Item 19 - Agreement with Empower Annuity Insurance Company for the Employee Deferred Compensation Plan

Home Browse Search

30 may differ from the amount of Revenue Credits due to differences in calculation methods between the Investment Options and Empower. Plan Sponsor represents that it has reviewed this arrangement and the allocation method with its legal and tax advisors and has determined that the arrangement is consistent with the terms of the Plan and with its fiduciary obli gations and will not result in a violation of the Code or any other applicable law . Plan Sponsor acknowledges and agrees that Empower shall not be considered a fiduciary and shall not have or exercise any discretion, with respect to its offering or administration of this arrangement. Plan Sponsor acknowledges that the amount of the Revenue Credit may vary with changes in the Plan’s Investment Options or if the amounts paid to Empower by the Plan’s Investment Options change. 6.3 Trustee/Custodian Services. Trustee or custodian services, as applicable, are provided by Empower Trust Company, LLC (“ETC”). The compensation received by ETC for its services is reflected in the Plan’s fee disclosure report provided by Empower and the Empower Trust Company Bank Credits below. Additional fees may be reflected in the trust/custodial agreement between ETC and Plan Sponsor. If Plan Sponsor selects a trustee or custodian, as applicable, that requires changes to any procedures or services in the Agreement, Empower reserves the right to change fees in this section. 6.4 Empower Trust Company Bank Credits. If Plan assets pass through a bank account held by ETC or its Affiliates, ETC may earn credits and/or interest on Plan assets awaiting investment or pending distribution. Any credits or interest earned by ETC are aggregated with credits and/or interest earned by ETC’s Affiliates and will be used to defray the aggregate expenses for the maintenance of bank accounts. ETC will not retain credits and/or interest earned in excess of such maintenance expenses. Credits and/or interest are earned from the use of (i) uninvested contributions received too late in the day or not received in good order to be invested same-day and (ii) proceeds from Investment Option redemptions where Plan distribution checks have not been presented for payment by Participants. Credits and/or interest (i) begin to accrue on contributions on the date such amounts are deposited into the bank account and end on the date such amounts are invested pursuant to Participant instructions, and (ii) begin to accrue on distributions on the date the check is written or on the ACH date, as applicable, and end on the date the check is presented for payment or when the ACH clears against the account, as applicable. Earnings of credits and/or interest are at the rate the bank provides from time to time. 6.5 Enrollment. 6.5.1 Enrollment. Based on information provided by the Plan Sponsor or its designee, Empower will enroll Participants in the Plan in a manner mutually agreed upon by the parties. 6.5.2 Eligibility Determination. Plan Sponsor Directs Empower to determine employee eligibility as Directed by the Plan Sponsor and through Plan Sponsor provided information and criteria. Empower shall also communicate details of the enrollment process to eligible Participants. Plan Sponsor agrees to notify Empower at least thirty (30) days prior to any change in the Plan’s eligibility requirements . Empower may discontinue this service if the Plan’s new eligibility requirements are incompatible with Empower’s recordkeeping system requirements. 6.5.3 Online Enrollment. Plan Sponsor Directs Empower to allow online enrollment. Once the Payroll Data Interchange (“PDI”) file is transmitted, Plan Sponsor Directs Empower to communicate details of the enrollment process to eligible Participants allowing enrollment in the Plan through the website or the voice response unit (“VRU”).