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Item 19 - Agreement with Empower Annuity Insurance Company for the Employee Deferred Compensation Plan
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09/19/2023 Regular
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Item 19 - Agreement with Empower Annuity Insurance Company for the Employee Deferred Compensation Plan
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10/24/2023 11:43:40 AM
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10/24/2023 11:35:25 AM
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City Clerk
Doc Type
Agenda Packet
Agency
Finance & Management Services
Item #
19
Date
9/19/2023
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25 <br />in accordance with its terms. Plan Sponsor shall provide Empower with a signed copy of the Plan document <br />and all amendments to the Plan document within thirty (30) days after such document and/or amendment <br />is adopted. <br />4.4 Investment Options. Plan Sponsor is responsible for the selection of all Investment <br />Options based on Plan Sponsor’s independent evaluation, or that of its registered investment advisor, <br />consultant, broker or other agent, as applicable. Plan Sponsor must notify Empower in writing of the <br />Investment Options including benchmarks, if applicable, intended to be serviced by Empower and such <br />Investment Option services including benchmarks, if applicable, are only provided as agreed upon by <br />Empower and may be subject to certain limitations or conditions. Plan Sponsor acknowledges that <br />Empower or its Affiliates may receive fees from mutual fund families or other Investment Option Sponsors <br />or their Affiliates for providing certain administrative or other services thereto (“Fund Service Fees”) in <br />connection with the Plan. Plan Sponsor may request additional information regarding such fees at any time. <br />If the provider of an Investment Option causes an Investment Option to become unavailable to the Plan, <br />Empower will notify Plan Sponsor as soon as practicable after the Investment Option Sponsor notifies <br />Empower. <br />4.5 Plan Sponsor Acknowledgment of Market Timing Procedures. Plan Sponsor <br />acknowledges that the SEC requires mutual fund companies to establish procedures to prevent market <br />timing and excessive trading. Plan Sponsor acknowledges receipt of, and agrees to adhere to, the terms <br />and conditions of the Procedures for Complying with Fund Company Market Timing and Excessive Trading <br />Policy attached as an Exhibit to the Agreement, as amended from time to time. <br />4.6 Payment of Plan Expenses. Plan Sponsor may Direct Empower in writing to deduct Plan <br />expenses from the Plan to the extent Plan Sponsor has determined that deduction is specifically allowed <br />by the Plan document and applicable law, and to remit to the party designated by the Plan Sponsor. <br />4.7 Plan Sponsor Direction to Perform the Services. In performing the Services, Empower <br />is acting at the Direction of the Plan Sponsor or other fiduciary of the Plan by following the procedures set <br />forth in a plan administration guide or similar procedural document provided by Empower to the Plan <br />Sponsor, including by posting such procedural documents to the Plan Sponsor website. To the extent the <br />procedures do not fully address a specific issue, the Plan Sponsor agrees to provide Direction in a manner <br />reasonably requested by Empower, and Empower may rely upon any such Direction by a person that <br />Empower reasonably believes to be authorized to act on behalf of the Plan Sponsor or other fiduciary. Plan <br />Sponsor specifically intends that Empower will have no discretionary authority with respect to following such <br />Direction. <br />4.8 Electronic Delivery <br />4.8.1 Empower will deliver plan-related documents to Participants under the Agreement <br />in an electronic manner as described below. <br />4.8.1.1 Plan notices to be delivered by Empower via an email notice of the <br />availability of the plan-related documents on the Participant website will be sent to an email address <br />provided to Empower by the Participant or by Plan Sponsor. If Empower is not provided with an email <br />address, notices will be delivered to the Participant via regular mail.
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