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HomeMy WebLinkAbout2000 Agreement10/18/00 02:36 FAX 5810149 CM/BR/PROCIIRE~IT ~04 ICMA RETIREMENT CORPORATION GOUERNMENTAL MDNEY PURCHASE PLAN & TRUST ADOPTION AGREEMENT #001 Aoooun'~Numb~r / ' T~e CiW of Seba.~ia~ hereby e.~ablishes a Mm~y Pure.se PI~ mad Trust to be kzmw~ as The City of S~ba~.- ~-0Ia Plma (the '?la~~) i~ t~e f~r~ of the ICIvlA Reii~mem Corpm'ation Pro~o~pe Mmley Purek~e Ham ~a This Plan is L 'Amployer: City of Sebaai~ 777 N. ~ml S~ N~. W~, D.C. 2~02~240 Tel~ ~,~ {202) 962~ ~ v~ve Da~ o~ Y~ ~ ~ O~b~ 1, 2000. PI~ Y~ ~ ~m ~ ~e (12) ~ N~ ~ ~ ~ be 65 y~ of age. .1. ~ fo~a~g ~s of~lo~ b. ~ 2, ~ ~o~ of ~lo~es ~ ~ ab~ ~ be ~le ~ p~p~ ~ ~l~t. ~, ~ ~i~'~ ~ r~t ~ ~ ~d 1. ~ Ci~ ~fteb~ ~ o~m~ ~ foE~: CM/HR/PROCUREM~,~ ~0~ CRy of ~m~ ofge~ 4.05 E~OS Emm~, ~ d~efl ~ S~ 2.09 of~ P~ ~s]~ ~o1~ b~es. L~A~OH OH ~S~ PRO.IONS ~ ~ ~E P~ ~ ~UST. of S~ ~by ~led~ Iu Witness Wh~eof lh~ Ciiy of S:baCi~ h~'~by causes this Al~-~,~,~ to b= e~eauU~t ou this 1 ~ ~y of ADMINISTRATIVE SERVICES AGREEMENT Type: 401 Account Number: 7677 Plan # 7677 ADMINISTRATIVE SERVICES AGrEeMENT This Agreement, made as of the '~ day of ~?~$~: ,2000 (herein referred to as the "Inception Date"), between The International City Management Association Retirement Corporation ("RC"), a nonprofit corporation organized and existing under the laws of the State of Delaware; and the City of Sebastian ("Employer") a City organized and existing under the laws of the State of Florida with an office at 1225 Main Street, Sebastian, Florida 32958. Recitals Employer acts as a public plan sponsor for a retirement plan ("Plan") with responsibility to obtain investment alternatives and services for employees participating in that Plan; The ICMA Retirement Trust (the "Trust") is a common law trust governed by an elected Board of Trustees for the commingled investment of retirement funds held by state and local governmental units for their employees; RC acts as investment adviser to the Trust; RC has designed, and the Trust offers, a series of separate funds (the "Funds") for the investment of plan assets as referenced in the Trust's principal disclosure document, "Making Sound Investment Decisions: A Retirement Investment Guide." The Funds are available only to public employers and only through the Trust and RC. In addition to serving as investment adviser to the Trust, RC provides a complete offering of services to public employers for the operation of employee retirement plans including, but not limited to, communications concerning investment alternatives, account maintenance, account record-keeping, investment and tax reporting, form processing, benefit disbursement and asset management. Plan # 7677 Agreements Aooointment of RC Employer hereby designates RC as Administrator of the Plan to perform all non-discretionary functions necessary for the administration of the Plan with respect to assets in the Plan deposited with the Trust. The functions to be performed by RC include: (a) allocation in accordance with participant direction of individual accounts to investment Funds offered by the Trust; (b) maintenance of individual accounts for participants reflecting amounts deferred, income, gain, or loss credited, and amounts disbursed as benefits; (c) provision of periodic reports to the Employer and participants of the status of Plan investments and individual accounts; (d) communication to participants of information regarding their rights and elections under the Plan; and (e) disbursement of benefits as agent for the Employer in accordance with terms of the Plan. Adoption of Trust Employer has adopted the Declaration of Trust of the ICMA Retirement Trust and agrees to the commingled investment of assets of the Plan within the Trust. Employer agrees that operation of the Plan and investment, management and disbursement of amounts deposited in the Trust shall be subject to the Declaration of Trust, as it may be amended from time to time and shall also be subject to terms and conditions set forth in disclosure documents (such as the Retirement Investment Guide or Employer Bulletins) as those terms and conditions may be adjusted from time to time. It is understood that the term "Employer Trust" as it is used in the Declaration of Trust shall mean this Administrative Services Agreement. Emolover Duty to Furnish Information Employer agrees to furnish to RC on a timely basis such information as is necessary for RC to carry out its responsibilities as Administrator of the Plan, including information needed to allocate individual participant accounts to Funds in the Trust, and information as to the employment status of participants, and participant ages, addresses and other identifying information (including tax identification Plan # 7677 numbers). RC shall be entitled to rely upon the accuracy of any information that is furnished to it by a responsible official of the Employer or any information relating to an individual participant or beneficiary that is furnished by such participant or beneficiary, and RC shall not be responsible for any error arising from its reliance on such information. RC will provide account information in reports, statements or accountings. Certain Representations. Warranties. and Covenants RC represents and warrants to Employer that: (a) RC is a non-profit corporation with full power and authority to enter into this Agreement and to perform its obligations under this Agreement. The ability of RC to serve as investment adviser to the Trust is dependent upon the continued willingness of the Trust for RC to serve in that capacity. (b) RC is an investment adviser registered as such with the Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended. ICMA-RC Services, Inc. (a wholly owned subsidiary of RC) is registered as a broker- dealer with the Securities and Exchange Commission (SEC) and is a member in good standing of the National Association of Securities Dealers, Inc. RC covenants with employer that: (c) RC shall maintain and administer the Plan in compliance with the requirements for plans which satisfy the qualification requirements of Section 401 of the Internal Revenue Code; provided, however, RC shall not be responsible for the qualified status of the Plan in the event that the Employer directs RC to administer the Plan or disburse assets in a manner inconsistent with the requirements of Section 401 or otherwise causes the Plan not to be carried out in accordance with its terms; provided, further, that if the plan document used by the Employer contains terms that differ from the terms of RC's standardized plan document, RC shall not be responsible for the qualified status of the Plan to the extent affected by the differing terms in the Employer's plan document. Employer represents and warrants to RC that: (d) Employer is organized in the form and manner recited in the opening paragraph of this Agreement with full power and authority to enter into and perform its obligations under this Agreement and to act for the Plan and participants in the manner contemplated in this Agreement. Execution, delivery, and performance of this Agreement will not conflict with any law, rule, regulation or contract by which the Employer is bound or to which it is a party. Plan # 7677 Participation in Certain Proceedings The Employer hereby authorizes RC to act as agent, to appear on its behalf, and to join the Employer as a necessary party in all legal proceedings involving the garnishment of benefits or the transfer of benefits pursuant to the divorce or separation of participants in the Employer Plan. Unless Employer notifies RC otherwise, Employer consents to the disbursement by RC of benefits that have been garnished or transferred to a former spouse, spouse or child pursuant to a domestic relations order. Compensation and Payment (a) Plan Administration Fee. The amount to be paid for plan administration services under this Agreement shall be 0.55% per annum of the amount of Plan assets invested in the Trust. Such fee shall be computed based on average daily net Plan assets in the Trust. (b) Account Maintenance Fee. (I) There shall be an annual account maintenance fee of $25.00. The account maintenance fee is payable in full on January 1 of each year on each account in existence on that date. For accounts established AFTER January 1, the fee is payable on the first day of the calendar quarter following establishment and is prorated by reference to the number of calendar quarters remaining on the day of payment. (ii) The account maintenance fee will be waived beginning in the year following the year in which total Plan assets exceed $4 million. (c) Compensation for Management Services to the Trust and Advisory and other Services to the Vantagepoint Funds. Employer acknowledges that in addition to amounts payable under this Agreement, RC receives fees from the Trust for investment management services furnished to the Trust. Employer further acknowledges that certain wholly-owned subsidiaries of RC receive compensation for advisory and other services furnished to the Vantagepoint Funds, which serve as the underlying portfolios of a number of Funds offered through the Trust. The fees referred to in this subsection are disclosed in the Retirement Investment Guide. These fees are not assessed against assets invested in the Trust's Mutual Fund Series. (d) Mutual Fund Services Fee. There is an annual charge of 0.40% assessed against average daily net Plan assets invested in the Trust's Mutual Fund Series. (e) Model Portfolio Fund Fee. There is an annual charge of 0.10% assessed against daily average net Plan assets invested in the Trust's Model Portfolio Plan # 7677 Funds. (f) Payment Procedures. All payments to RC pursuant to this Section 6 shall be paid out of the Plan assets held by the Trust and shall be paid by the Trust. The amount of Plan assets held in the Trust shall be adjusted by the Trust as required to reflect such payments. 7. Custody Employer understands that amounts invested in the Trust are to be remitted directly to the Trust in accordance with instructions provided to Employer by RC and are not to be remitted to RC. In the event that any check or wire transfer is incorrectly labeled or transferred to RC, RC will return it to Employer with proper instructions. 8. Responsibility RC shall not be responsible for any acts or omissions of any person other than RC in connection with the administration or operation of the Plan. 9. Term This Agreement may be terminated without penalty by either party on sixty days advance notice in writing to the other. 10. Amendments and Ad!ustments (a) This Agreement may not be amended except by written instrument signed by the parties. (b) The parties agree that compensation for services under this Agreement and administrative and operational arrangements may be adjusted as follows: RC may propose an adjustment by written notice to the Employer given at least 60 days before the effective date of the adjustment and the notice may appear in disclosure documents such as Employer Bulletins and the Retirement Investment Guide. Such adjustment shall become effective unless, within the 60 day period before the effective date the Employer notifies RC in writing that it does not accept such adjustment, in which event the parties will negotiate with respect to the adjustment. (c) No failure to exercise and no delay in exercising any right, remedy, Plan # 7677 power or privilege hereunder shall operate as a waiver of such right, remedy, power or privilege. 11. Notice~ All notices required to be delivered under Section 10 of this Agreement shall be delivered personally or by registered or certified mail, postage prepaid, return receipt requested, to (i) Legal Department, ICMA Retirement Corporation, 777 North Capitol Street, N.E., Suite 600, Washington, D.C, 20002-4240; (ii) Employer at the office set forth in the first paragraph hereof, or to any other address designated by the party to receive the same by written notice similarly given. 12. Comolete Agreement This Agreement shall constitute the sole agreement between RC and Employer relating to the object of this Agreement and correctly sets forth the complete rights, duties and obligations of each party to the other as of its date. Any prior agreements, promises, negotiations or representations, verbal or otherwise, not expressly set forth in this Agreement are of no force and effect. 13. Governing Law This agreement shall be governed by and construed in accordance with the laws of the State of Florida applicable to contracts made in that jurisdiction without reference to its conflicts of laws provisions. Plan # 7677 In Witness Whereof, the parties hereto have executed this Agreement as of the Inception Date first above written. CITY OF SEBASTIAN Signature/Date Name and Title (Please Print) INTERNATIONAL CITY MANAGEMENT ASSOCIATION RETIREMENT CO.B~P/O R,A/]'IO N / HOME OF PELICAN ISLAND 1225 MAIN STREET · SEBASTIAN, FLORIDA 32958 TELEPHONE: (561) 589-5330 · FAX (561) 589-5570 June 28, 2001 Mr. Patrick N. Cheah IRA Specialist ICMA Retirement Corporation 777 North Capitol Street, NE Washington, DC 20002-4240 Re: Vantagepoint Payroll Roth IRA Program Dear Mr. Cheah: Enclosed please find the fully executed letter of agreement mending the existing Agreement between the City of Sebastian and the ICMA Retirement Corporation (RC) to provide for payroll deduction Individual Retirement Accounts ("IRA's") for Employer's employees ("IRA Accountholders".) If'you should need any additional information, please feel free to contact me. City Manager TRM/jmt Enclosure "An Equal Opportunity Ernployer~ Celebrating Our 75th Anniversary June 13, 2001 777 North Capitol Street, NE Washington, DC 20002-4240 1 -Z02-962-4600 FAX t-202-962-4601 Toll Free 1-800-669-7400 Interne't: ht~p://www, icmarc,org Marge Poole City of Sebastian 1225 Main Street Sebastian, FL 32958 RE: Vantagepoint Payroll Roth IRA Program Dear Marge Poole: I am pleased that you have selected the ICMA Retirement Corporation CRC) to offer payroll Roth IRAs to your employees. Enclosed is everything you need to establish the Vantagepoint Payroll Roth IRA Program: 1. Letter Agreement Addendum - This letter agreement will serve to amend the existing Agreement between the City of Sebastian and ICMA Retirement Corporation. 2. VantagepOint Payroll Roth IRA Implementation Data Form - Provides necessary information to establish your Payroll Roth IRA Program. 3. All Employers must be set up on EZ Link- Electronic processing via the Internet, in order to implement a Payroll Deduction Roth IRA plan. Please remm the completed materials to Patrick N. Cheah, ICMA Retirement Corporation, 777 North Capitol Street, NE, Washington, DC, 20002-4240. Once the completed materials have been approved I will send you notification that your Vantagepoint Payroll Roth IRA Program has been established. Thank you for your continued interest in RC. Please contact me at 1-800-326-7272 Ext. 6949 or Leslie Gaston at ext. 4683 if you have any questions about adopting the Vantagepoint Payroll Roth IRA Program. Patrick N. Cheah IRA Specialist Enclosures cc: M. Dee Larson Fernando D' Aguero ICMA RETIREMENT CORPORATION Th e DUOllC service vantagepolnt® since 1972 CMA-RC So.ices. LLC. is a broker dealer affihate of the tCIMA Retirement Comoratmn member NASD and S[PC June 13, 2001 Marge Peele City of Sebastian 1225 Main Slreet Sebastian, FL 32958 777 North Capitol Street, NE Washington, DC 20002-4240 1-202-982-4§00 FAX 1-202-962-4601 Toll Free 1-8g0-889-7400 Internet: htr p://~ww.icrna r c.or g Dear Marge Peele: This letter agreement will serve to amend the existing Agreement between City of Sebastian and the ICMA Retirement Corporation ("RC") to provide for payroll deduction Individual Retirement Accounts ("IRAs") for Employer's employees ("IRA Accountholders".) The existing Agreement between Employer and RC is hereby amended as follows: 1. Employer desires to allow IRAs for its employees to be administered by RC. Employer agrees to send checks or wire the assets to RC for IRA accountholders. The details of the submission of IRA contributions shall be as mutually agreed between Employer and RC, but in general shall be as set forth in the IRA program materials developed by RC and provided to Employer. 2. Absent an explicit provision to the contrary, account fees and expenses payable by IRA Accountholders shall be as set forth in the IRA program materials. Each IRA Accountholder will receive a consolidated quarterly statemem providing information for any deferred compensation plan, qualified plan or IRA maintained by each IRA Accountholder and administered by RC. 4. Tax withholding and reporting will be provided by RC for each IRA account administered by RC. Unless RC and Employer agree otherwise, the details of RC's administration of the IRA program, as well as other features of the IRA program, shall be as set forth in RC's IRA program materials. The IRA program materials are hereby incorporated by reference and made a part of this Agreemem, except that Employer and RTC may ~om time to time mutually agree in writing to terms that vary from the IRA program materials. To assure IRA Accountholders of confidentiality, RC will only provide Employers with such account information as is necessary to reconcile Employer's payroll deduction submittals. ICMA RETIREMENT CORPORATION ICMA-RC Services LLC. is a broker/dealer affiliate of the ICMA Retirement Coroorauon member NASD and SIPC .7. It is agreed that RC will not be responsible for ensuring that annual IRA contributions by each IRA Accountholder are within applicable annual contribution limits, and that this will be the responsibility of the IRA Accountholder. It is understood that the year in which the payroll deduction occurs shall constitute the tax year in which the contribution is considered to be made to the IRA Accountholder's IRA. If City of Sebastian finds these terms agreeable, please so indicate by having the appropriate person sign and date this letter agreement in the space indicated below. /ly yo~s, ; Paul~/G~gher Corporate Secretary Signature~o f AuthC0~zed Official antagepoint Payroll Roth IRA Program Implementation Data Form Ins'mJcdon; to Employer. Provide nor essaW informst~on I= esl] blish your payroll IRA program. Please contact Employer Services at 1-800-325-L,£z, if you have any quosl~ons. ICNIA RETIREMENT CORPORA1 RC U.~ On~ Employer Number:. Geee~l 2. Employer's Full Name. Information 3. Street Address: 1225 ~ Street 4. City:. Sebastian 6. 7. 8. State: Florida Primary Contact Name: Primary Contact Title: Zip Code:. 32958 Ha=jo=ie Poole Benefits SpecH ~q ~ .~t Primary Contact Telephone#: (561) ~388-8240 Fax #:~61 ) 581-0149 9. Employer's Federal Tax Identification Number. 41-04-012831-54C RESOLUTION NO. R-01-46 A RESOLUTION OF THE CITY OF SEBASTIAN, FLORIDA, PERTAINING TO PENSIONS, AMENDING TFIF, EXISTING AGREEMENT WITH THE ICMA RETIREMENT CORPORATION, PROVIDING FOR AN EXECUTION OF AN LETTER AGREEMENT TO PROVIDE PAYROLL DEDUCTION INDIVIDUAL RETIREMENT ACCOUNTS TO EMPLOYEES; PROVIDING FOR REPEAL OF RESOLUTIONS OR PARTS OF RESOLUTIONS IN CONFLICT HEREWITH; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City of Sebastian entered into an agreement via Resolution R-00-58 to provide deferred compensation accounts and a deferred contribution plan for the employees of the City;, and WHEREAS, the City and ICMA Retirement Corporation desire to offer an additional payroll deduction vetticle for its employees in the form of Individual Retirement Accounts; and WHEREAS, this action will require mending the existing agreement with ICMA Retirement Corporation with a Letter Agreement, NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIl. OF THE CITY OF SEBASTIAN, INDIAN RIVER COUNTY, FLORIDA, that: Section 1. EXECUTION OF LETTER AGREEMENT. The City of Sebastian hereby authorizes the City Manager to execute the Letter Agreement, setting forth terms and conditions and amending the existing agreement between ICMA Retirement Corporation and the City of Sebastian establishing a provision for payroll deductions to Individual Retirement Accounts. Section 2. CONFLICT. are hereby repealed. All resolutions or parts of resolutions in conflict herewith Section 3. June 27, 2001. EFFECTIVE DATE. This resolution shall retroactively take effect on The foregoing Resolution was moved for adoption by Councilmember Barezyk The motion was seconded by Councilmember Hill and, upon being put into a vote, thc vote was as follows: Mayor Walter Barnes Vice-Mayor Ben A. Bishop Coun¢ilmember James Hill Councilmember Joe Barczyk Councilmember Edward J. Majcher, Jr. aye aye aye aye absent The Mayor thereupon declared this Resolution duly passed and adopted this 27th day of June, 2001 CITY OF SEBASTIAN, FLORIDA Walter Barnes, Mayor Sally ~ CMC Deputy City Clerk Approved as to form and legality for the reliance Of_~~ Seb~ian only: Rich Stringer, City Attom.~