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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
Creation date
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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62 <br />Plan Sponsor & <br />Participant Service Minimum Service Standard Performance Measurement Fees at Risk <br />Investment Transfers <br />99% of investment transfers <br />processed same Business Day if <br />participant direction received in <br />good order by Empower by 4 p.m. <br />EST, early close time of <br />investment, or close of market <br />due to shortened hours <br />associated with early market close <br />or holiday eves (excluding <br />investment transfers involving <br />company stock) <br />Executed as part of <br />automated processes. <br />Accuracy will be consistent <br />with minimum service <br />standard unless otherwise <br />disclosed. <br />Reported as part of the <br />quarterly Empower Service <br />Level Agreement Report. <br />1% of quarterly fees <br />Empower shall not be liable for the performance standards and the revenue at risk stated herein for failure <br />to meet any of the performance standards as a result of an interruption of any service provided under the <br />Agreement or delayed or defective performance of such service arising out of any Force Majeure Event as <br />described and in accordance with Section 12.7 of the Agreement. Empower shall maintain a reasonable <br />disaster recovery plan and shall use its best efforts to resume services on a normal basis as soon as <br />practicable.
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