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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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Services Agreement <br />WIN Prudential Provided by Prudential Retirement <br />Insurance and Annuity Company <br />1. Termination. Each party may terminate this Agreement upon sixty (60) days prior written notice to the <br />other. If any fees remain due at the time this Agreement is terminated, the Plan Sponsor directs <br />Prudential to deduct such amounts from assets of the Plan available for transfer to the successor <br />recordkeeper, unless the Plan Sponsor pays such fees before the scheduled transfer date. Such <br />amounts will be deducted as a lump sum from the assets available for transfer, and therefore will not <br />be allocated to individual Participant accounts. <br />In the event that the Plan Sponsor terminates this Agreement before commencement of Services for <br />any reason, the Plan Sponsor agrees to reimburse Prudential for any reasonable out-of-pocket <br />expenses which Prudential incurs in connection with the transition. <br />2. Successor Recordkeeoer. Payouts. The parties agree that upon termination Prudential will have no <br />further duty or responsibility to the Plan under this Agreement. However, Prudential will use <br />cc r :c Crcrs -I: I r:: c,,.. .. ,, <br />_,cr re:e: n. , ;,rc,: r; ,. cccccr ng ..,c , <br />in Prudential's standard format, to the Plan Sponsor or to a successor recordkeeper. Should the <br />termination of Services be concurrent with a termination of the Plan, Prudential will use reasonable <br />efforts to pay or roll over Participant accounts pursuant to the Plan Sponsor's and, as appropriate, the <br />Participants' instructions. Prudential reserves the right to suspend some or all types of Plan <br />transactions prior to transfer or payout for a period reasonably necessary to reconcile all account, <br />expense, and asset totals. <br />3. Related Terms and Conditions. Plan Sponsor agrees to the terms and conditions of a Participant's or <br />other party's use of Prudential's electronic service systems, including Interactive Voice Response <br />(IVR), Internet, or call center, provided Prudential notifies the user of such medium of the terms of its <br />use. Prudential agrees that the terms and conditions shall be reasonable and not inconsistent with <br />other provisions of this Agreement and Plan terms provided by authorized Plan representatives. <br />4. Amendment. The Agreement may be amended by mutual agreement at any time in writing. <br />Agreement by the Plan Sponsor to an amendment that would impact plans of a similar class on <br />Prudential's recordkeeping system may be presumed if Prudential communicates the amendment to <br />the Plan Sponsor at least ninety (90) days in advance of the effective date of the change in <br />conformance with the notice section of this Agreement, indicates its intention to presume agreement <br />to the amendment absent a response, and Prudential receives no response within a stated period or, <br />if none is stated, by the time the change is to be implemented. <br />Prudential's fees are subject to annual review by Prudential and may be changed effective after <br />ninety (90) days written notice to the Plan Sponsor. The fees will not be changed within the first sixty <br />(60) months following the Agreement's Effective Date, nor will it be changed more frequently than <br />once in any twelve (12) month period except by written agreement between Prudential and the Plan <br />Sponsor. Prudential reserves the right to amend the fees upon sixty (60) days written notice in the <br />event of a material change to the Plan, a difference in the expected versus actual conversion assets <br />received, a material reorganization or other extraordinary event, or from significant decline in assets, <br />contributions or number of participants. <br />E. Indemnification <br />1. Error Correction: Indemnification of Plan and Plan Soonsor. Prudential, subject to the terms of this <br />Agreement, agrees to pay costs associated with the correction of Prudential's administrative errors or <br />omissions in the performance of Services listed in Exhibit A hereunder to the extent of its negligence <br />or willful misconduct, provided that the Plan Sponsor agrees to a reasonable error correction method <br />within twenty (20) business days of receiving written notice of the proposed correction method. <br />25D-8 <br />
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