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HomeMy WebLinkAbout415640 ICMA - CONTRACT - RFP - P943 PENSION SERVICES POUDRE FIRE AUTHORITYADMINISTRATIVE SERVICES AGREEMENT Type: 401 Account Number: 6043 Plan # 6043 Standard Guarantee issued by second business day to RC error. following receipt in good order. Retiree Health Savings ("RHS' RHS claims processed within ten $250 for each RHS claim received Account Claims business days of receipt if received in good order not processed in good order. within benchmark due to RC error. Address changes made at the same time as withdrawal, rollout or loan instructions delay the mailing of checks by seven calendar days. When this occurs, the applicable performance standard is seven calendar days later than that listed above. Mille Plan # 6043 ADMINISTRATIVE SERVICES AGREEMENT e This Agreement, made as of the day of 1, t -A ' t 1_11- , 2005 (herein referred to as the "Inception Date"), between The International city Man�gement Association Retirement Corporation ("RC"), a nonprofit corporation organized and existing under the laws of the State of Delaware; and the Board of Trustees of the Poudre Fire Authority -New Hire Money Purchase Pension Plan and Trust ("Board") an Authority organized and existing under the laws of the State of Colorado with an office at 102 Remington, Fort Collins, Colorado 80524. RECITALS Board 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 VantageTrust (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 document, "Making Sound Investment Decisions: A Retirement Investment Guide." The Funds are available only to public Boards 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. AGREEMENTS Appointment of RC Board 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 Board and participants of the status of Plan Plan # 6043 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 Board in accordance with terms of the Plan. RC shall perform its functions under this Agreement in accordance with the service guarantees set forth in Exhibit A to this Agreement. 2. Adootion of Trust Board has adopted the Declaration of Trust of VantageTrust and agrees to the commingled investment of assets of the Plan within the Trust. Board 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. Exclusivity Agreement Board agrees that for the initial or succeeding term of this Agreement specified in Section 10, so long as RC continues to perform in all material respects the services to be performed by it under this Agreement, Board shall not obtain plan administration and investment advisory services from anyone other than RC. Board acknowledges that RC has agreed to the compensation to be paid to RC under this Agreement in the expectation that RC will be able to offset costs allocable to performing this Agreement with revenues arising from Board's exclusive use of RC at the rates provided herein throughout the initial or succeeding term. 4. Board Duty to Furnish Information Board 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 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 Board 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. -3- Plan # 6043 5. Certain Representations. Warranties. and Covenants RC represents and warrants to Board 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 Board that: (c) RC shall maintain and administer the Plan in compliance with the requirements for plans which satisfy the qualification requirements of Section 401 of the Internal Revenue Code; provided, however, RC shall not be responsible for the qualified status of the Plan in the event that the Board directs RC to administer the Plan or disburse assets in a manner inconsistent with the requirements of Section 401 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 Board contains terms that differ from the terms of RC's standardized plan document, RC shall not be responsible for the qualified status of the Plan to the extent affected by the differing terms in the Board's plan document. Board represents and warrants to RC that: (d) Board 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 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 Board is bound or to which it is a party. 6. Participation in Certain Proceedings The Board hereby authorizes RC to act as agent, to appear on its behalf, and to join the Board 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 Board Plan. Unless Board notifies RC otherwise, Board consents to the disbursement by RC of benefits that have been garnished or transferred to a former spouse, spouse or child -4- Plan # 6043 pursuant to a domestic relations order. 7. Compensation and Payment (a) Administrative Compensation. There shall be no asset based administration fees assessed against Plan assets invested in the Trust. Should the Board choose to replace an investment fund or investment funds after the initial consolidation of assets, RC shall receive revenue based on Plan assets invested in the replacement funds at a level comparable to the original funds. ICMA-RC will prepare an annual report of revenue received for each fund that includes 1) revenue retained by ICMA-RC for proprietary funds and revenue received from the fund company as a percent of assets, 2) average month -end balances for the year, and 3) revenue in dollars derived by multiplying revenue received/retained with average month -end balances for each fund." (b) Account Maintenance Fee. There shall be no per participant fees assessed under this Agreement. (c) Compensation for Management Services to the Trust and for Advisory and other Services to the Vantagepoint Funds. Board acknowledges that in addition to amounts payable under this Agreement, RC receives fees from the Trust for investment management services furnished to the Trust. Board further acknowledges that certain wholly -owned subsidiaries of RC including but not limited to ICMA-RC Services, LLC. 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 Retirement Investment Guide. These fees are not assessed against assets invested in the Trust's Mutual Fund Series. (d) Administrative Allowance. To the extent that the revenue requirement specified below is met, RC shall annually pay to the Board an administrative allowance equal to the revenue RC receives from investments held by all plans administered by RC on behalf of the Board, including the Plan, in excess of 0.08% of total plan assets. This amount shall be the total administrative allowance payable in connection with all plans administered by RC, including the Plan, during the term of this Agreement. (e) Investment Advice Service. The annual fee for the on-line investment advice service made available by RC through its arrangement with Morningstar is hereby waived throughout the term of this Agreement. (f) Vantage Planning Service. The individual fee for the individual financial plans made available by RC through our Certified Financial Planners is hereby waived throughout the term of this Agreement. WE Plan # 6043 (g) Payment Procedures. All payments to RC pursuant to this Section 7 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. The compensation and payment set forth in this Section 7 is contingent upon RC receiving revenue from investment options selected by the Board to fund the plans to be administered on behalf of the Board by RC, including the Plan, in the amount of at least 0.08% of all plan assets. Board acknowledges and agrees that, in the event that this revenue requirement is not met, compensation and payment under this Agreement shall be subject to re -negotiation. The compensation and payment set forth in this section 7 is further contingent upon the transfer of all assets of the Plan formerly administered by Prudential Retirement. S. Custody Board understands that amounts invested in the Trust are to be remitted directly to the Trust in accordance with instructions provided to Board by RC and are not to be remitted to RC. In the event that any check or wire transfer is incorrectly labeled or transferred to RC, RC will return it to Board with proper instructions. 9. Responsibility 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. 10. Term This Agreement shall be in effect for an initial term beginning on the Inception Date and ending 3 years after the Inception 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 90 days before the end of such Agreement year. This Agreement may be terminated without penalty by either party on ninety days advance notice in writing to the other. 11. Amendments and Adiustments (a) This Agreement may not be amended except by written instrument signed by the parties. (b) The parties agree that an adjustment to compensation may only be implemented by RC through a proposal to the Board via written correspondence. The Board will be given at least 60 days to review the proposal before the effective date of the adjustment. Such adjustment shall become effective unless, within the 60 day Plan # 6043 period before the effective date, the Board 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. 12. Notices 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) Board at the office set forth in the first paragraph hereof, or to any other address designated by the party to receive the same by written notice similarly given. 13. Comolete Agreement This Agreement shall constitute the sole agreement between RC and Board 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. 14. Governing Law This agreement shall be governed by and construed in accordance with the laws of the State of Colorado, 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. BOARD OF TRUSTEES OF THE POUDRE FIRE AUTHORITY - NEW HIRE MONEY PU CHA/S�E� PE ON PLAN AND TRUST ?Signature/Date 70 3 -7- Plan # 6043 Name and Title (Please Print) INTERNATIONAL CITY MANAGEMENT ASSOCIATION RETIREMENT CORPORATION by: Paul Gallagher Corporate Secretary Plan # 6043 Exhibit A RC Service Guarantees RC makes the following 401 Plan service guarantees: Standard Guarantee Transition Deliverables Transition of assets to RC by $1,500 if delay caused by factors agreed upon deadline and controllable by RC. reconciliation of assets within one week. Transition Time -line Transition of assets to RC by $1,500 if delay caused by factors agreed upon deadline and controllable by RC. reconciliation of assets within one week. On -Site Service Registered representative on site $2,500 if performance standard is at least fifteen days a year to not met in a calendar year due to provide educational seminars and circumstances under RC control. individual consultations; Salaried UP on -site at least four days per year. In addition, RC shall annually provide to each participant a letter offering availability of individual consultations and such other information as may be mutually agreed. Quarterly Statement delivery Quarterly statements mailed within $500 for each quarter in which 12 business days, unless less than 99% of statements for performance returns received late the plan meet deadline due to due to factors beyond RC's control. circumstances under RC control. Contribution posting Same evening at the price as of the $250 for each for each payroll in close of business that day, if which posting of contributions received in good order by 4:00 p.m. received in good order is not Eastern Standard Time. processed within benchmark due to RC error, Withdrawal processing Process lump sum payments no $250 for each withdrawal later than one business day received in good order not following the date of receipt, if processed within benchmark due received in good order; check to RC error. issued by second business day following receipt in good order. Rollovers out Rollovers processed no later than $250 for each rollover request one business day of receipt of all received in good order not required paperwork in good order; processed within benchmark due check issue by second business to RC error. day following receipt in good order. Loan Processing Loans processed no later than one $250 for each loan request business day following receipt if received in good order not received in good order; check I processed within benchmark due