HomeMy WebLinkAboutAddenda - RFP - P943 PENSION SERVICES POUDRE FIRE AUTHORITYCOPY
AMENDMENT
TO THE
Administrative Services Agreements
For Plan Numbers 109361,1085289 30104991085309 3000679 1085339 108618
This Amendment to the Administrative Services Agreements ("Agreements") for Plan
numbers 109361, 108528, 301049, 108530, 300067, 108533, 108618 (the "Plans") is
entered by and between City of Fort Collins ("Employer") and ICMA Retirement
Corporation ("RC"), effective as of the date of execution by the Employer below
("Execution Date").
WHEREAS, the Employer sponsors the Plans on behalf of its eligible employees and
retirees; and
WHEREAS, the Employer entered the Agreements to engage RC to provide
administrative services and investments for the Plan under the terms specified in the
Agreements; and
WHEREAS, the parties wish to amend the Agreements to provide for an elimination of
the Plan Administration fee and Mutual Funds Fee under the Agreements for the Plans
over the term of the Agreements contingent on the Employer's use of EZLink for
enrollment contribution processing over the term of the Agreements; and
WHEREAS, Section 10(a) of the Agreement provides that the Agreements may be
amended pursuant to a written instrument signed by the parties;
NOW, THEREFORE, the Agreements are hereby amended as follows:
Section 6 of the Agreements, titled "Compensation and Payment" is amended by
replacement of all sections with the following:
(a) There shall be no asset -based or per -participant fees charged under this
Agreement. ICMA-RC's compensation under this Agreement shall be as
set forth in subsection (b) below.
(b) Compensation for Management Services to the Trust; Compensation for
Advisory and other Services to the Vantagepoint Funds. Employer
acknowledges that in addition to amounts payable under this Agreement,
ICMA-RC receives fees from the Trust for investment management
services furnished to the Trust. Employer further acknowledges that
certain wholly owned subsidiaries of ICMA-RC receive compensation for
advisory and other services furnished to the Vantagepoint Funds, which
serve as the underlying portfolios of a number of Funds offered through
the Trust. The fees referred to in this subsection are disclosed in the
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Retirement Investment Guide. These fees are not assessed against assets
invested in the Trust's Mutual Fund Series.
(c) Administrative Allowance. ICMA-RC shall pay an annual administrative
allowance of 0.10% of total plan assets which shall be paid in quarterly
installments to the Employer or to the Plan for reasonable Plan
administration expenses (or to offset future contribution obligations).
Such payments reflect ICMA-RC's assumptions regarding the aggregate
level of revenue received from the funds offered by the Plan at the
initiation of this Agreement. In the event that the Employer chooses to
replace funds during the term of this agreement, the revenue assumptions
with respect to the new funds will be re-evaluated, and the administrative
allowance will be adjusted commensurately.
(d) Redemption Fees. Redemption fees imposed by outside mutual funds in
which Plan assets are invested are collected and paid to the mutual funds
by ICMA-RC. ICMA-RC remits 100% of redemption fees back to the
specific mutual fund to which redemption fees apply. These redemption
fees and the individual mutual fund's policy with respect to redemption
fees are specified in the prospectus for the individual mutual fund and
referenced in the Retirement Investment Guide.
(e) Payment Procedures. All payments to ICMA-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, to the extent not paid by the Employer. The amount of Plan
assets held in the Trust shall be adjusted by the Trust as required to reflect
such payments. In the event that the Employer agrees to pay amounts
owed pursuant to this section 6 directly, any amounts unpaid and
outstanding after 30 days of invoice to the Employer shall be withdrawn
from Plan assets held by the Trust.
The compensation and payment set forth in this section 6 is contingent
upon the Employer's use of ICMA-RC's EZLink system for contribution
processing and submitting contribution funds by ACH or wire transfer on
a consistent basis over the term of this Agreement.
Employer further acknowledges and agrees that compensation and
payment under this Agreement shall be subject to re -negotiation in the
event that the Employer chooses to implement additional mutual funds
outside of the ICMA-RC Mutual Fund Alliance.
SECOND
Section 9 of the Agreements, titled "Term" is amended to provide as follows:
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This Agreement shall be in effect for an initial term beginning on the
Execution Date and ending 7 years after the Execution Date. This
Agreement will be renewed automatically for each succeeding year unless
written notice of termination is provided by either party to the other no
less than 60 days before the end of such Agreement year.
This Agreement may be terminated without penalty by either party on 90
days advance notice in writing to the other.
The fee amendment specified in section 6 of the Agreement will take
effect in the calendar quarter following the Retirement Corporation's
receipt of one fully -executed copy of this Amendment based upon the
following schedule:
- Received by February 20:
Effective April
- Received by May 20:
Effective July
- Received by August 25:
Effective October
- Received by November 20:
Effective January
In all other respects, the Agreements are hereby ratified and affirmed.
IN WITNESS WHEREOF, Employer has caused this Amendment to be executed by its
duly authorized officer this aa" day of,�, 2006.
CITY OF FORT COLLINS
A"ame: �)AyVVC6. 1E049K�
Title: PLICIf,4
L,"
ICMA RETIPOEMENT CORPORATION
Pahl Gallagher
Corporate Secretary
AP a ;
Assistant ,Ity Attorney
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