HomeMy WebLinkAboutHR1997-0301 - Amendment - ICMA Retirement Corporation - Deferred Compensation Plan #301655 - 07/27/2004 t P
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CONTRACT COVER SHEET
This is to be completed by the Contract Manager prior to submission to City Clerks Office. All
portions are to be completed, if you have questions, please contact City Clerks Office.
Vendor Name: ..l-C'.�1 A RtM1?Atr irJl'Jr On P. • Vendor Number: 359so
JD Edwards Number
Contract Number. E'S 0q - 2 Z
This is assigned by Deputy City Clerk
Description: RD M l N l SJ&eM \J& StR V I f�bMLA-)T-
Detail: aM-fJ\LQ)r- ) GN-r T'O -rHL AG.({�MLzL� %5 yR Cb 111PACT
Project Name:
Contract Effective Date: cT ao0q Termination Date: Sept
Contract Renewal Notice (Days): A-L1Tamf:P I CA l,t !t RtA3rz:1Qj3Q C81014 LfA
Number of days required notice for termination or renewal or amendment
Contract Manager. �teA-(q Fou)Lf.2. Department: `t
Abstract:
S Public\RecordsManagement\Forms\ContractCover\ADC17832 07/02
_ A
AMENDMENT
TO THE
Administrative Services Agreement
for Plan Number 301655
This Amendment to the Administrative Services Agreement ("Agreement") for Plan number 301655
(the "Plan") is entered by and between City of Kent ("Employer") and ICMA Retirement Corporation
("RC"), effective as of the date of execution by the Employer below ("Execution Date").
WHEREAS, the Employer sponsors the Plan on behalf of its eligible employees and retirees; and
WHEREAS, the Employer entered the Agreement to engage RC to provide administrative services
and investments for the Plan under the terms specified in the Agreement; and
WHEREAS, the parties wish to amend the Agreement to provide for an annual reduction in the Plan
Administration fee paid under the Agreement and elimination of the Mutual Funds Fee under the
Agreement for the Plan over the term of the Agreement contingent on the Employer's use of EZLink
for enrollment and contribution processing over the term of the Agreement; and
WHEREAS, Section 10(a) of the Agreement provides that the Agreement may be amended pursuant
to a written instrument signed by the parties;
NOW, THEREFORE, the Agreement is hereby amended as follows:
FIRST
Section 6 of the Agreement, titled "Compensation and Payment" is amended by replacing
subsections (a) and (d)with the following:
(a) Plan Administration Fee. The amount to be paid for plan administration services
under this Agreement shall be as follows:
The amount to be paid for plan administration services under this Agreement shall be
0.29% per annum of the amount of Plan assets invested in the Trust.
(d) Mutual Fund Services Fee. There is an annual charge of 0.0% assessed against average daily
net Plan assets invested in the Trust's Mutual Fund Series.
The compensation and payment set forth in this Section 6 is contingent upon Employer's continued
use of EZLink for enrollment and contribution processing over the term of the Agreement. Further,
this offer of pricing is contingent upon no new providers being added by Employer for administrative
and investment services.
SECOND
Section 9 of the Agreement, titled "Term" is amended to provide as follows:
This Agreement shall be in effect for an initial term beginning on the Execution Date and
ending 5 years after the Execution Date. This Agreement will be renewed automatically
for each succeeding year 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 fee amendment will take effect in the calendar quarter following the Retirement
Corporation's receipt of one fully-executed copy of this Amendment based upon the following
schedule:
- Received by February 20: Effective April
- Received by May 20: Effective July
- Received by August 20: Effective October
- Received by November 20: Effective January
In all other respects, the Agreement is hereby ratified and affirmed.
IN WITNESS WHEREOF, Employer s used this Amendment to be executed by its duly
authorized officer this �_ ay o , 2004.
CITY OF KENT
By: A g&
Print N Z ,i 7'F
Title: ,-
ICMA RETIREMENT CORPORATION
by:
Paul Gallagher
Corporate Secretary