HomeMy WebLinkAboutICMA-RC (INTERNATIONAL CITY MANAGEMENT ASSOCIATION RETIREMENT CORPORATION VANTAGECARE) (MISSION SQUARE)(RHS PLAN) (GENERAL) INSURANCE NOT ON FILE A-2011-258A
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CITY CLERK
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Tvsiv iiDani f SIXTH AMENDMENT TO ADMINISTRATIVE SERVICES AGREEMENT WITH THE INTERNATIONAL
Lori derC)I) CITY MANAGEMENT ASSOCIATION RETIRMENT CORPORATION (ICMA-RC) DBA
MISSIONSQUARE RETIREMENT
THIS SIXTH AMENDMENT to the above-referenced Agreement is entered into on September
�A 2025 by and between the International City Management Association Retirement Corporation,
doing business as MissionSquare Retirement ("MissionSquare"), and the City of Santa Ana ("City"), a
charter city and municipal corporation organized and existing under the Constitution and laws of the
State of California. MissionSquare and City are collectively referred to as the Parties or singularly as a
Party. RECITALS
A. The parties entered into Agreement No. A-2011-258, dated November 28, 2011,that
established a Retiree Health Savings ("RHS") Plan for bargaining units that elect voluntarily to
participate and by which ICMA-RC agreed to provide administrative services for the Benefit Plan
("Agreement");
B. On January 30, 2015,the City entered into a Participation Agreement(A-2011-258-04)with
VantageTrust Company LLC on behalf of the RHS plans;
C. On May 29, 2015, the Agreement was amended to change the definition of"spouse"to reflect a
change in the law;
D. On January 1, 2016,the Agreement was amended (A-2011-258-03) to update the provisions of
the RHS;
E. On June 30, 2016,the Agreement was amended (A-2011-258-04) to change the RHS Trust from
Vantagecare to Vantage Trust II Multiple Collective Investment Funds Trust;
F. On May 1, 2022,the Agreement was amended (A-2011-258-05)to add insurance coverage
requirements to the Agreement; and
G. The Parties agree to amend the Agreement to remove the automatic renewal term and to
provide for a term of three years with two, one year automatic renewals and to change the
compensation terms.
The Parties therefore agree:
1. Section 5 of the Agreement entitled Compensation and Payment is amended and restated to
read as follows:
Absent an explicit agreement to the contrary between MissionSquare and Employer, participant
fees and expenses shall be payable from RHS assets, in accordance with the requirements of the RHS
Program as set forth below.
(a) For RHS assets in the MSQ Funds Class S, other than the S11 class of the MissionSquare PLUS
Fund
(i)Asset-based fees will be included in the daily unit value of each MSQ Fund Class S,
and
(b) No separate asset-based fees will be assessed.
(c)For the S11 class of the MissionSquare PLUS Fund and for assets in Funds other than the MSQ
Funds Class S, an annual asset fee of 0.29%(29 basis points)will be charged on a monthly or quarterly
basis, depending on the funds selected. Quarterly charges are based on the balance in the account on
the last day of the previous quarter. Monthly charges are based on the average balance for the
previous month.
(d)A$25 annual account administration fee will be charged quarterly to each Accountholder's
account.
(e)Asset-based fees and the annual account administration fee are subject to change with
appropriate prior notification.
(f)Compensation for Advisory and other Services to MissionSquare Funds Class M and
Payments from Third-Party Funds. Employer acknowledges that Mission5quare,including certain of its
wholly owned subsidiaries, receives compensation for advisory and other services furnished to the MSQ
Funds Class M,which are collective funds serving as the underlying funds to certain MSQ Funds Class S.
MissionSquare also receives administrative fees from its third-party settlement and clearing agent for
providing administrative and other services based on assets invested in third-party investment options;
such administrative fees come from payments made by third-party investment options to the
settlement and clearing agent.
2. Section 9 of the Agreement entitled Term is amended and restated to read as follows:
This Agreement shall be in effect for an initial term beginning on the Inception Date and ending
three(3)years after the Inception Date, provided the Employer executes this Agreement through
DocuSign. This Agreement will be renewed automatically for(2)one-year term agreements unless
written notice of termination is provided by either party to the other no less than 60 days before the
end of such Agreement year. The Employer understands and acknowledges that, in the event the
Employer terminates this Agreement(or replaces the MissionSquare PLUS Fund of VantageTrust II as an
investment option in its investment line-up), MissionSquare retains full discretion to release Plan assets
invested in the MissionSquare PLUS Fund in an orderly manner over a period of up to 12 months from
the date MissionSquare receives written notification from the Employer that it has made a final and
binding selection of a replacement for MissionSquare as administrator of the Plan (or a replacement
investment option for the MissionSquare PLUS Fund).
3. References to "VT III Vantagepoint Funds"shall mean the "MissionSquare Funds of
VantageTrust", and references to the "VT PLUS Fund"shall mean the"MissionSquare PLUS
Fund".
4. Except as modified by this Fifth Amendment, all terms and conditions of the Agreement as
previously amended,shall remain in full force and effect.
i
IN WITNESS WHEREOF,the parties hereto have executed this Sixth Amendment to the
Agreement on the date and year first written above.
ATTEST CITY OF SANTA ANA
i er L. H Lori Schnaider
City Cle Executive Director of Human Resources
Agency
APPROVED AS TO FORM
Sonia R. Carvalho
City Attorney
THE INTERNATIONAL CITY MANAGEMENT
By; QU3LA. ASSOCIATION RETIREMENT CORPORATION
Laura A. Rossini doing business as MISSIONSQUARE RETIREMENT
Chief Assistant City Attorney
By
Erica McFarquhar
Assistant Secretary