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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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4& Prudential <br />Services Agreement <br />Provided by Prudential Retirement <br />Insurance and Annuity Company <br />2. Successor Recordkeeper, 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 />reasonable efforts to transfer all relevant non -Prudential -proprietary information concerning the Plan, <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 />The Expense Schedule is subject to annual review by Prudential and may be changed effective after <br />ninety (90) days written notice to the Plan Sponsor. The Expense Schedule will not be changed <br />within the first sixty (60) months following the Agreement's Effective Date, nor will it be changed more <br />frequently than once in any twelve (12) month period except by written agreement between Prudential <br />and the Plan Sponsor. Prudential reserves the right to amend the Expense Schedule upon sixty (60) <br />days written notice in the event of a material change to the Plan, a difference in the expected versus <br />actual conversion assets received, a material reorganization or other extraordinary event, or from <br />significant decline in assets, contributions or number of participants. <br />5. Distribution and Administrative Revenue. Prudential and the Plan Sponsor agree that Prudential's <br />target revenue for the performance of the services under this Agreement will be an amount <br />approximating 4.9 basis points on investable plan assets (excluding employer stock, self -directed <br />brokerage and participants loans, if applicable) annually. Prudential may adjust the targeted revenue <br />as part of the annual review process should the revenue received in connection with the Plan fall <br />below the annual amount of 4.9 basis points of investable assets, In addition, anticipated revenue of <br />4.9 basis points excludes the revenue that is deposited in the Plan Expense Account described in <br />Exhibit C. <br />Prudential reserves the right to adjust the targeted revenue in the event of a material change to the <br />Plan, a difference in the expected versus actual conversion assets received, a material reorganization <br />or other extraordinary event, or from significant decline in assets, contributions or number of <br />participants. <br />E. Indemnification <br />1. Error Correction: Indemnification of Plan and Plan Sponsor. 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 />
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