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25D - AGMT RECORDKEEPING SVC 457 PLAN
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25D - AGMT RECORDKEEPING SVC 457 PLAN
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7/12/2018 5:33:26 PM
Creation date
7/12/2018 5:26:24 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Finance & Management Services
Item #
25D
Date
7/17/2018
Destruction Year
2023
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vArm Prudential <br />EXHIBIT D <br />Performance Standards <br />Services Agreement <br />Provided by Prudential Retirement <br />Insurance and Annuity Company <br />Prudential and the Plan Sponsor hereby agree to the performance standards set forth below. Such <br />standards shall apply to the plan recordkeeping and other administrative services Prudential is providing <br />on behalf of the Plan. <br />Total dollars at risk each calendar year will be capped at $7,000, in the aggregate, for shortfalls related to <br />services Prudential provides on behalf of the Plan. <br />In the event that Prudential fails to meet a performance standard with respect to an ongoing service for <br />any quarter (as set forth in this Exhibit), Prudential shall make reasonable efforts to rectify the situation <br />and celiver against met stanaarc in the next quarter. In the event that Pruoenual tans to improve its <br />performance regarding the previously identified service within the next calendar quarter, Prudential will <br />provide a "Reimbursement Amount" as described in this Exhibit in the subsequent quarter. In the event a <br />Reimbursement Amount is due under this paragraph, that amount shall be (i) applied against the Plan's <br />administrative expenses otherwise due to Prudential under this Agreement, or (ii) credited toward <br />additional administrative services to be provided by Prudential to the Plan, or (iii) made available to the <br />Plan to pay reasonable and actually incurred Plan administrative expenses in accordance with the terms <br />outlined in Exhibit C of this Agreement. <br />Service Description <br />Service Standard <br />Reimbursement amount <br />Participant Services <br />Participant Service Representatives Available <br />$224 <br />Phone Response <br />Monday Through Friday 8 am to 9 pm <br />Time <br />ET(Excluding Holidays). Scheduled days before <br />or after holidays the participant service center <br />will close at 5:00 PM ET. 80% of calls answered <br />within 20 seconds for live operator, and an <br />abandonment rate of less than 2%. If call <br />volumes exceed 10% of normal or budgeted <br />volumes the month would be excluded. <br />Quarterly Statement <br />98% mailed or posted to the website within ten <br />$222 <br />Delivery <br />(10) business days after quarter close. <br />Dependency: Receipt of all necessary <br />information (example, message approval) from <br />the City of Santa Ana 3 weeks prior to the end of <br />the quarter for which the statement period is <br />applicable. <br />Loan initiations <br />99 % of loans processed within 2 business days <br />$222 <br />provided the request is received in good order <br />by 4 p.m. ET (2 p.m. ET for transactions <br />involving com any stock). <br />Withdrawals, <br />99 % of withdrawals processed within 2 <br />$222 <br />Unforeseen <br />business days provided the request is received <br />Emergency <br />in good order by 4 p.m. ET (2 p.m. ET for plans <br />Withdrawals, <br />with company stock). <br />Rollovers out <br />23 <br />25D-28 <br />
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