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25L - DEFERRED COMPENSATION SERVICES
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12/06/2010
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25L - DEFERRED COMPENSATION SERVICES
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Last modified
1/3/2012 3:57:00 PM
Creation date
12/2/2010 1:05:10 PM
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City Clerk
Doc Type
Agenda Packet
Item #
25L
Date
12/6/2010
Destruction Year
2015
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Plan number 306741 <br />(a) ICMA-RC is a non-profit corporation with full power and authority to <br />enter into this Agreement and to perform its obligations under this <br />Agreement. The ability of ICMA-RC to serve as investment adviser to the <br />Trust is dependent upon the continued willingness of the Trust for ICMA- <br />RC to serve in that capacity. <br />(b) ICMA-RC is an investment adviser registered as such with the U.S. <br />Securities and Exchange Commission under the Investment Advisers Act <br />of 1940, as amended. ICMA-RC Services, LLC (a wholly owned <br />subsidiary of ICMA-RC) is registered as a broker-dealer with the U.S. <br />Securities and Exchange Commission ("SEC") and is a member in good <br />standing with Financial Industry Regulatory Authority ("FINRA") and the <br />Securities Investor Protection Corporation ("SIPC"). <br />(c) ICMA-RC shall maintain and administer the Plan in compliance with the <br />requirements for eligible deferred compensation plans under Section 457 <br />of the Internal Revenue Code and other applicable federal law; provided, <br />however, that ICMA-RC shall not be responsible for the eligible status of <br />the Plan in the event that the Employer directs ICMA-RC to administer the <br />Plan or disburse assets in a manner inconsistent with the requirements of <br />Section 457 or otherwise causes the Plan not to be carried out in <br />accordance with its terms. Further, in the event that the Employer uses its <br />own customized plan document, ICMA-RC shall not be responsible for <br />the eligible status of the Plan to the extent affected by terms in the <br />Employer's plan document that differ from those in ICMA-RC's standard <br />plan document. ICMA-RC shall not perform any service that ICMA-RC, <br />in its sole judgment, considers might cause ICMA-RC to be treated as a <br />"fiduciary" of the Plan under applicable law. <br />Employer represents and warrants to ICMA-RC that: <br />(d) Employer is organized in the form and manner recited in the opening <br />paragraph of this Agreement with full power and authority to enter into <br />and perform its obligations under this Agreement and to act for the Plan <br />and participants in the manner contemplated in this Agreement. Execution, <br />delivery, and performance of this Agreement will not conflict with any <br />law, rule, regulation or contract by which the Employer is bound or to <br />which it is a party. <br />(e) Employer understands and agrees that ICMA-RC's sole function under <br />this Agreement is to act as recordkeeper and to provide administrative, <br />investment or other services at the direction of Plan participants, the <br />Employer, its agents or designees in accordance with the terms of this <br />Agreement. Under the terms of this Agreement, ICMA-RC does not <br />render investment advice, is not the Plan Administrator or Plan Sponsor as <br />those terms are defined under applicable federal, state, or local law, and <br />4 <br />25L-6
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