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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
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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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including reasonable expenses of counsel and other agents employed by the Trustee, incurred in <br />conjunction with the administration of the Trust Fund. If the Trustee proposes an amended fee <br />schedule and the Employer fails to object thereto within ninety (90) days of its receipt, the fee of 4.9% <br />bps, shall be deemed accepted by the Employer. <br />Section 9: Expenses of the Plan and Trust Fund. <br />If permitted by the Plan, the reasonable expenses relating to the Plan and Trust Fund shall be paid by the <br />Trust, except to the extent paid by the Employer. Such expenses shall include, without limitation, actuarial, <br />investment management, accounting, legal and Trust expenses. <br />Section 10: Accounts of the Trustee. <br />The Trustee has accepted this Trust on the condition that the Employer has entered or is entering into a <br />service agreement with an affiliate of the Trustee whereby an affiliate of the Trustee will provide <br />recordkeeping services for all Plan assets held pursuant to this Trust Agreement. The Trustee shall be <br />ICIiUIIGU lu illi VJiIIU iU Ulu LIIIiIIV)Vi, Ui IGy,i iiu ail wimal0 VI IIID IluJlt9G tU IIII YrWu lV 41G Lnljllvy 4l, li,G <br />recordkeeping reports and related financial information provided by an affiliate of the Trustee, but the <br />Trustee shall not otherwise be required to provide Trust accounts. <br />Section 11: Resignation, Removal and Substitution of Trustee. <br />(a) The Trustee may resign at any time by giving at least 60 days' written notice to the Employer <br />(unless the Employer deems notice of a shorter duration to be adequate). The Employer may <br />remove the Trustee at any time by giving at least 60 days' written notice to the Trustee (unless <br />the Trustee deems notice of a shorter duration to be adequate). <br />(b) The Trustee's service pursuant to this Agreement is conditioned upon the existence of one or <br />more contracts between the Employer or the Plan (or the Trustee on behalf of the Employer or <br />the Plan) and a subsidiary or affiliate of Prudential Financial, Inc. providing a funding medium for <br />the Plan or providing for full Plan recordkeeping services. In the event the contract providing a <br />funding medium or providing for recordkeeping services is discontinued or terminated, this <br />Agreement shall be terminated as well with no further notice from either party to the other as of <br />the date of discontinuance or termination of the contract providing a funding medium or providing <br />for recordkeeping services. <br />(c) Any successor trustee hereunder may be either a corporation authorized and empowered to <br />exercise trust powers or may be one or more individuals. <br />(d) Upon the appointment of a successor trustee, the resigning or removed Trustee shall execute, <br />acknowledge and deliver all documents and written instruments necessary to transfer and deliver <br />the Trust Fund and all rights and privileges therein to the successor trustee. Upon the <br />appointment of a successor trustee, the resigning and removed Trustee shall be discharged from <br />further accountability for the Trust Fund, and shall be under no further duty, obligation or <br />responsibility for the disposition by such successor trustee of the Trust Fund or any part thereof. <br />Section 12: Amendment and Termination of Trust. <br />(a) The Employer and the Trustee may mutually agree at any time to amend this Trust Agreement <br />and the Trust created hereby to any extent deemed advisable. No amendment to this Trust <br />Agreement shall be effective unless mutually agreed to in writing by the Employer and the <br />Trustee; provided, however, that Trustee's fee schedule may be amended as provided in Section <br />8. <br />(b) The Employer may at any time revoke this Trust Agreement and terminate the Trust hereby <br />created. Such revocation and termgr)ation shall) become effective upon receipt by the Trustee or <br />25D-37 <br />
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