Laserfiche WebLink
29 <br />6 RECORDKEEPING AND ADMINISTRATION SERVICES & FEES <br />6.1 Basic Plan Administration Fee. Commencing on October 1 , 2023, Empower will be <br />entitled to the following annual administration fee (“Basic Plan Administration Fee”). This fee is used, in <br />whole or in part, for administrative services provided by Empower as described in this Schedule. In addition, <br />some or all of the fee (or any other compensation, revenue, asset or source of funding available to <br />Empower, in Empower’s sole discretion) may be used by Empower to make payments to the Plan under a <br />Plan Expense Account or similar arrangement, if applicable, between the Plan Sponsor and Empower. All <br />Services set forth in this Schedule are included in the Basic Plan Administration Fee unless an additional <br />fee is otherwise noted herein. In the event that the Plan Sponsor requests different or additional Services, <br />the parties shall meet to discuss relevant Empower capabilities and any additional fees that may apply. <br />The Basic Plan Administration Fee is $22 per Participant account per year. <br />The Basic Plan Administration Fee will be payable on a quarterly basis, based on the number of <br />Participant accounts with a balance at the end of the assessment period. Participants taking a full <br />withdrawal prior to a processing date will be charged the fee at the time of withdrawal. <br />In addition, Empower and/or one or more of its Affiliates may receive Fund Service Fees in connection <br />with the Plan. <br />6.2 Revenue Credit Arrangement. <br />Empower and Plan Sponsor agree that Empower will pay to the Plan, on a quarterly basis, the <br />Revenue Credits amount as described below. Revenue Credits shall be determined by multiplying the <br />Plan’s average daily balance in each of the Plan’s Investment Options for the quarter by the annual rate <br />prorated for the quarter) of service fees paid to Empower by the Investment Option or its affiliates as <br />reflected in the Plan’s Plan Fee Disclosure Report (a copy of the Plan’s most recent Fee Disclosure Report <br />is available on the Plan Sponsor Website) (“Revenue Credits”). Plan Sponsor Directs Empower to allocate <br />any Revenue Credits to Participant accounts proportionately based on the av erage daily balance of such <br />accounts in the Investment Option during the quarter and to invest such amounts based on the Participant’s <br />investment elections with respect to future contributions or, if none, the applicable Plan Default Investment <br />Fund. Revenue Credits shall be determined and allocated to the Participant accounts within 45 days after <br />the end of the quarter. In the event that the Agreement is terminated, Empower will determine and allocate <br />Revenue Credits to the Plan in advance of the Plan’s scheduled termination date based on an estimate of <br />the Plan’s average daily balance in each of the Plan’s Investment Options. <br />The Revenue Credit under this arrangement is funded from Empower’s general assets and is being <br />made available as a reduction in the compensation that Empower would otherwise earn in connection <br />with the services it provides to the Plan . No specific funds will be set aside in an account or fund for <br />the Plan’s benefit or otherwise segregated for purposes of funding this arrangement, and t he Plan <br />has no right, title or interest in any Revenue Credits prior to the time that the Revenue Credit is paid <br />to the Plan. No interest will be earned by the Plan or paid on Revenue Credits that are accrued. The <br />Plan Sponsor understands that the Investm ent Options are held in omnibus accounts and that the <br />amount of service fees received by Empower in relation to Plan assets from the Investment Options