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PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY (3)
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PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY (3)
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Last modified
8/20/2024 12:08:56 PM
Creation date
8/17/2021 10:12:44 AM
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Contracts
Company Name
PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY
Contract #
A-2018-179
Agency
Finance & Management Services
Council Approval Date
10/1/2018
Expiration Date
9/30/2021
Insurance Exp Date
1/1/2023
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4W Prudential <br />EXHIBIT C <br />Plan Administrative Expenses <br />Services Agreement <br />Provided by Prudential Retirement <br />Insurance and Annuity Company <br />Prudential agrees to make payments ("Allowance') to or on behalf of the Plan in order to pay its reasonable <br />and actually incurred Plan administration expenses. Prudential will make payment to the Plan as more fully <br />provided below: <br />• Source of Payment. The source of funds for the payment is corporate assets of Prudential <br />and/or its subsidiaries and affiliates. The Plan Sponsor acknowledges that Prudential is the <br />owner of funds used for the payment until Prudential transfers such funds to the Plan Trust. <br />• Amount. Allowance will be paid to the Plan in periodic installments of an annual amount as set <br />forth below: <br />• Flat Dollar Amount. $ 5,000 for the plan year in which Prudential commenced services <br />to the Plan and $ 5,000 for each calendar year thereafter. The Allowance will be paid in <br />quarterly installments. Payments other than annual will be calculated by dividing the <br />annual amount by 4 (quarterly). <br />• Additional Amount. Allowance maybe made available to the Plan as a result of service <br />shortfalls as described in Exhibit D of this Agreement. <br />• Plan Expense Account. Prudential will establish an account for the Plan Trust on <br />Prudential's recordkeeping system. Prudential will deposit payments of the Allowance into <br />this account at the frequency defined above and invest them in a stable value investment <br />under the Plan, unless another investment option is selected by the Plan Sponsor until such <br />time that the Plan Sponsor provides direction to Prudential regarding the disposition or re- <br />investment of these funds. <br />• Reporting. Prudential will provide periodic reports to the Plan Sponsor that show payments by <br />Prudential to the Plan Trust under this arrangement. <br />• Amendment of Arrangement. This payment arrangement may be amended at any time in <br />writing. Agreement by the Plan Sponsor to an amendment may be presumed if Prudential <br />communicates the amendment to the Plan Sponsor in advance of the effective date of the <br />change, indicates its intention to presume agreement to the amendment absent a response, <br />and Prudential receives no response within a stated period or, if none is stated, by the time <br />the change is to be implemented. In particular (and not by way of limitation), Prudential <br />reserves the right to amend this arrangement in the event of a material change to the Plan or <br />a difference in the expected versus actual conversion assets. <br />• Termination of Arrangement. Each party may terminate this payment arrangement for any <br />reason upon thirty (30) days prior written notice to the other. In particular (and not by way of <br />limitation), Prudential reserves the right to terminate this arrangement in the event of a <br />material change to the Plan or a difference in the expected versus actual conversion assets, <br />or upon Prudential's conclusion that payments violate applicable law. Generally, allowances <br />are made available upon conclusion of the payment period. <br />20 <br />
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