested in Political Subdivision. Political Subdivision shall
have the sole custody of all passbooks or other indices of
ownership for each Account and no additions to or withdrawals
of funds from an Account shall be made except by Administrator . Er=
4 . On a regular basis, Political Subdivision through
Administrator will prepare one check representing the total
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amount of deferments for the period applicable for all
Participants in the Plan and a list indicating to whom' these
deferments should be attributed and the amount to he invested
in each Account. Said items will be sent promptly to Great
Western, which upon receipt thereof will make the appropriate
ro riate
credits to each applicable Account.
5. Great Western will furnish to Administrator no more
frequently than monthly a statement of activity for each
Account. •
6. Political Subdivision shall have the same rights
and obligations in connection with each Account as any other
savings account holder having the same type of savings account
with Great Western.
7 . Great Western will disburse funds from each Account
solely as directed by Administrator and shall have no duty
or obligation to ensure that any deposit or withdrawal is
authorized by the Plan.
8. Great Western shall not be in privity of contract
with or have any direct, indirect or third party beneficiary
obligation or relationship to any Participant. Great Western
shall not be required to accept or honor any instructions
or requests that may be submitted by any Participant or to
provide any information to the Participant or any other person
or entity regarding an Account or any Account transactions
of any kind except upon the written instructions of Political
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411 410
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Subdivision, Administrator or as otherwise required by
applicable law, regulation or court Order.
9. If Political Subdivision or Administrator should
submit any written presentation to be made to employees
describing the Plan or setting forth the matter of investment
of Plan funds, or if Political Subdivision or Administrator
should conduct or permit to be carried on any educational
meetings or programs for similar purposes, Great Western
shall be afforded reasonable opportunity to participate in
such presentation or program to the same extent as any other
authorized Plan investment vehicle.
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10. This Agreement shall continue in effect until
terminated by either party upon six months prior written
notice.
11 . Except as hereinafter provided, any written notice
(including any periodic statements to beg iven under this
Agreement) must be sent by first class mail, postage prepaid,
addressed as follows:
Political Subdivision:
' t `Qf Ranch4__Palos,,,Verdes_
3Q944 * • • - •
Rancho_Paa�..o... .� Ve r.. es . GA 90274
Attentign : Geor„ge ��Tunderlin
r.i.� w r rw..�.r
Great Western:
Great Western Savings and Loan Association
8484 Wilshire Boulevard
Beverly Hills, California 90211
Attention: Deferred Compensation Department
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with a copy to:
Great Western Savings and. Loan Association
17400 Hawthorne Blvd.
Torrance , Ca. 90504 Att'n: Branch Mgr.
Any notice of termination of this Agreement shall be sent
by certified or registered mail , return receipt requested,
and shall be deemed received upon the date of execution of
the return receipt by the addressee.
C't (c= w,e- OPA.L-0 S
Political Subdivision
iStatkiAto,t, Le_rze,s R..
8y
APPROVED AS TO FORM:
"'w
IA4MK ,
(Legal Cou - el)
GREAT WESTERN SAVINGS AND
LOAN ASSOCIATION
� L. L • . P
By o•� a-,�,�