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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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38 <br />Reprocessing Fee. If Plan Sponsor provides incorrect or incomplete <br />information or provides data in an unusable electronic or hard copy paper <br />format, Empower will assess a fee to the Plan Sponsor to reprocess or put the <br />data into a useable format. (Submission of data in a hard copy format will be <br />considered a request to provide this service; this includes submission of <br />Participant account takeover data). <br />150.00 per hour or <br />as reasonably <br />determined by <br />Empower <br />Additional Plan Work. Empower may, at its discretion, provide additional plan <br />work at the Plan Sponsor’s request, which will be charged to the Plan Sponsor <br />at Empowers then current hourly rate or as quoted based on the additional plan <br />work requested. <br />150.00 per hour <br />Additional Service Fees reflect current rates as of the effective date of this Agreement and may be adjusted <br />from time to time to reflect cost increases. <br />7.3 Payment of Fees. All fees not paid by Participants must be paid within thirty (30) days of <br />Empower’s invoice to the Plan Sponsor unless another arrangement has been pre -approved by Empower <br />in writing. In the event any charges or fees reasonably and properly chargeable under the terms of the <br />Agreement, including this Schedule or other applicable documents signed by the Plan Sponsor remain <br />unpaid sixty (60) days after the date billed, Plan Sponsor Directs Empower to deduct such expense charges <br />from the Plan and Plan Sponsor affirms that the Plan document specifically allows such deduction from the <br />Plan. To the extent that the forfeiture or other Plan accounts would not pay Plan expenses under the Plan <br />document or the Plan accounts are insufficient, Plan Sponsor Directs Empower to allocate such fees to the <br />Participant accounts, and to the investment choices in which the Participant accounts are invested, on a <br />pro rata basis using Participant account and investment option balance ratios as of the date of deduction. <br />Plan Sponsor agrees to amend the Plan, if necessary, to provide for the payment of expenses from Plan <br />assets consistent with the foregoing. <br />7.4 Fee Guarantee. Empower’s fees shall remain in effect for five (5) years from the Schedule <br />Effective Date (“Guarantee Period”). Notwithstanding anything to the contrary, Empower reserves the right <br />to adjust fees at any time upon written notice to Plan Sponsor in the event that: (i) Plan Sponsor elects to <br />utilize different or additional services; (ii) Plan Sponsor changes any Investment Options utilized by the Plan <br />that provide service fees or other compensation to Empower, if applicable; (iii) there is an employer -initiated <br />event such as a plan merger, corporate acquisition or layoff resulting in a material decrease in Empower’s <br />revenue or requiring Empower to perform additional services; (iv) legislative, regulatory or US postal rate <br />changes impact the Services; or (v) there is a material change in the service fees received by Empower <br />from any Investment Options utilized by the Plan, if applicable. Empower may adjust fees at any time after <br />the Guarantee Period expires upon written notice to the Plan Sponsor. <br />8 ACCESS TO RECORDKEEPING SYSTEM & SERVICE REPRESENTATIVES <br />8.1 Automated Voice Response System. Participants will have access to an automated <br />voice response system via a domestic toll-free number and international toll number to inquire or make <br />account changes from a touch-tone telephone. Inquiry services available from the automated voice <br />response system will utilize share prices, unit values and account balances that are as of the last calculated <br />unit value/share price. The automated voice response system will be available 24 hours a day, 7 days a <br />week, except for routine maintenance of the system which, when necessary, will generally take place on <br />Sunday between the hours of 2:01 am and 2:01 pm Eastern Time. However, the sy stem may also be
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